The Management of Value (MoV) course helps you understand how to use resources more effectively and get maximum benefits from projects, programmes and portfolios. To get hands-on experience in value management in any industry, you need to consider enrolling for the MoV course.
How does the MoV course help?
The purpose of MoV is to maximise value so organisations receive benefits at a more affordable cost with a lower level of risk. This approach enables managers to reduce their costs and speed up delivery without affecting the quality of service. MoV Foundation and Practitioner virtual training course apply to different projects, programmes and operational activities.
What are the 7 principles of MoV?
At Training Creatively, you will learn that MoV is based on 7 principles extracted from the knowledge, experiences and practices of thousands of value management practitioners. They are:
Align with organisation’s objectives: MoV initiatives (each project and programme) must contribute to the achievement of the strategic objectives of an organisation.
Focus on functions and required outcomes: This focuses on those functions (divisions, departments, operating units) that will deliver required outcomes. This helps determine outcomes and prioritises results and benefits so decisions made lead to the achievement of better value for stakeholders.
Balance the variables to maximise value MoV identifies key stakeholders and reconciles their different objectives. This helps in balancing benefits among various stakeholder groups and in understanding how the delivery of solutions from initiatives will be utilised by optimising resources. Once you define the needs of key stakeholders, it will become easier to balance these needs within monetary, time, and resource constraints.
Apply throughout the investment decision: Value management is applied in the entire lifecycle of the project or programme; as well as in day to day operations. As vakue-creation shifts from one stage to another, its focus also evolves accordingly.
Tailor to suit the subject The best part of value management training and programme is that it can be tailored to suit the organisation’s and project’s size, environment, culture, risk and complexity. All these factors will influence how to adopt and adopt MoV.
Learn from experience and improve performance: The MoV guidance motivate value practitioners to learn from previous experiences and grow, utilising valuable lessons from the past in subsequent initiatives.
Assign clear roles and responsibilities and build a supportive culture: If there are no clear management roles and responsibilities, value-creating activities will really suffer. When MoV is applied, the organisation has better clarity on value management roles and responsibilities.
What are the 7 processes of MoV?
MoV is implemented through 7 value-optimising processes:
Frame the programme or project.
Understand the project’s purpose and the specific strategic objectives that needs to be achieved. Value management techniques are literally invaluable here.
Gather information
This includes gathering information about the project or programme, determining expectations from MoV studies, identifying stakeholders and their needs, identifying team members, and procuring other project-related information.
Analyse information
Examine the collected data and use relevant techniques to come up with alternative ways to deliver the results.
Process information
The team will work with the information to generate value-adding proposals.
Evaluate and select
Here, the factors are balanced (stakeholders’ needs, available resources, risk, time, benefits and funding), and a suitable proposal is selected that has the most beneficial and practical implementation combination.
Develop Value Improving Proposals
The different proposals are fully developed from drafts and presented before the decision-making body.
Implement and share outputs
Develop a solid plan for the accepted proposal and monitor every step in its implementation. Use previous lessons learnt and share it will others for continuous improvement.
At Training Creatively, the trainers will teach you MoV specific techniques like Value Engineering (VE), Value trees, Function Cost Analysis and Function Analysis System Technique (FAST).
Our value management courses are provided in convenient virtual tutor-led weekly and weekend, online self-paced, and onsite course options.
Our Resources Centre, will provide you with useful information on:
Official Exam Guidance
Pre-course Guidance
Course Syllabuses
Case Studies and White Papers
Course Frequently Asked Question
If you would like to take a free sample free accreditation exam, do visit our Exam Centre.
For more information, do contact us at Training Creatively through info@trainingcreatively.com or +44208 500 4534.