In project management, the term “value” refers to the benefits or results that a project gives to its stakeholders. It is the value that the people who have time, money, and resources invested in the project get back. Value can come in many shapes and sizes. It can be a financial benefit, like more sales or lower costs, or it can be a non-financial benefit, like happier customers or a better reputation for a brand.
Value is a key factor in the success of a project, so it’s important for project managers to focus on giving their stakeholders what they want. This means figuring out what needs and requirements stakeholders have and putting them in order of importance. It also means making sure that the project delivers the desired results and benefits. This requires a deep understanding of the business and the needs of the customer, as well as good communication and engagement with stakeholders.
To deliver value in project management, it is important to:
- Understand the needs of the business and the customer. Project managers must have a clear understanding of the needs of the business and the customer in order to put the requirements in order of importance and get the desired results and benefits.
- Set clear project goals. Setting clear project goals that are in line with the needs of the business and the customer can help make sure the project delivers the results and benefits that were wanted.
- Prioritize the needs of the stakeholders: Project managers need to figure out what the needs of the stakeholders are and rank them in order to make sure the project delivers the most value.
- Measure and improve all the time: Measuring and improving the project’s results and benefits all the time can help make sure the project is delivering the value you want.
By focusing on delivering value in project management, project managers can help ensure the success of the project and the organization and build strong relationships with their stakeholders.
Usage
Used in Project Planning
