- Value Outcome: the usefulness or worth from the transaction or project.
- Strategic Driver: the focus for resource that leads and directs the impact onthe business.
- Value Driver: the intangible or tangible assets that assemble around the strategic driver.
- Action: the specific actions that assemble around a value driver.
- Value Relationship: a transaction between objects in different ValueMaps to form a chain-value network.
Also there are four main stages to the production of the ValueMap:
- Stakeholder Needs Assessment where the outcomes are mapped.
- Strategic Driver Analysis where the main resource drivers are mapped.
- Value Driver Analysis where the intangible and tangible assets are mapped
- Action and Responsibility mapping.
- Discipline 1: “Focus on the wildly important” (set clear goals). Develop clear and measurable (SMART) goals that are tied to a specific deadline, and are well understood by all the stakeholders. These goals must link in to the overall business strategy (as we said before, the business strategy is covered in the Business Case or Project Charted).
- Discipline 2: “Create a compelling scorecard” (measure the goals). Build a compelling scoreboard, reflecting: Where are we now (the As-Is), Where we want to be (the To-Be), and When we need to be there (the Schedule). It should be visible to all stakeholders to identify if things go off-track, so that corrective actions (or fast-tracking) can be taken.
- Discipline 3: “Translate lofty goals into specific actions” (break the goals down). Now it’s time to translate lofty goals into specific actions. What must we do to achieve them?. Sean Covey said “to achieve goals you’ve never achieved before, you need to start doing things you’ve never done before”. Here is where the Goal Breakdown Structure (GBS) fits perfectly breaking the goals down to specific actions and Milestones. So the process of breaking goals into specific actions and Milestones is critical to later measuring the ROI.
- Discipline 4: “Hold each other accountable – all of the time” (get the actions done). We have set goals, broken them down into milestones and actions, and now it is time to measure our project teams against them. Success isn’t just about having good ideas, it is also about their correct execution. Now, we need to measure if we have met the expected ROI of our project planned actions.
Finally, remember that the schedule of the technical project probably will be finished earlier (when these technical activities had been completed), but the actual Business Project will finish when the established milestones in the Goal Breakdown Structure (GBS) are achieved and the ROI of them will be measured. A Project Director (PD) must always have this in mind.
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