Agile and Waterfall project management are the two main areas of product development that follow a process. We call this process project management. However, project management includes various practices.
Special sections on business value have already been published in PMBOK, BVOP Ultimate Guide, and the Scrum Guide. Yes exactly. Business value is already part of modern project management.
Project management strategies
The different strategies and ideas for adding business value are directly dependent on the characteristics of the specific work process. If the latter is carried out according to the rules of the waterfall method, it means that we will have to adapt to a project with pre-set and strictly set parameters, where deviations and manifestations of creative and untested approaches are highly undesirable, creating unnecessary risks.
The success of such projects must be based on the principles of security, experience, predictability, and routine. Innovation has a place always and everywhere, but in this regard, it is useful when it comes to automation, acceleration, rather quantitative changes in parameters because the quality is not much room for concession. In this sense, the terms of reference that we must comply with are the following:
Pre-determined budget (approved and signed expenditure);
Pre-set product parameters (finished product design – considered, agreed, approved);
Pre-defined stages / steps / events;
The necessary resource is calculated (human – how many and what kind of people, staff; material; time);
All the benefits and all the potential trade-offs, negative effects – clear in advance, no surprises.
To give business value to a business, we need to focus on 2 groups of measures/ideas:
Measures to ensure the correct implementation of the project (without deviations). Here is the value for which we took the project – its price, for example.
Measures that would add value beyond what is already known and planned, in the course of the project itself or after its completion.
In terms of the qualities of the teams that would add business value to the project, I would focus on the following 3 topics:
We need a disciplined, responsible team with strictly and divided responsibilities among its members. Each of them must be aware of the importance of implementation in time and accordance with the requirements. Any distraction, delay, lack of dedication, focus can have fatal consequences for the result. The first two definitions are more about attitude, attitude towards work, style of work. A strict division of tasks is needed for clarity and predictability. Everyone should be aware of which element they are responsible for and in what time frame they should provide the result. Ie unlike the self-organizing teams in Scrum, which strive to achieve good cooperation in the course of the project, here you need a preliminary guarantee of success. This group of qualities contributes to the accurate implementation of the project and ensures the value for which the work on it is undertaken (they belong to category A)).
The added business value for the project
However, the additional business value is very useful, apart from the originally planned one, it would be the narrow specialization of the experts, which can in some cases stimulate their proactivity. I mean specialists who have such in-depth knowledge of the specific activity/product that they could achieve the desired result according to the set parameters, using technology or knowledge that will save some resource (in general, time). An experienced programmer could choose to use reusable code; in construction, an experienced craftsman could apply a technique to reduce the amount of material without affecting the quality of performance, on the contrary. Here, highly specialized knowledge contributes in both directions – accurate execution A), but also adds value due to saved resources B). I would oppose this narrow specialization to some extent to the idea of cross-functional experts, I do not find them so valuable from Ch. point of the objectives of this type of project.
The quality of the project
Quality complements the first two themes. I would put it this way: “Seniors go ahead, beginners wait.” Apart from close specialization and responsible attitude, the rich previous experience would be invaluable. It complements the first two qualities and is a kind of guarantee for their effective implementation. It is not sensible, with well-defined quality and time requirements, for the initiative to be taken by inexperienced people to be trained in the course of the project… This increases the risks of delays or mistakes that can increase the time or financial limits. retreated.
From the point of view of the actions of all management roles that would add business value to the project of the teams, I indicate the following 3 groups:
We need an experienced professional to carry out controls/inspections daily (especially in the presence of a larger project requiring more people with different backgrounds), which would help increase security and respond quickly to potential backlogs or other problems. The aim is to constantly monitor whether the process is going according to plan. This is in the direction of business value in category A). The project manager may not increase the pre-agreed “value” of the project, but at least he will contribute to not reducing it due to losses and inaccurate implementation. Here I would add the general figure of the project manager (in some companies that perform translations from a foreign language, for example, it is the project manager who monitors compliance with all terms and conditions, may even raise the issue of quality, even if he does not know the language).
