Project and portfolio appraisal and prioritisation.
Achieving strategic goals and real benefits at the lowest cost.
“The investment analysis reports showed with stark clarity, those projects that stood any chance of convincing a Board of their viability.”
APMG Gold Accreditation Assessment (on behalf of the OGC)
The Challenge
Significant fiscal restrictions are forcing many Public Sector organisations to reassess their project and programme portfolios*. Financial realities are combining with new political priorities and the development of new strategies. An effective method for the assessment of project relevance and affordability is required. Whether current or planned, organisations need to identify and efficiently deliver projects that are certain to realise tangible benefits. Bold decisions are necessary; culling projects which are unaffordable and those that are no longer strategically or operationally relevant. This challenge needs to be met with a rigorous and proven approach.
Introducing the DecisionSpace™ Process & Application
DecisionSpace™ provides a research-based framework, process and software application that guides an organisation through project portfolio appraisal and prioritisation. Our best-practice approach will:
- Create and maintain a balanced portfolio of investments that will confidently delivery both the strategic and operational objectives.
- Clearly and accurately identify projects that are unlikely to deliver tangible benefits relative to the financial investment.
- Supports consistent, objective and transparent decision-making regarding project funding.
- Create reports that highlight key areas of project weakness and risk, providing an invaluable checklist for business case and project improvement.
The DecisionSpace™ process and toolkit has been used to accurately evaluate many key infrastructure and business change projects within the public sector. Since 2003, our project evaluation methodology has been calibrated using lessons learnt from over 2,500 major government and commercial investments. The key success and failure factors identified have been incorporated into DecisionSpace™.
Our process and tools assist in the evaluation of the three key project dimensions: Attractiveness, Achievability and Affordability. Attractiveness analysis qualifies and quantifies the benefit claims and assesses the contribution to strategic and operational objectives. Achievability analysis evaluates the likelihood that the project objectives can be achieved within stated financial, resource and timescale constraints. Finally, affordability analysis considers whether the cost of a project, relative to its realisable benefits, is prohibitive.
Portfolio Analysis
Individual project assessment can be aggregated to form a portfolio. This provides a robust foundation for subsequent decision making, aiding investment prioritisation, culling and project execution management.
Key Features
- Research-based process, aligned to industry best practice with practical applicability and proven success.
- Flexible toolkit that allows tailored configuration to reflect specific organisational requirements and project decision criteria.
- Enables the objective assessment of both financial and non-financial benefits.
- Identification and evaluation of the strategic, environmental and cultural factors which may affect project and portfolio success.
- Clear and flexible reporting that supports confident and informed decision-making at all levels of management.
- Assessment of stakeholder belief and support for the project and the associated business case; providing an invaluable aid for on-going stakeholder management.
Building Internal Capability
Proving provides a low cost, highly effective solution for meeting the current economic challenges. In keeping with our academic background, our business ethos is to support our clients in developing internal capabilities and competences. This is achieved through a Capability Transfer Programme; embedding the process together with the essential skills and knowledge. Skills transfer may be delivered on-site or at Cranfield University, if a more formal learning environment is required. From the outset, Proving endeavours to ensure that the DecisionSpace™ process and application assist organisations in becoming centres of excellence; effective in project viability analysis, benefits realisation management and portfolio management.
For more information please contact us.