RISK AND VALUE MANAGEMENT EXERCISE/PRESENTATION

[Audio] Colleagues and esteemed faculty members, I extend my warm greetings to each one of you. Welcome to the presentation on Risk and Value Management. Today, we will take about three topics about The Benefits and Value in a Project Environment, The Psychological Effects of Human Behavior on Delivering Successful Project Outcomes as well as Value at Project vs Portfolio Levels..

[Audio] In this slide, we delve into the benefits and value within a project environment, exploring their distinctiveness and significance. Benefits, representing quantifiable gains, and value, reflecting stakeholders' perception of importance and worth, play a vital role. However, project managers face various challenges in delivering these advantages, including managing stakeholder expectations, adapting to ambiguity, resource limitations, inadequate preparation, lack of coordination, and resistance to change. While providing value and benefits is crucial, it is not the sole determinant of project success. Other factors also influence the project's outcome. Join us as we unravel these complexities, uncover strategies, and gain insights into optimizing project outcomes..

[Audio] in this slide, Human behavior profoundly impacts the success of projects. Cognitive biases, emotions, and social dynamics shape decision-making. Project managers can enhance success by managing cooperation, emotion control, bias reduction, collaboration, and creating a conducive environment. Cognitive biases like confirmation and anchoring bias lead to skewed perceptions. Emotional forces and social dynamics influence decision-making. Project managers should mitigate biases, control emotions, foster diverse perspectives, and cultivate an informed decision-making environment..

[Audio] The roadmap of human behavior for achieving project success outcomes includes understanding motivation, establishing effective communication, demonstrating leadership and influence, promoting cognitive bias awareness, and fostering continuous learning and improvement. By creating a motivating work atmosphere, establishing clear communication channels, leading by example, encouraging critical thinking, and nurturing a culture of learning, project teams can enhance their chances of success..

[Audio] Value management varies at different levels: project level focuses on specific goals, program level coordinates efforts, and portfolio level aligns with organizational strategy. Challenges include coordinating project goals, allocating resources, and ensuring compliance with strategic objectives and commercial goals. Value management approaches maximize benefits and value, while balancing priorities and managing dependencies across projects and portfolios..

[Audio] Thank you all for joining us on this enlightening journey, and may your future endeavors in the realm of project management be filled with success, value, and remarkable achievements..