The stimulating management model applied by the managers is essential for good results. In addition to control and discipline, experts need motivation. Adhering to ambitious deadlines and strictly set steps can be exhausting, sometimes tedious. After the end of each project, it is good that the good work is additionally rewarded so that the employees see the meaning and in the future to give their best, to be appreciated. An additional bonus for timely and accurate performance (even if it is not monetary – it can be social – some extra day off or other types of gesture/privilege) would contribute. Usually, loyal and strict employees are very keen to receive the same attitude that they invest. (The opposite is also true – in a modest way you can motivate a creative person to creative approaches if you provide him with enough free environment for work). I also include training and other investments in human resources in this category.
The scope and type of the project
Depending on the scope and type of the project, I think that business (or other types) analysts could add value to give ideas on how the task could be performed according to the set requirements, but at the same time to save some resources. It is the management, according to the nature of the specific project, could request research from specific staff who could give good ideas based on their experience. If there are no such persons in the organization, for some projects the services of external experts (such as tax consultants) can be used to add value. They must constantly look for ways, using the available human resources, experience, and knowledge of employees, to direct them in the direction of seeking such additional values. I started with business analysts and economists, but not only on this plane can value be added. I immediately think of an elementary example that I have personally seen – in the process of construction and repair work, I remember how one of the leading craftsmen/specialists directed his subordinates to use insulation material (leftover from previous sites – with the desired project quality) but without affecting the price they want. Ie utilization of any surpluses – whether in the field of construction, whether through good tax advice, whether by automating processes (through machines that do the same job, but faster). This is probably an attitude that can be nurtured in employees.
In terms of potential initiatives, events, or practices that the organization can organize to add business value to the project, I indicate the following 3 groups:
To increase business value, during or after the project, the organization could rely on good advertising. If her client was a well-known company, she could use this as an argument for her future projects. The use of resources or funds of high environmental value would also be good publicity. If there is a marketing department, the company can entrust it with the generation of similar ideas or use the services of an external expert or company. Any type of advertising event would be very useful and will certainly increase the value of the project many times over if it is well thought out and strategic.
Investment / innovation / investment in innovation. Any events and initiatives organized to achieve one of the three goals are promising when it comes to business value. The latter can increase in the course of the specific project, it can bear fruit in subsequent projects. The promotion of an innovation invented based on certain projects could be promoted and even offered for sale. In this way, the company will do the work for which it is committed but will add more value if it promotes its innovative ideas. Such a phenomenon is more and more common in the new, increasingly digitalized world, in which software is created for almost everything. There are many examples of how a certain legal or organizational company activity (which is characterized by many similar procedural chains) is improved and facilitated at times by creating software. Once created, it can be promoted and offered to others in the guild who do not have the ideas, time, or desire to create their own. So they choose to pay a subscription to use the software, and this is a significant business value for the company, often exceeding the income from its activities.
