How organizations define value to meet the requirements for a change?
Definition of Value
Values are the key benefits that an organization expects from the day to day organizational activities. It is not compulsory to make the value documentary, but in a real sense, the value is a practical phenomenon and can be defined by accomplishing the same. An organization may be small or large, but the value has its importance in making the target clear for the staffs and management. Each activity is analyzed by some values. If the result meets the value as per expectation; it is called as the success, and if don’t it is regarded as a failure (Jamieson and Morris, 2004). The programs and projects undergo in an organization are ended with certain results. The post-completion is analyzed and matched by the management with the value created at the beginning. In simple language, a value is the trend setter upon which the whole organizational people perform their responsibilities. It includes guidelines, instructions, processes, methods, and the dedication of individual and teams (Morris and Jamieson, 2004).
Creation of value
Creation of value is an essential part of an organization along with the mission and vision statements. The mission and vision statements are mandatory to include in the paper work at the time of establishment of the company, but the value is an option for the management. Values are the supportive aspects of making the implementation process of programmes and projects easy. The creation process of value needs to analyze the expected return regarding benefits and financial revenues from the investment on the projects and portfolios. Certain factors like organizational size, culture, the term of the projects, abilities of the employees, and expectations of the investors facilitates in making of value for an organization. Every organization tends to stabilize its activities with the change of trends of the market. Whenever an organization faces pressure from the external environmental factors to adopt a change in its internal environment, it is vital to establish a link between the value and the change needed (Thiry and Diguire, 2007).
Value results
The results of value at normal situations and changing trends differ from each other. An organization faces more complex situations at the time of change in the working environment. Once a change adopted, the value generated from the completion of the process differ than that of before the changes made. The actual value realized from a project creates attraction from the stakeholders with its success or disinvestment with its failure. A project manager should be aware himself enough to not let any failure happen at any of the steps in a process. Possibly the project manager can utilize the value statements in the group he is directing to stabilize the weaknesses and utilize the opportunities in best possible way. It means if a project manager starts execution of projects without creating or emphasizing value statements, the failure possibilities would be higher than normal. Different corporate strategies can be used as per the need of the situations. A good understanding and ability of application of corporate strategies are essential to formulating the analysis process efficiently. The value results accomplished facilitates the management to prepare the procedure for next planning process (WInch, 2004).
Reference List
Jamieson, A. and Morris, P. W. (2004) Moving from corporate strategy to project strategy. The Wiley guide to managing projects. Hoboken, NJ: John Wiley & Sons; 2004
Morris, P. and Jamieson, A. (2004). Translating corporate strategy into project strategy: realizing corporate strategy through project management. Newton Square, PA: Project Management Institute
Thiry, M. and Diguire, M. (2007). Recent developments in project-based organizations. International journal of project management. 25. 649-658.
Winch G. (2004). Rethinking project management: project organizations as information processing systems? In: Proceedings of the 3rd PMI research conference, London