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Project Management ROI: A Step-by-Step Guide for Measuring the Impact and ROI for Projects

ISBN: 978-1-118-07277-6
320 pages
October 2011
Project Management ROI: A Step-by-Step Guide for Measuring the Impact and ROI for Projects (1118072774) cover image
Business & Economics/Project Management

An exclusive portal to the methods and tools the ROI Institute uses to determine return on investment in project management

To survive this modern age of financially skeptical "show me the ROI" investors, it is a crucial step for companies to develop an effective project management strategy in order to stay ahead of the curve and achieve success. Project Management ROI takes the guesswork out of determining how to monetarily value projects by teaching the time-tested Return on Investment (ROI) methodology. It presents these results-based concepts in a methodical, reproducible manner that project managers, executives, and analysts can use as a validated reference for future projects. This book focuses on an array of measures to forecast project value and collect data during and after implementation, including reaction, learning, application and implementation, impact, return on investment, and intangibles. Project Management ROI:

  • Is the first book from the renowned ROI Institute to focus on project management ROI

  • Provides both the tools and methodology for measuring the ROI of project management investments

  • Will help project managers discover the value of specific project management solutions to justify project expenditures

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Preface xi

The Need for This Book xi

A Guide to Project ROI xii

Credibility Is Key xiii

Audience xiii

Target Areas for Projects xiv

The Difference xiv

Flow of the Book xv

Acknowledgments xvii

About the Authors xix

1 Project Management Issues and Challenges 1

What Is Project Management? 1

Why Projects Fail 4

Project Leadership: Getting Results 8

Project Management Issues 9

Final Thoughts 14

2 The Project Management Lifecycle 15

The Project Management Steps 15

Project Management Solutions 23

Project Management Maturity Model 26

Final Thoughts 29

3 ROI Methodology Basics 31

Types of Data 31

The Initial Analysis 34

The ROI Process Model 36

Operating Standards and Philosophy 47

Implementing and Sustaining the Process 48

Benefits of This Approach 49

Final Thoughts 51

4 Achieving Business Alignment with the Project 53

Importance of Business Alignment 53

Determining the Potential Payoff 54

Determining Business Needs 59

Determining Performance Needs 64

Determining Learning Needs 65

Determining Preference Needs 67

Case Study: Southeast Corridor Bank 68

Developing Objectives for Projects 72

Final Thoughts 76

5 Measuring Reaction and Learning 79

The Importance of Reaction 79

The Importance of Learning 81

Sources of Data 84

Topics for Reaction Measures 86

Topics for Learning Measures 87

Data Collection Timing 88

The Challenges and Benefits of Measuring Learning 88

Data Collection Methods 90

Data Use 93

Final Thoughts 94

6 Measuring Application and Implementation 95

The Importance of Application and Implementation 95

Challenges 97

Measurement Issues 99

Data Collection Methods 101

Barriers to Application 104

Application Data Use 105

Final Thoughts 106

7 Measuring Business Impact 107

Project versus Project Management 107

The Importance of Business Impact 108

Collecting Effective Impact Measures 110

Business Performance Data Monitoring 117

Data Collection Methods 118

Measuring the Hard to Measure 127

Final Thoughts 128

8 Isolation of Project Impact 131

The Importance of This Issue 131

Preliminary Issues 134

Isolation Methods 136

Final Thoughts 150

9 Converting Data to Money 153

The Importance of Converting Data to Money 153

Key Steps in Converting Data to Money 156

Standard Monetary Values 157

When Standard Values Are Not Available 164

Technique Selection and Finalizing Value 171

Final Thoughts 175

10 Measuring the Intangibles 177

The Importance of Intangibles 177

Measuring and Analyzing Intangibles 180

Confronting Intangibles 186

Final Thoughts 198

11 Monitoring Project Costs and Calculating ROI 201

The Importance of Costs and ROI 201

Fundamental Cost Issues 203

Specific Costs to Include 206

Cost Classifications 208

The ROI Calculation 209

Other ROI Measures 214

Final Thoughts 215

12 Forecasting Value, Including ROI 217

The Importance of Forecasting 217

The Timing of Forecasting 219

Pre-Project ROI Forecasting 221

Forecasting with a Pilot Program 231

Forecasting ROI with Reaction Data 232

Forecasting ROI with Learning Data 237

Forecasting ROI with Application Data 237

Forecasting Guidelines 238

Final Thoughts 241

13 Reporting Results 243

The Importance of Communicating Results 243

Principles of Communicating Results 245

The Process for Communicating Results 247

The Need for Communication 248

The Communication Plan 249

The Audience for Communications 250

Information Development: The Impact Study 252

Media Selection 254

Reactions to Communication 261

Final Thoughts 261

14 Implementing and Sustaining ROI 263

The Importance of Sustaining the Use of ROI 263

Implementing the Process: Overcoming Resistance 264

Assessing the Climate 266

Developing Roles and Responsibilities 266

Establishing Goals and Plans 269

Revising or Developing Policies and Guidelines 270

Preparing the Project Team 272

Initiating ROI Studies 273

Preparing the Clients and Executives 275

Removing Obstacles 275

Monitoring Progress 278

Final Thoughts 278

Endnotes 279

Index 283

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Dr. Jack J. Phillips is Chairman of the ROI Institute (www.roiinstitute.net.) and a world-renowned expert on measurement and evaluation. Phillips provides consulting services for Fortune 500 companies and workshops for major conference providers worldwide. Phillips is also the author or editor of more than thirty books and more than a hundred articles. His work has been featured in the Wall Street Journal, Bloomberg Businessweek, Fortune, and on CNN.

Wayne Brantley, MSEd, PMP, CRP, CPLP, is the Senior Director of Professional Education for the University Alliance (www.universityalliance.com). He has taught and consulted on project management, quality management, leadership, curriculum development, Internet course development, and return on investment to Fortune 500 companies around the world.

Dr. Patricia Pulliam Phillips is an internationally recognized author, consultant, and President and CEO of the ROI Institute, Inc. Phillips provides consulting services to organizations worldwide. She helps organizations build capacity in the ROI methodology by facilitating the ROI certification process and teaching the ROI methodology through workshops and graduate-level courses.

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