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Determining the Value of Value
ByLynda Bourne, DPM, PMP, 2015-01-06, 10:30
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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.
