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Value Management and the IMPACT Value Management Framework

Value Management addresses the increasing economic, social, political and environmental imperative to create wealth from fewer resources by targeting, timing and aligning change programmes to maximise value outcomes for stakeholders.

Value Management is about delivering more for less and tackles the poor record of change programmes, in both private and public sectors, to realise intended benefits to stakeholders, such as customers, shareholders and staff. The term programme refers to all change initiatives spanning continuous operational improvements to strategic business transformations.

Value Management ensures delivery of value from programmes through two stages:

• First, prior to implementation we target, time and align programmes precisely so as to optimise planned value across stakeholders. This stage is called the Baseline Business Case.
• Secondly, during and after implementation, we track actual value delivered, correcting negative variances and exploiting favourable opportunities. This stage is called Value Realisation.

The two stages are undertaken in six steps, the first five in Stage 1 and the final step in Stage 2, which form the IMPACT Value Management framework:

Intention: Specify the overall purpose and intended stakeholder value outcomes

Model: Define critical cause and effect relationships through which outcomes will be achieved

Programme: Link the outcomes explicitly to specific programme deliverables and phases

Alignment: Align the business and programme to ensure that all aspects are working congruently and optimally towards achieving the intended outcomes

Certainty: Define precise criteria for success and destruction test the Business Case in order to determine the practical bounds of certainty within which delivery of intended outcomes is assured

Track: Monitor actual status and value delivered, correcting negative variances and exploiting positive changes to ensure that the programme remains on purpose and on value