New research exploring quantifying project management in a value management office

October 11, 2020 — Peter Nichol published new research highlighting a practitioner approach to achieve value realization in a value management office.

Executives don’t want to have to sell snake oil. Explaining the value of your PMO—when it doesn’t add value—is challenging.

The number one challenge when transforming a failing PMO is changing the value, beliefs, and behaviors of the existing portfolio, program, and project management teams. In a nutshell, the challenge is education. No one wants to be executing projects that are not aligned with strategic corporate goals. Likewise, most employees want to deliver value to the enterprise, they just don’t know how to quantify it.

Peter’s research moves the idea of value management offices from conceptual frameworks to practical step-by-step instructions of what is required to captured, document, and report on value. This paper is written for practitioners who are challenged to deliver value-based outcomes every day.

The paper outlines a specific example of how to quantify value for a project management initiative.

DOWNLOAD THE FULL RESEARCH PAPER – QUANTIFYING OUTCOMES FOR PROJECT MANAGEMENT IN A VALUE MANAGEMENT OFFICE

Abstract

Abstract — This paper aims to present a practitioner approach to applying project-management principles of value realization within a value-management office. Portfolio leaders and program and project managers are confused about how to apply value management in the real world. Project-management offices are being shut down, because they’ve not delivered on the promise to add value to the business. What has emerged to fill this void is the concept of a value-management office. This new organizational construct is narrowly focused on maximizing value for the company’s strategic initiatives. The result is a huge divergence from the traditional project-management office, which has been viewed organizationally as a cost center that provides little if any value to the company. To optimize the value-management office, new techniques need to be applied and integrated into the existing processes and procedures to deliver projects and quantify results. By using a general-structure portfolio, program and project managers can deliver impactful and quantified value to business partners. In this paper, we’ll explore an example of how to achieve value realization. Leaders, by using this model, have a roadmap for achieving quantified outcomes for their value-management office.

What will you learn?

  • How to step-by-step capture, document, and report value for your project or initiative.
  • What are the steps to quantify outcomes?
  • The difference between process maps and value-stream maps.
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Peter is a technology executive with 19 years of experience, dedicated to driving innovation, digital transformation, leadership, and data in business. He helps organizations connect strategy to execution to maximize company performance. He has been recognized for Digital Innovation by CIO 100, MIT Sloan, Computerworld, and the Project Management Institute. As Managing Director at OROCA Innovations, Peter leads the CXO advisory services practice, driving digital strategies. Peter was honored as an MIT Sloan CIO Leadership Award Finalist in 2015 and is a regular contributor to CIO.com on innovation. Peter has led businesses through complex changes, including the adoption of data-first approaches for portfolio management, lean six sigma for operational excellence, departmental transformations, process improvements, maximizing team performance, designing new IT operating models, digitizing platforms, leading large-scale mission-critical technology deployments, product management, agile methodologies, and building high-performance teams. As Chief Information Officer, Peter was responsible for Connecticut’s Health Insurance Exchange’s (HIX) industry-leading digital platform transforming consumerism and retail oriented services for the health insurance industry. Peter championed the Connecticut marketplace digital implementation with a transformational cloud-based SaaS platform and mobile application recognized as a 2014 PMI Project of the Year Award finalist, CIO 100, and awards for best digital services, API, and platform. He also received a lifetime achievement award for leadership and digital transformation, honored as a 2016 Computerworld Premier 100 IT Leader. Peter is the author of Learning Intelligence: Expand Thinking. Absorb Alternative. Unlock Possibilities (2017), which Marshall Goldsmith, author of the New York Times No. 1 bestseller Triggers, calls "a must-read for any leader wanting to compete in the innovation-powered landscape of today." Peter also authored The Power of Blockchain for Healthcare: How Blockchain Will Ignite The Future of Healthcare (2017), the first book to explore the vast opportunities for blockchain to transform the patient experience. Peter has a B.S. in C.I.S from Bentley University and an MBA from Quinnipiac University, where he graduated Summa Cum Laude. He earned his PMP® in 2001 and is a certified Six Sigma Master Black Belt, Masters in Business Relationship Management (MBRM) and Certified Scrum Master. As a Commercial Rated Aviation Pilot and Master Scuba Diver, Peter understands first hand, how to anticipate change and lead boldly.