Value Management
Value management (VM) refers to finding a balance between project benefits and project risks.
Venkataraman and Pinto (2008) identify three key attributes of value management which are
positive human dynamics, the management style, and consideration of the internal and external
environment. A few years ago, my unit at the workplace performed a successful network
infrastructure upgrade. The upgrade included new IT assets, operating software, servers, and
related equipment. Therefore, I will use my former project manager in the Air Force to provide
an example of each of the attributes of VM.
Management Style:
The project manager ensured that each team member understood their roles
and they could come to her at any time to air their concerns about the progress of the project. She
also ensured that all members worked as a team that supported and counterchecked each-other to
avoid mistakes. As such, the project manager was quick to address issues of conflict, as well as
personal concerns that could hinder performance.
Positive Human Dynamics:
While our project manager stressed the importance of working
together to complete the project in the stipulated timeframe, it was difficult to maintain
teamwork as some members preferred to work individually. However, the project manager
always encouraged the team to work together, especially considering the complexity of IT
projects. If an issue arose that could not be solved amongst ourselves, we were encouraged to
seek the intervention of upper management. Besides, any time changes were made in the project
scope, the project manager notified all team members immediately, and allowed for discussions
in case the changes could affect the planned work schedules.
Consideration of Internal and External Environment:
As an entity tasked with maintaining
security, internal and external factors could change from day to day in the course of the project.
While internal factors such as staff training, IT systems integration, and power backup could be
influenced, other internal factors such as federal and state regulations relating to the Air Force
and other armed forces were beyond her control. For instance, the need to integrate all IT assets
in the unit and link them to the office of the base commander was satisfied. However, the project
manager had to equally understand that several external factors are out of control and she just
needed to do her best in the interest of the unit.
In considering the three key attributes of value management, I think positive human dynamics
provided the most return in value. A positive working environment affects how a team
communicates and how dedicated staffs are to their duties. With a negative environment,
communication failure emerges and it becomes difficult for employees to resolve issues. While I
had experienced many poor project managers, this is where I felt the PM really focused on the
communication between herself and the team and amongst team members, largely accounting for
a positive work environment. Overall, value management is important in project execution as it
allows for the sharing of behavioral, technical, and strategic perspectives that account for project
success (Venkataraman & Pinto, 2008).
References
Venkataraman, R., & Pinto, J. (2008).
Cost and value management in projects.
Hoboken, NJ:
John Wiley and Sons. ISBN: 9780470069134
