What is MoV®?
Management of Value (MoV®) provides essential guidance on the most efficient use of resources to maximize the benefits from portfolios, programmes and projects. MoV combines a set of principles, processes and techniques.
MoV proposes a definition of value that embraces both monetary and non-monetary benefits, and argues that the subjectivity of value increases the need for it to be actively managed. It provides a method, supported by techniques, for allocating scarce funds as effectively as possible. MoV has evolved from the practice of value management across many sectors, over many years. The guidance describes methods that are as relevant as ever, although their use is often overlooked or misapplied.
The guidance is intended to help organizations and individuals use a successful, proven methodology to supplement their current management practices, so that they can increase the value they deliver and make better use of resources.
The guide is structured around four integrated concepts:
- Principles: factors that underpin MoV. The principles are based on tried-and-tested practices over the past fifty years, and successful value management is unlikely to be achieved if these are not applied. However they are not prescriptive and organization need to develop their own polices and processes to meet their specific requirements.
- Processes and Techniques: the methods and tools used in MoV application. The set of processes define the structure of the approach and use of specialist techniques to provide a practical approach to understanding value.
- Approach: How to apply MoV to portfolios, programmes and projects.
- Environment: Responding to external and internal influences.
In addition, the guide contains information on how to embed the practice of MoV into an organization. It also includes four appendices covering document outlines, a toolbox of useful techniques, guidance on how to conduct a health check on MoV practice within an organization and how to assess and improve maturity of MoV practice.
This guide is intended to inform Senior Management who may be concerned with applying MoV to portfolios, programmes, projects or operations, or to supplement other management methods to deliver strategy. There is also an Executive Guide to Value Management, a pocket-sized guide which is published separately and intended specifically to help Senior Management optimize the use of resources to enhance the delivery of essential benefits and so improve value for money.
MoV supplements the main purposes of PRINCE2® (delivery of business benefits through project management), MSP® (transformational change), and M_o_R® (reducing uncertainty) with its main purpose of maximising value.
It also shares with Lean (and, to a lesser extent, Six Sigma) the principles of involvement of the customer, elimination of waste and greater efficiency. But where Lean and Six Sigma focus on efficient delivery, MoV is more focused on efficiency, effectiveness, and economy.
MoV helps to deliver more of the right things, for less and leads to more effective use of available resources. When times are good, the demand is to deliver more with less to remain competitive. In leaner times, the demands are for cutting costs in a manner that inflicts as little harm as possible. In some circumstances, value may be added by stopping certain activities or projects. MoV provides a way of addressing this in an objective and auditable manner.
Download the "Benefits of MoV" overview brochure here (PDF, 5.09MB).
Training for MoV is available from the network of Accredited Training Organizations (ATOs) who are assessed and certified by AXELOS. View the full list of ATOs.