Business Value

business value in project management - Business Value

What did your last project do?

A project can create a new taxation app that simplifies the entire personal tax filing exercise. Similarly, a project can automate hotel room booking so that no manual intervention is required.

Sometimes a project could simply deliver a piece of a larger picture. What’s important to understand is that regardless of how you count it, all projects deliver a certain benefit. This benefit is the reason for your company taking up the project to begin with.

This is where the PMI definitely of Business Value comes into the picture,

Business Value is the net quantifiable benefit derived from a business endeavor. The benefit may be tangible, intangible or both.

In Business Analysis, Business Value is also defined as the return on investment in terms of time, money, goods or intangibles. However, when it comes to projects, Business Value refers to the benefit that the result of a project provides to its stakeholders.

Holistically, Business Value refers to the sum total of everything that a company is made of from furniture to people and from intellectual property to reputation.

Check more articles on Project Management Basics

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