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Value Management Office
Value Management Framework - Concept

 

  • Concept
  • Define business drivers and opportunities

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The CONCEPT phase encourages helps you take a mindful approach to your project before you formally start it.

This phase:

  • Ensures the necessary executive buy-in to fund, launch, and support the project.
  • Identifies the business drivers, problems, opportunities, scope and objectives.
  • Shows how the project concept aligns with the strategic direction of the organization.
  • Evaluates the organization's readiness for undertaking the project and understanding the organization impacts.
  • Can take anywhere from a few days to several weeks or months, depending on the size and scope of the business problem.

If your project continues to appear viable and likely to achieve desired results once you’ve finish the CONCEPT phase, move on to the INITIATE phase.

Key Participants: Sponsor, Project Manager, Organizational Change Manager

Resources and Templates

CONCEPT STEPS:

  1. Review the Role of the Sponsor and Sponsor Checklist CONCEPT.
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  2. Review the Value Management Framework or Phase 0 CONCEPT General Guidance to ensure familiarity with the process.
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  3. Review the OCM Toolkit Overview and OCM Toolkit - List of Tools with Purpose and Benefits.
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  4. Get a jump on tracking your progress by opening a project in WorkFront using the VMF Framework template or downloading the Excel-based Project Plan template.
  5. Consult the Internal Logistics Checklist to make sure your project is logistically prepared.
  6. Discuss the business objectives, vision, and any constraints (time or budget) and quality expectations.
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  7. Conduct high level research, including market opportunities (market research), the scope and outcomes of like projects, and policy, rule and law review.
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  8. Discuss and document the project scope in the Scope Definition toolkit.
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  9. Complete the Business Plan. Developing a one-page business strategy may be helpful in framing your business case.
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  10. Complete the Readiness Assessment survey.
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  11. Complete the Project Classification Assessment tool.
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  12. Review Summary Lessons Learned.
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  13. Begin status reporting using the Project Update Snapshot.
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  14. Complete CONCEPT phase review.
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TIP #1: To monitor the progress of your project, use the 100 Point Project Checklist in Word or Excel.


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