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Value Management: Translating Aspirations into Performance
Ashgate Publishing, October 2011, Pages: 316
Change programmes in both private and public sectors have a poor record of delivering their intended value. The reasons given most often for their failure include lack of executive support or buy-in from key users, loose requirements definition, weak programme management, and plain wishful thinking. They rarely include technical limitations.
"Value Management" puts forward the view that the true problem lies in failing to understand the causal links between the intended stakeholder outcomes and the actual programme outputs. Repeating the pattern of failure can be avoided by asking two questions:
– Before implementation, what capabilities must a change programme deliver, when and in what order so as to cause intended value against a defined purpose with speed and certainty?
– During and after implementation, what minor adjustments and/or major shifts are needed to be certain that the programme remains on purpose and on value?
and two answers to be given:
– Target, time and align change programmes to deliver maximum intended value to stakeholders - the baseline business case
– track and respond to changes during and beyond implementation to ensure that the programme actually delivers or exceeds intended value - value realisation.
The authors show how, by asking and answering these questions, direction and delivery of any programme can be clarified and greater economic value achieved.
'Before applying the Value Management approach, we had tried measuring performance indicators but we didn't run our business by them because we weren't convinced we had the key ones. Conversely, the causal approach, in particular dynamics modeling, enabled us to define the most critical drivers of value against which we are now confident we are measuring the right things - the things that really influence the outcomes we want and reflected in our business transformation programme.'
- Tim Kidd, Operations Director, JANET (UK)
'The book is a great read but, more importantly, conducting Value Management in practise within Logica has been a good business decision and certainly has improved our ability to justify investments and manage the returns.'
- Roel Wolfert, Global Head of Strategy & Marketing Financial Services, Logica
'What an amazingly clear way, Roger has, of bringing to together a wealth of tangentially related concepts into a consistent and focused "whole" that is easy to go out and implement. Read this book if you have a sense there must be a better way to improve the process you manage, but can't get the practical way to pull it together from reading all the standard management literature. I first met Roger Davies over 30 years ago when he was lapping up some really rather new ideas being offered by the consulting firm I represented. Even then he had a way of re-formulating what we were doing in a way that drove significant value from our ideas even before the paint was dry.'
- Mark Elder, CEO SIMUL8 Corporation
'It is well understood that business success should not be left to chance. Most large organisations are bought into the ideas of business intelligence, in that they can analyse large quantities of data to build a picture of customer behaviour, however many are less au fait with understanding what drives that behaviour from a business dynamics perspective. In this book, Roger Davies not only clarifies the benefits of dynamic business modelling, he also explains in clear terms how to bring the two sets of techniques together, always with one eye on the financial drivers that underpin any organisation. This book is a must-read for any business strategist looking to achieve higher levels of value in their own organisation.'
- Jon Collins, Founder, Inter Orbis
'This book provides new insights and practical application for Systems Theory and Dynamics Modelling in tackling some of the most important challenges in today's complex business environment.'
- Joanne Egner, Managing Director, isee systems inc.
'A very informative read covering a complex but critical subject with significant implications for the modern economy. Having applied this Value Management approach across the Financial Services Sector, I consider that a particularly powerful aspect is the ability to map and quantify revenue benefits. By focusing on business value, competitive advantage can be gleaned from risk management and even regulatory compliance, rather that treating them simply as inescapable cost burdens.'
- Anita Bradshaw, Lead Consultant, Crowe Horwath Global Risk Consulting Ltd
'This book takes PMO best practices a step further by leveraging the proven V -model, used for critical process validation, and applying it to the financial planning and control functions of programme management. This is an essential read for anyone responsible for delivering benefit and value from change projects.'
- Andy Jagger, Managing Director, Systems Ability Limited
'This book adds value to the field of performance management by including Dynamics Modelling and Business Intelligence in the context of value generation. It certainly makes a welcome change from some of the more academic offerings.'
- Lee Jones Managing Director, Ventana Systems UK Limited
'The Value Management approach provides a clear and robust framework for assessing the business viability of the key investment decisions that organisations need to make to implement successful business change. I have used this approach successfully in a wide variety of key clients to help shape successful change programmes focused on delivery of business outcomes. Application of the techniques described in this book will elevate business case practice from administrative burden to a pragmatic and useful management toolset focused on genuine delivery of great outcomes.'
- Martin Prior, Management Consultant, Logica
'The authors have managed to bring logic, insight and practical application together; it's very compelling and an asset for modern leaders of complex change, regardless of industry.'
- Diahann Williams, Head of Human Resources, Global Supply Chain Service Centre, BAT
List of Figures
List of Tables
About the Authors
Reviews for Value Management
Foreword by Tim Marshall
Foreword by Lode Snykers
PART I: Problem
Chapter 1: Critical Value
Chapter 2: Defining Value
Chapter 3: Precise Simplicity
Chapter 4: Elusive Value
PART II: Principles
Chapter 5: Intended Value
Chapter 6: Modelling Value
Chapter 7: Programming Value
Chapter 8: Aligning Value
Chapter 9: Valuing Certainty
Chapter 10: Tracking Value
Chapter 11: IMPACT
PART III: Process
Chapter 12: JANET (UK) Transformation Programme Case Study
Appendices: Precision – Advanced Techniques and Tools
Appendix A: Dynamics Modelling
Appendix B: Business Intelligence
Appendix C: Dynamic Performance Management
Value Management ToolsetTM
Glossary of Terms
Roger Davies is a Chartered Engineer who began his career in manufacturing, initially working on robotic automation for Lesney and product design at ESSO before joining Plessey, where he took a leading role in applying three, at that time, revolutionary advances, Activity-Based Costing, IDEF0 process modelling and computer simulation. Subsequently, Roger grew the concept of Value Management into a key proposition within an international management consultancy, and in 2002, he founded Impact Dynamics Limited, which is dedicated to business performance transformation.
Adam Davies has worked for Impact Dynamics for over seven years, training in Value Management while following a degree in Business Management and American Studies at Winchester University, in which he graduated with first class honours. During this time, Adam developed his interest in value creation through self-learning and specialist training in stock trading, subsequently moving to Melbourne, Australia in order to complete a Masters in Applied Finance at the Monash University Business School. Adam also worked on developing Impact Dynamics' suite of Value Management toolsets.
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