Wednesday, February 5, 2014

Better Definition of Business Value

In my classes and my project management workshops I try to urge people to look beyond the variables (scope, budget, schedule) of project management. In the project management field we typically assign success to projects that complete the specified deliverables (scope) on time (schedule) within the allocated resources (budget). My argument to this mindset is that this is only the operational perspective of project management and we are missing the bigger picture.

Project managers need to look outside of the project variables to consider value. As project managers we need to associate the success of the project with the value the deliverables offer the organization. In this discussion of value we typically look at the long-term financial benefits provided as a result of the project. However, after reading a recent blog post I see that even the concept of value I had been using is shortsighted.

Certainly value can, and should, be associated with the long-term financial gains resulting from a project. However, value can also be realized by our relationships with our stakeholders through our availability to meet with them, our willingness to listen and respond to their needs, and our ability to understand their function within the organization and how the project can enhance this function.

Project managers must reach way beyond the operational perspective of project management and truly partner with stakeholders to deliver organizational value as well as stakeholder value. Think about your projects and your stakeholders; how are you offering value to them and how are you making sure they are realizing the value you wish to add?

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