Whatever the business/sponsor/customer defines as value is the benefit of the project, aside from the peripheral benefits not related to that core value (ie. learning).
...
1 reply by Vincent Guerard
Jul 17, 2018 8:36 PM
Vincent Guerard
...
Sante,
Do benefit and value are synonymous? in a project context
Yes, in some cases such as Shared Support Services, there were supposed to be efficiencies realized. In the case of the new employee pay system, Phoenix, it was sold on the basis of savings of CAN$70M/yr, but we know how that turned out. ; )
Steve,
That is one where we won't see benefits, just extra cost. To me, it sounds like a schoolbook example of poor quality control and communications from the client and supplier sides. Saving Changes...
Business objectives. Why are you doing the project?
As Andrew Craig said, usually it comes back to money. They either want to make money or save money. Without some sort of benefit, it seems unlikely there would be a point to doing the project.
Joshua,
Mostly benefits are but back to financial, but not all can be!
...
1 reply by Joshua Render
Jul 18, 2018 9:46 AM
Joshua Render
...
That is true. There can be value without monetary gains, that is just the usual motivator.
Whatever the business/sponsor/customer defines as value is the benefit of the project, aside from the peripheral benefits not related to that core value (ie. learning).
Sante,
Do benefit and value are synonymous? in a project context
...
1 reply by Sante Delle-Vergini, PhD
Jul 17, 2018 8:54 PM
Sante Delle-Vergini, PhD
...
Not always. Value stems from belief. I may value (if known) that there are alien life forms on some distant planet. I am unlikely to benefit directly from it. In a project context, when it comes to terminology, yes most people interchange the two terms. I see benefits though as a subset of value, that being we define value in projects but receive pre-defined benefits from it. If a company sees value in implementing a PMO, it will measure value through the benefits it receives from that implementation. You can map these benefits to value (or the strategic objectives of the company) in a number of ways. Our own Elizabeth Harrin details one way to do this:
Do benefit and value are synonymous? in a project context
Not always. Value stems from belief. I may value (if known) that there are alien life forms on some distant planet. I am unlikely to benefit directly from it. In a project context, when it comes to terminology, yes most people interchange the two terms. I see benefits though as a subset of value, that being we define value in projects but receive pre-defined benefits from it. If a company sees value in implementing a PMO, it will measure value through the benefits it receives from that implementation. You can map these benefits to value (or the strategic objectives of the company) in a number of ways. Our own Elizabeth Harrin details one way to do this:
Many types of benefits, all can be measured and should. Not all organization do a before and after to see true impacts.
Yes I agree with you, Vincent. At times a project's objective will itself be to reduce maintenance / operating cost which will indirectly be done through productivity improvement and in this case before & after metrics are measured and compared. Saving Changes...
