What is Measurable Organizational Value? Its Importance?

Whenever a project is started, its first and initial stage is about verifying the purpose of the project and check whether the project is achievable or will be successful. In organizational terms, it is referred to as measuring the value of a project. The process of measuring the project value is known as the measurable organizational value. The main objective of every project is measurable organizational value. According to experts of a dissertation writing service, the measurable organizational value describes the worth that will be achievable and be delivered to the customers through the project. For maximum quality and values, a project needs to be in alignment with the organization’s goals, missions, strategy, visions, and values.

Elements of Measurable Organizational Value:

Clarity:

Measurable organizational value is a measure of success. At the completion of every project, it is checked whether the project was successful in achieving the targets that were set in the planning of the project. If the projects provide the expected value to the potential clients then it is regarded as a successful project. For making a project successful and evaluating its measurable organizational value clarity is very necessary. The clarity of the goals, values and the desired outcomes is essential.

Valuable:

Any kind of organizational resources and assets must not be used for any project if it is not valuable to the organization.

Measurable:

The achievement, outcomes, and success of the project must be measurable.

Agreed On:

All stakeholders must be agreed on the same set of rational, practical, and reputable measurable organizational value expectations from the project.

Importance of Measurable Organizational Value:

Measurable organizational value is one of the goals of the project. It forms the basis for the existence of the project. The measurable organizational value is important as it indicates the strategy of the organization, and what an organization wants to achieve based on its mission and vision. In descriptive form, the measurable organizational value is a single statement. The measurable organizational value must be measurable, feasible, attainable, value-adding, time-oriented, and business-oriented. It must also be verifiable. The measurable organizational value of a project depends on the objectives of the project. There are some common objectives that each project has like high-quality meeting the budget, on-time completion, and within scope. All the objectives of the projects are important as they assist in achieving the measurable organizational value of the project.

Steps for Measurable Organizational Value:

Before setting the measurable organizational value the project members and organization need to define the value of the project.

After defining the value of the project, a method for the evaluation of the project is set. This method can be a set of metrics or any other tool that can provide the team with a goal or target.
The process and outcomes of the project are associated with different areas and operations of the organization. The project has an operational, strategic, financial, and social impact on the organization and its clients and stakeholders. The project team in coordination with the organization management has to rationally identify the area of the organization that may have a major impact because of the project.
In the third step, the project team has to estimate the value that this project will add to the organization. When we talk about value adding a project, the evaluation of the project is not done for checking its value on a return on investment basis only. The evaluation is done to estimate the business value of the project. Before making the decision of doing a project, its impact on measurable organizational value must be considered.
In the next step, all stakeholders agree and accept the measurable organizational value. The measurable organizational value must be accepted as the procedure of the organization. Each project member has to personally participate in establishing measurable organizational value.
All measurable values of the organization must be self-evident and dependable. In case, the project fails to add the highest value and to accomplishing the ideal outcome or acknowledgment of the advantages, then the project is viewed as an effective project. The project group affirms measurable organizational value toward the finish of the project and orders the project as a triumph or disappointment.

The Bottom Line:

The measurable organizational value is necessary for every project, whether small or large. The organizations must have to evaluate all the projects based on measurable organizational value. For saving the resources of the organization, measurable organizational value is necessary as it identifies which projects will add value to the organization and which will not.