In project management, the Value concept is all about making sure that the project gives value to its partners. This means knowing the needs and demands of partners and making sure that the project’s goals and results meet those needs.
Under this concept, it is the project manager’s job to find out what stakeholders want and make sure they get it. They also need to make sure that the project meets business goals, provides benefits, and has a good return on investment.
According to PMBOK 7, the concept of Value in project management is “a driving force that focuses on delivering value to stakeholders through the project and its deliverables.” This concept stresses how important it is to understand the needs and demands of partners and to make sure that the project’s goals and results meet those needs.
The PMBOK 7 outlines several key ideas linked to the project management theory of Value, such as:
1. worth engineering: This is a methodical and creative way to maximise the worth of the project’s outputs and processes while keeping costs as low as possible.
worth management: This is a joint and iterative process of finding, analysing, and ranking the needs of stakeholders and coming up with ways to make the project’s worth as high as possible.
3. Value proposition: This is what the project gives stakeholders that is special and appealing, and how it fits with their wants and expectations.
4. Value stream: This is the order of actions and processes that turn inputs into outputs and give value to users.
5. Value realisation: This is the process of making sure that the project gets the benefits and results that were planned.
The Value principle is an important part of project management because it makes sure that the project provides real rewards and value to stakeholders and helps the organisation succeed in the long run. By focusing on value, project managers can improve project performance, give partners more benefits, and keep costs and risks to a minimum.
Reference (12 Principles of Project Management)
Stewards act in a responsible way to make sure that tasks are done with honesty, care, and trustworthiness while following both internal and external rules. They show that they care about how the projects they fund affect people’s lives, the environment, and the economy as a whole.
People with a wide range of skills, knowledge, and experience make up project teams. When people on a project team work together, they can reach a common goal more quickly and effectively than if they worked alone.
Engage stakeholders in a proactive way and to the extent that is needed to help the project succeed and keep customers happy.
Evaluate and change a project’s alignment with business goals and the expected benefits and value on a regular basis.
Recognize, evaluate, and respond to the changing conditions inside and outside of the project as a whole to improve project performance.
Show and change your leadership skills to meet the needs of both yourself and your team.
Design the project development approach based on the project’s goals, stakeholders, governance, and environment, using “just enough” process to get the desired result while maximising value, controlling costs, and improving speed.
Keep your attention on quality so that you can make deliverables that meet the project’s goals and match the needs, uses, and acceptance requirements set by the right stakeholders.
Evaluate and deal with the complexity of the project on a regular basis so that approaches and plans can help the project team get through the project life cycle.
Evaluate your exposure to risk, both opportunities and threats, on a regular basis to get the most out of the good and the least out of the bad for the project and its results.
Build flexibility and toughness into the way the organisation and project team work to help the project deal with change, bounce back from setbacks, and move forward.
Prepare those who will be affected to adopt and keep up with new and different behaviours and processes that will be needed to move from the current state to the future state that the project outcomes will create.
