Value Improvement Practices (VIPs)

Course Overview

Understanding Project Management Value Improvement is a powerful business tool that should not be overlooked. Generally known as Cost Reduction, Value Improvement (VI) is a more appropriate label once the overall objective is understood. Several tools can be used to achieve the objectives of Value Improvement; however, the aim is to increase the value of the product, service, or result to the Customer by increasing and maintaining quality and/or features whilst maintaining or reducing cost.

Understanding Project Management or Quality Management is not enough to understand and deliver cost effective, value driven results for your organisation. Value Improvement is where traditional Waterfall and Agile Project Management practices combine at the simplest and most effective level for all Stakeholders involved.

Project Delivery is shaped by critical factors, Effective Leadership, Technologies, and Financing Models.  However, another component also provides greater efficiency and effectiveness for all projects.  Value Improvement identifies tools, management practices and capabilities that optimise a project’s financial value from early concept to front-end engineering design.

Using a systematic method to improve a project’s financial value or cash flow most often involves reducing its capital or operating expenditure, increasing its output or accelerating its completion date to speedily become more profitable, all of which comes at a financial cost in the end. Instead, the participants identify and evaluate creative alternatives to a project’s economics to achieve a higher project return at a vastly lower risk level.

Course Objectives

After the training course, the participant will learn to:

• Understand and defend the purpose and benefits behind value improvement
• Drive continuous value improvement into all projects and the organisation
• Identify quality improvement opportunities and reduce cost wastage
• Analyse, prioritise and implement cost capitalisation opportunities
• Develop and apply a growth mindset and contribute to value-driven project management

Target Audience

This training course is also suitable for anyone responsible for the performance of teams and/or individual contributors within their organisations, such as First Level Managers and Leaders, Mid-Level Leaders, and Senior Leaders from a variety of disciplines, expressly but not limited to Quality, Risk, Project Management, PMOs, Sales and Marketing, Product Innovation, Development, and Engineering, as well as support functions such as legal, finance and HR.

It is suitable for a wide range of working professionals, including (but not limited to) the following: 

• Quality Managers
• Project, Program, Portfolio Managers, and Directors
• Risk Managers
• Sales and Marketing Managers
• Finance Managers
• Managing Directors
• Managers in the fields of Product Innovation, Development, or Engineering

Training Methodology

This training course is driven by a blended learning approach and draws on various adult learning techniques such as action learning, experiential exercises, group discussions, video case studies, role play and self-reflection activities. The resulting variety helps participants stay engaged throughout the course, feel challenged and draw quick wins for their development. It also ensures participants are exposed to ample opportunities to apply what they learn to the real-world challenges they face back in the workplace.