Value Principle - A Focus on Delivering Business Value

The name value principle may seem misleading for people who are unfamiliar with project management. After each project, there are a number of things created with clear intent. outputs can come in the form of a product, service, or result. A traditional project's emphasis has always been product-oriented. 

Because the nature of work is to meet specified requirements rather than making specific products, it's worth thinking about the qualities that project management should include when you are working in a results-oriented environment.

The primary factor that is taken into account when evaluating these outputs is whether the project is adding value to the organization where it was performed. A project's output may add value both during the project as well as following it once it is completed and transformed into an operation.  According to this project management principle, the important thing is that the project team always focuses on creating value and avoids activities that will not create value. Focus on value is a project management principle and it should be evaluated as a whole with the value delivery system that we discussed earlier. 

The value delivery should be emphasized, at the project's helm, and prioritized by the team; both the quality and the quantifiable contributions of each team member should be duly noted. In most projects, the business case and benefits management plan contain information showing how value will be created throughout the process and whether the project is worth doing in the first place.

The evaluation of value delivery takes place in advance at the start of the project, and adjustments to the process are made accordingly, notably in agile projects.

Delivering Value to Customers

Along with delivering business value, delivering value to customers is also an important aspect while speaking about value delivery. The customer delivered value is the one that will affect the final satisfaction of the customers about the long term and the short term outcomes of a project. The long-term delivering value to customers will increase the trustability and prestige of the organization and accordingly will deliver business value to the organization as well. 

See also: Systems Thinking Principle