Value Based Management

 in Business  tagged value / standard / project / best practice / management / SWOT / framework / leadership / strategy / business / model / method / methodology / process by

There is a website called Value Based Management that is a reference site for many different models for managing organizations. This website has grouped their posts in the following categories.

  • Strategy – Value Creation (Models & Methods)
  • Valuation- Decision Making (Models & Ratios)
  • Organization – Change – Culture (Methods & Frameworks)
  • Communication – Marketing (Models & Methods)
  • Leadership – Management (Methods & Theories)

A framework is an entity between a “model” and a “method”. A framework is, or contains, a (not completely detailed) structure or system for the realization of a defined result/goal. Many frameworks comprise one or more models and often are based on (best) practices.

A methodology is a set of principles, tools and practices which can be used to guide processes to achieve a particular goal. A framework is a loose but incomplete structure which leaves room for other practices and tools to be included but provides much of the process required.

At the website of Van Haren Publshing, they an article called Best Practice, Model, Framework, Method, Guidance, Standard: towards a consistent use of terminology – revised that starts with the following: “There is a lot of confusion regarding the use and meaning of the terms ‘standard’, ‘best practice’, ‘body of knowledge’, ‘framework’, ‘guidance’, ‘method’, ‘model’ etc. In order to promote and establish a consistent use of these terms within VHP publications we have developed this document.”

They define a model this way: “A model is the presentation in schematic form, often in a simplified way, of an existing or future state or situation. The modelling technique determines the way in which the situation is represented in a schematic way. Popular modelling techniques are: process model, workflow model, life cycle model.” An example of a model can be found in the 3C Model. This model says that the strategist should mainly focus on these three: corporation, customer and competition.

An example of a framework is the SWOT analysis.

Another example of a model is the BCG Matrix.