As devices get interconnected with each other, and cloud systems are used to store data in the long run, managing resources and projects has got more comfortable. In the end, project managers have been enabled to deliver much more in the same timeframe with the Internet of Things and other emerging technologies.
In the broadest sense, value is some benefit delivered to a client. When we talk about project implementation, delivery of project results and organization of value management activities, value concerns the benefits that are derived by the customer from the successful implementation of a given project. When the project brings some value, it is worth implementing and can be qualified in business terms. The customer gets the benefit and the performing organization (which implements the project) receives some business profit.
Let’s see an example. Activities for creating a better working environment and improving skills and competencies of customer support staff can be organized into a single project that should deliver 1) some value to the customer and 2) some business profit to the organization. The value is that customers receive better support service (the benefit) because the number of requests satisfied is increased. The business profit is that the organization gets more loyal customers and earns better reputation because the customers are satisfied and ready to purchase more products or order new services.
That is all briefly about value and project management. Now let’s review value management definition and see the goals of the value management concept.