We have earlier discussed what value is. The next question is how to create value.
As a Project Manager, you might realize that projects are seldom a standalone affair. Projects live within organizations and organizations create value for stakeholders. Projects produce value by,
- Creating a new product, service or result
- Creating positive social or environmental contributions
- Improving efficiency, productivity, effectiveness or responsiveness
- Enabling the changes needed to facilitate organizational transition to its desired future state
- Sustaining benefits enabled by previous programs, projects or business operations
Components of Value Delivery
Portfolios, Programs, Projects, Products and Operations can all be used either individually or collectively to create value. All of them are aligned with the organization’s strategy. Components of value delivery create deliverables used to produce outcomes. Outcomes create benefits. Benefits create value.
Value Delivery system works best when information is flowing effectively between different components of value delivery.
Check more articles on The Standard for Project Management