About Value Management and Benefits Realization
Value management is a form of benefits realization.
- It focuses on organizing and managing a project so that the potential benefits of the business transformation or IT project are realized.
- It aims to ensure the alignment between project outcomes and business strategies.
- It differs from traditional project management in that it
- Extends across the lifecycle of an initiative, from conception to implementation and evaluation
- Helps organizations and project managers ensure achievement of the intended outcome of a program or initiative
- Measures financial and nonfinancial benefits of initiatives and
- Looks across agencies and silos to identify enterprise results and efficiency.
About the Value Management Office
Evaluate projected and realized benefits from major enterprise business transformation investments.
Consistently ensure improved outcomes and the best application of taxpayer dollars for enterprise initiatives.
The Value Management Office (VMO) supports the enterprise by evaluating and reporting on business case investments, projected benefits and program outcomes.
- Provides consultative assistance to agencies and the enterprise
- Encourages and supports agency focus on the end result of a project
- Identifies gaps to lessen implementation time for new programs
- Ensures results are measured and projected benefits are achieved
- Tracks and reports on actual benefits in relation to projected benefis
How the VMO collaborates with agency partners on enterprise initiatives:
- Helps define the objectives of a program or project
- Reviews business cases/project plans and identifies risks
- Identifies opportunities to reduce waste and improve operational efficiencies
- Designs measurement systems with key performance indicators
Working with the Value Management Office on Enterprise Projects
When engaging with the VMO on enterprise projects, agencies may be asked to complete a baseline for key performance indicators and measures of success.
- On enterprise projects, VMO may provide a template of measures and suggested methods of collecting baseline data.
- As an agency representative, this baseline lets you later see if the results advertised with the enterprise project occur as expected. It can help you in reporting the results of the project to your agency leadership and colleagues.
Key performance indicators and measures are then tracked post implementation to determine if the project goals and benefits are achieved.
- The post implementation measures are collected on a quarterly basis via the Value Reporting Portal.
- VMO and agency representatives can monitor their progress against targets, as well as the progress of like agencies.
If actual benefits do not correlate with expected benefits, key performance indicators and process changes are reevaluated to ensure alignment with the desired end-state.
- When benefits fall short of expected levels, the Value Management Office facilitates efforts to identify the reason why and helps the agency take corrective action.
Information derived from lessons learned is integrated into enterprise learning and is applied to future projects. Agency input into lessons learned is vital data for future projects.
The Value Management Team
The Value Management Team combines nearly 60 years of public and private sector experience and subject matter expertise to help protect the state's investment in major IT projects and business transformation efforts. In managing the risk of highly visibility technology efforts, the Value Management team brings the right experience and expertise to help client agencies make significant and lasting improvements to their mission critical programs and processes.
We've built a service uniquely equipped to this task and seek opportunities to apply our talents to complex and important challenges facing the state. We have a rigorous understanding of public sector institutional context and dynamics, coupled with a broad and deep understanding of current and legacy technology and management practices.
Additionally, we've developed and made web-accessible tools for sponsors, project managers, and change agents that help them more effectively manage large, complex endeavors. These targeted, accessible tools help agency executives execute the strategy required to improve program and project performance, and achieve important agency goals. This culminated in the Major Project Oversight Policy, released in the summer of 2018.
As a trusted advisor to top management and sponsors, we apply straight talk and are willing and able to have crucial conversations on the progress and success of major technology and business transformation projects. We focus on ensuring projects deliver practical and enduring results to improve state performance and capabilities. As state resources within the Office of Budget and Management, the Value Management team' services are free to client agencies and we serve as neutral, unbiased resources, unhindered by potential conflict of interest or financial motives.
In examining almost 100 large scale state projects during the last 6 years, the Value Management team has identified key indicators of project health and created tools and methodologies agencies can apply to improve the health and performance of high risk projects. Throughout the project lifecycle, we support sponsors and project managers, agency directors and project steering committees by providing timely factual feedback on the health of a project. Through support of the Office of Budget and Management's capital and operating budget processes, the Value Management team helps ensure well-planned and financially supported technology and transformation efforts. When projects encounter trouble, we support and facilitate strategy development to remediate issues, leading to higher levels of success and project completion.