Project value delivery is a key goal of benefits management, but how do you define and measure it? In this article, you will learn about the four steps to identify, plan, track, and evaluate the value that your project delivers to your stakeholders and organization.
The first step is to identify the value drivers of your project, which are the factors that influence the benefits and outcomes that you want to achieve. Value drivers can be strategic, operational, financial, social, or environmental, depending on the nature and scope of your project. You can use tools such as the benefits dependency network, the value proposition canvas, or the balanced scorecard to map out the value drivers and their interrelationships.
The second step is to plan how you will deliver the value that your project promises. This involves defining the benefits, the indicators, the targets, and the owners for each value driver. Benefits are the positive changes or results that your project will produce for your stakeholders and organization. Indicators are the measures or metrics that will show whether the benefits are achieved or not. Targets are the specific and realistic values or levels that you want to reach or exceed for each indicator. Owners are the individuals or groups who are responsible for delivering, monitoring, and reporting on the benefits.
The third step is to track the progress and performance of your project in delivering the value that you planned. This involves collecting, analyzing, and reporting on the data and information related to the indicators and targets for each value driver. You can use tools such as dashboards, scorecards, or reports to visualize and communicate the status and trends of your value delivery. You should also identify and manage any risks, issues, or changes that may affect your value delivery and take corrective actions if needed.
The fourth and final step is to evaluate the impact and effectiveness of your project in delivering the value that you intended. This involves comparing the actual results and outcomes with the planned benefits and targets for each value driver and assessing the extent to which they are aligned and achieved. You can use tools such as surveys, interviews, focus groups, or case studies to gather feedback and insights from your stakeholders and organization. You should also document and share the lessons learned and best practices from your value delivery and use them to improve your future projects.