Project Risk Value and Quality Management

PROJECT RISK VALUE AND
QUALITY MANAGEMENT 2

Table of Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
Define concept of value management and examine different methods for managing project value for
the case....................................................................................................................................................3
Define the main components of Quality management and describe how each component can be applied
in the case................................................................................................................................................6
CONCLUSION...........................................................................................................................................8
REFERENCES..........................................................................................................................................10

INTRODUCTION
Project quality management defines as a procedure that is used to manage and maintained
the quality throughout the project. Therefore quality means perfection and an organisation;
person needs to work while ensuring quality throughout the whole project. In terms of Value
management assist clients to recognize the manner of fulfilling overall needs of an organisation.
Value of risk is mainly recognized as financial benefit that gain pursuing risk taking activity due
to which increment in value of shareholder is created(Pchelintsevaand et. al., 2020) (Lock,
2020). To complete this project the case of National program for IT in NHS (NPfIT) is to be
undertake that is a largest public sector IT program that is mainly attempted in UK with in a
budget of £6 billion for lifetime crucial contracts. In this they face issues related to delays,
stakeholder opposition, implementation issues. The main aim of conducting this report is to
implement use of IT in NHS using two crucial aspects. In this first aspect considered concept of
value management along with different methods for managing project value for case. Further it
also involves main components of quality management by implementing each component within
NHS case.
MAIN BODY
Define concept of value management and examine different methods for managing
project value for the case
Value management
Value management refers to anaccumulation of planning methods and procedure that are
used to identify the prime balance of project benefits in terms of their cost and risk. Value
management is a process of planning, examine and developing the project for making a right
decisions related to optimized balance of benefits, cost and risk. Value management represents
the creation of sustainable value within project, process and product, social and organizational
level. This aspect is essential to maintain the desirable balance between needs and wants of
stakeholders along with organizing all types of resources to satisfy the overall beneficial needs
(Value Management in Projects – Definition and Goals, 2021). The main aim of implementing
this feature is to develop a value for project that is plan for customers to provide them better

service and get high level of support. In terms of NHS national program the use of value
management is integrated with the implementation of information technology by using electronic
patient record system, online choose and book service, computerized referral and prescription
system. In this value management is useful to overcome with the issue of information
technology failure, government failed to learnt lesson from past. To overcome with this issues
value management project is highly beneficial that helps in eliminating the wastage of
unnecessary costs and expenses by reducing inefficiency and waste, by setting clear goals for
stakeholders to specify their needs so that business needs are to be attained within performing
organisation.
Value Management is an underlining idea carried out inside existing management systems
and techniques based totally on fee and characteristic-oriented questioning, behaviors and
methods, specially committed to motivating human beings, developing abilities, selling synergies
and innovation, with the goal of maximizing the general performance of an business enterprise.
Value Management can attain massive rewards if it is implemented robustly. Value Management
is worried with the creation of sustainable value, both at task, product, method, organizational or
social degree. Value Management can, if implemented efficiently, supply the subsequent
benefits:
 Value Improvements, in excess of 20%, such as financial savings between 10 to 25%.
 Tangible returns on investment of among 20 and 40 instances the useful resource
dedication aren't untypical.
 Significant advantages in phrases of improved operating relationships and organisational
getting to know.
 Better commercial enterprise choices, “right first time”, which can be supported through
customers, customers and different stakeholders by means of supplying decision-makers
with a legitimate, obvious basis for their decisions.
 Increased effectiveness via establishing and using finances, time and sources to best
effect, delivering higher environmental, social, economic and monetary outcomes.
 Enhanced competitiveness by facilitating technical and organizational innovation and
resource performance.