Developing the Value Management Maturity Model (VM3©)

Abstract

Value management (VM) practices have been expanded and became a well-received technique globally. Organisations are now progressing towards a better implementation of VM and should be assessing their strengths and weaknesses in order to move forward competitively. There is a need to benchmark the existing VM practices to reflect their maturing levels which is currently not available. This paper outlines the concept of Value Management Maturity Model (VM3©) as a structured plan of maturity and performance growth for businesses. It proposes five levels of maturity and each level has its own criteria or attributes to be achieved before progressing to a higher level. The framework for VM3© has been developed based on the review of literatures related to VM and maturity models (MM). Data is collected through questionnaire surveys to organisations that have implemented VM methodology. Additionally, semi-structured interviews were conducted to select individuals involved in implementing VM. The questions were developed to achieve the research objectives; investigating the current implementation of VM and, exploring the organisation’s MM knowledge and practices. However, this research was limited to VM implementation in the Malaysian government’s projects and programmes. VM3© introduces a new paradigm in VM as it provides a rating method for capabilities or performance. It is advocated that this VM3© framework is still being refined in the advance stage in order to provide a comprehensive and well accepted method to provide ratings for organisations’ maturity.

Keywords: Value Management, Maturity Model, government project