Best practices to follow while delivering project value

All projects must give value to their stakeholders, especially their key stakeholders, as I learnt when studying for the PMP Certification.

Why would we do the project in the first place if we didn't have to? Value might be quantifiable at times, but it can also be qualitative at other times.

I've read various definitions of value, but for me, it's a ratio of the advantages created by an action to the entire cost. Benefits and costs clearly involve monetary indicators, but they also include everything else that affects stakeholders. Morale, risk, sustainability, general well-being, and so on are all factors to consider.

Value from what perspective?

It's also a formula that differs for each stakeholder. This is one of the reasons why it's critical to identify the main stakeholder(s) up front and understand their objectives. Something that adds value to one stakeholder could detract from the value of another. It's impossible to please everyone all of the time. It's a balancing act, and when there are opposing interests, the major stakeholders take precedence. In the end, you must give value to that key stakeholder or group of important stakeholders.

Delivering to what requirements?

In some circles, as I found while studying for the PMP Certification, meeting the requirements and completing the project on time and on budget are the only factors that determine success. You're fine if you delivered on what you promised (in a contract or otherwise).

I don't agree.

Poor requirements elicitation and/or failure to involve important stakeholders early in the project can easily result in a product that is delivered to specifications and on time/budget, but is not valuable to the key stakeholders. It is the project manager's fault when this occurs.

Systems in delivering value

I've worked with individuals who didn't consider themselves project managers, had no formal approach, yet nevertheless provided results. Perhaps they could have done a better job if they had used some sort of guiding theory to approach the project. I can tell you that the number of people who can successfully complete projects without using a system is small. The more complexity you add, the more difficult it is to deliver value.

I'm sure (hope) this will spark a lot of debate, so please share your thoughts on this project management trait in the comments!

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