PMI-Montréal project management blog

Determining the Value of Value

Author : Lynda Bourne, DPM, PMP

From the Voices on Project Management Blog

What exactly is value? A Guide to the Project Management Body of Knowledge (PMBOK®Guide) -- Fifth Edition suggests value is a concept unique to each organization and encompasses the total sum of all tangible and intangible value elements. 
 
Determining the tangible ones is relatively straightforward and can easily be reduced to a financial return. More difficult is understanding the intangible value elements the project can create -- and identifying low-cost options with the potential to create massive intangible value by creating favorable outcomes in the minds of stakeholders.
 
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