More references to Certified Project Manager programs and general project management
Medium.com – BVOP Certified Project Manager Review
BVOP Certified Project Manager is a recognition earned after successfully passing a completely online certification exam on the website of the certification body… https://medium.com/best-project-management-certifications-for-2020/bvop-certified-project-manager-review-44c5c1c36bfb
CIO.com – Top 13 project management certifications for 2020
No matter what your IT role, a project management certification can add value to your role. Here are the top project management certifications, their requirements and… https://www.cio.com/article/3210765/top-project-management-certifications.html
BVOP Certified Project Manager Review (BVOPM Certification)
Before we review the BVOP Certified Project Manager certificate, let’s first look at what precisely… https://projectmanagers.edublogs.org/2020/09/14/bvop-certified-project-manager-review-bvopm/
This certification is for all those individuals who desire to enhance their knowledge and learn modern useful business skills… https://wikipedia-lab.org/bvop-certified-project-manager-review/
BVOP Certified Project Manager Review
The difference with this project management certification program is that it uses its own methodology… https://www.mmrls.org/bvop-certified-project-manager-review/
Review of the BVOP Certified Project Manager title
Last week, Business-Value-Oriented Principles Ltd received the official opinion from the British government and the trademark department sent… https://w-europe.org/the-bvop-certified-project-manager-title-has-been-updated/
Brighton Board of Trade, BVOP Certified Project Manager Review
The best thing about the BVOP methodology is that its scope is vaster than other project management programs… https://brightonbot.com/bvop-certified-project-manager-review/
Phronesis – Informal Internet Steering Committee, BVOP Certified Project Manager course review
Hello! We are George and Robert. We are lecturers in BVOP project management with two years of experience. This fall, we applied for an official license from Business Value-Oriented Principles Ltd to run… https://phron.org/bvop-certified-project-manager-course-review/
I took four weeks to learn the full BVOP Ultimate Guide. Of course, I didn’t read all the time. I could spend two hours daily in normal reading… http://teachers.wikidot.com/bvop-certified-project-manager-review
EduWiki.me – Best Online Project Management Training Courses and Programs
There are many online project management courses today around the world. That is why in the article we will describe only… https://eduwiki.me/best-online-project-management-training-courses/
ScrumTime.org – Top 40 Project Management certifications for 2021 and 2022
The best project management certifications are listed in this report and the information refers to reliable sources which are… https://scrumtime.org/top-project-management-certifications/
Agile Programming, ISSN 2652-5925 – Best Project Management Certifications for 2021 and 2022
By Shirley Parker. Some of the greatest project management certification programs for 2021 and 2022 are outlined in this report… https://agileprogramming.org/projectmanagementcertification/
PGOV.org – PROJECT GOVERNANCE – Best Project Management Certifications for 2020 and 2021
Some of the best project management certification programs for 2020 are described in this article… https://pgov.org/projectmanagement/
Best Project Management Training Courses online in 2021
We can’t say exactly which is the best project management certification program of all in the list below, but we will start with the BVOP Certified… https://mstsnl.net/best-project-management-training-courses-online/
PolicyMatters.net ISSN: 1941-8280 – Managing business organizations and adding business value. An Agile Manager’s Guide to the Theory of BVOP.org
By: Marta Cooper Posted on November 27, 2019. What is business value, and how to increase the value of a business organization according to BVOP.org? https://www.policymatters.net/best-project-management-courses/
Best Product Management Training, Certification & Courses in 2020 and 2021
A lot of Product Management Professionals have done a tremendous investigation and the concluding decision… https://medfd.org/best-product-management-training-certification-courses/
NSCSS – Nebraska State Council for the Social Studies – Can you get a project management certification without a degree?
Obtaining a project management certification without a degree is a frequently asked question by young professionals… https://www.nebraskasocialstudies.org/project-management-certification-degree/
PM.MBA – The PM.MBA is a Project Management Certification Authority providing transparency in the… https://pm.mba/
Island Journal – Change Control and Configuration Management in Project Management practices https://www.islandjournal.net/change-control-and-configuration-management-in-project-management-practices/
The need for a certified project manager
The need for a certified project manager for our organization is of particular importance… https://projectmanager.freesite.host/the-need-for-a-certified-project-manager/
Attempt to attract foreign investment to expand the scope of work. While in the above point I emphasized the benefits of investing in innovative improvements and automation, here the emphasis is on attracting capital, using the success of current projects. To some extent, this idea is covered by advertising, but to achieve a specific goal – to expand the scope of the company. High quality, success, specialization, discipline, and marketing events have brought considerable trust to our company in the market. It can use just that (for example, if it has made computers) and expand its field (by starting production of monitors, mice, headphones, or other peripherals), taking advantage of increased public confidence.