Foreword

When executing projects, whether as part of a wider programme or stand alone, the key objective is to ensure that the expected outputs are delivered in full and result in the realization of expected benefits. However, this cannot be allowed to occur at any cost. The resources needed to deliver the outputs must be used as wisely as possible. This statement holds for all types of project, whether developing a new facility, improving delivery of a particular service to its customers, or changing the way in which a part of an organization conducts its business. At the programme level, the overall strategic outcome needs to be delivered as effectively as possible within an acceptable timeframe. At the portfolio level, it is essential that an organization can express its priorities in terms of what will add most value to the organization, so that the programmes and projects can be aligned to deliver these priorities. These demands translate into having the ability to deliver value for money at all levels.

Management of Value (MoV™) gives universally applicable guidance to enhance and maximize value for organizations, taking account of, and reconciling, differing stakeholder priorities, their wants and their needs, organizational priorities, and the optimum use of resources. In short, it provides the means for delivering the best value for money possible, within the constraints of the environment within which the organization is operating.

MoV brings together a set of principles, processes and techniques to enhance and deliver best value for owners and end users alike. Ernest Shackleton once said ‘Superhuman effort isn't worth a damn unless it achieves results.’ With this in mind, it is important to understand the difference between wants and needs. We must be clear of the results we need as opposed to those we only want. We must ensure that we expend energy on the needful and not on the wish list. Only then will we truly derive the best value for the resources expended.

So where does true value lie? Only you can decide!

The guidance in this publication provides useful insights into these topics which we often take for granted, but which, when times are economically tight, become more important in ensuring people and their organizations operate at their efficient, effective and economic best.

This guidance is timely and I commend it to you.

David Pitchford

OGC Executive Director and Head of PPM Profession in the Civil Service