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A Rationale for Value Engineering Decisioneering in the Project Management Office (PMO)

FEATURED PAPER

By Habeeb Adekunle Quadri, MSc, MBA, PMP, RMP, (PhD)

USA
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Abstract

This research paper seeks to justify the methodology of value engineering (VE) – also referred to as Value Management [VM] and Value Analysis [VA] – as an innovative decision making tool in the project management office (PMO). The unprecedented proliferation of PMO in the private and the public sectors, including the increasing rate with which corporations gravitate toward executing operating deliverables, initiatives and strategic plan as business projects (work packages), are clear indications of the continued growth and relevance of the project management office as a center of excellence in organizational management.

The Wall Street crash in the 1930s led to the emergence of corporate governance in a desperate bid to contain agency problems. This resonates with the ongoing global economic recession in terms of the current growth rate of the PMO which requires unprecedented methodical engineering approach to optimize organizational scarce resources to mitigate inevitable risks. Going forward, the knowledge management process that organizations leveraged to achieve current industry positioning may not get them where they need to be to remain competitive in the new and flat global market.

Introduction

The PMO is still in its early adopter stage of organizational management the world over, most especially in less developed economies (Cable UMD, 2008). Considering the 21st century challenges where economic agents can plug-n-play from any corner of the world, it becomes imperative for organizations to employ unconventional innovative management strategy such as value engineering methodology as a lean strategy. Proper application and deployment of value engineering methodology in the PMO will steer organizations on the path of sustained growth by minimizing cot and maximizing resources functionality without jeopardizing quality and customer satisfaction.

This research paper acknowledges the prevailing decision making heuristics and biases in the PMO. However, currently at its best, the PMO decision making heuristics and biases deliver project portfolio at 67% efficiency (PMI, 2011). This dismay performance of the PMO signals a clarion call for the introduction of a new mechanism of decision making. The application of value engineering methodology will result in the discovery of a new, consistent and repeatable decision making process capable of increasing the PMO efficiency and the overall organizational performance. VE methodology will improve decision making modalities as a creative, innovative and result-oriented investment decision making tool in the PMO.

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About the Author

Habeeb Adekunle Quadri

MSc, MBA, PMP, PMI-RMP, (PhD)

Managing Partner

Haquad Group Inc.

Habeeb Quadri, is a PhD candidate in Project Management Engineering at the University of Maryland, College Park, USA. Habeeb is a New York-based Entrepreneur/Managing Partner at Haquad Group Incorporation, and a previous management executive in the Financial District of New York, World Bank/USAID Development Economist and a Procurement Coordinator at ExxonMobil, Nigeria.

Habeeb is a certified professional in project management and risk management, with a graduate degree in International/Development Economics including an MBA in Project Management. Habeeb earned executive graduate certificates in Corporate Governance, Leadership, Management Consulting and, Strategic Innovation from Harvard and Stanford. Habeeb is well versed in accomplishing strategic goals and meeting critical deadlines in fast-paced, challenging and stressful environments.

Habeeb is an author and a speaker with research interests in PMO Leadership, Project Financials, Project Control, Development Economic Analysis and, Stakeholders Management. Habeeb can be contacted at [email protected].

For more information, visit www.haquad.com.