Question

'Value Delivery' has become a tougher task in the altered environment. Explain this statement.​

Answer 1

Answer:

Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Fifth Edition (PMI, 2013) states, “through the effective use of portfolio, program, and project management, organizations will possess the ability to employ reliable, established processes to meet strategic objectives and obtain greater business value from their project investments.” In other words, the whole purpose for project management (as well as portfolio and program management) is to execute work that provides increased “value” to the business or customer. If an organization does not realize increased business value as a result of sponsoring a project, then the project will not (or should not) be pursued. Thus, the most important aspect of project management is “delivering business value to the customer.” As a means to realize this aspect, a project manager must foster a project environment that focuses on delivering the identified business value.

This paper explores the necessity of identifying and ultimately delivering value to the customer of the project. Although the author recognizes that some projects are humanitarian in nature and deliver value that cannot be measured in business terms, this paper will focus on business-related projects. Recognize, however, that a project (business-related or not) must always deliver “value” to the customer; otherwise, that project should not be performed. For this reason, consider the premise of this paper valid for all types of projects. Additionally, the author recognizes that measuring business value is as unique as the organization; therefore, this paper will not attempt to identify a specific technique for measuring increased business value that a project produces.