How do you sustain perceived value when external conditions, like inflation or regulation, undermine ROI?

Adapting metrics mid-project is often necessary—but only if it’s done transparently and with discipline. In dynamic environments, original KPIs can lose relevance due to various reasons. If PMs stick rigidly to outdated metrics, they risk delivering something that no longer reflects real business value. So yes, PMs should adapt metrics -but not to protect optics.

This feels more like a portfolio or governance question. If value is eroding, and the PM is even aware that it is eroding, there may come a point where the project needs to be re-evaluated. A legitimate option may be to cancel the project, but it's not the project manager's decision. It's far more important for a project manager to protect decision quality than perceived value.

I don't see a problem with adapting metrics when the metrics are losing relevance, but if the measures are appropriate and telling the story that increased inflation has lowered potential value of the benefits/outcomes to a poor ROI, don't change those. If something is legitimately undermining ROI, intentionally hiding it should have consequences.

To sustain perceived value when external shifts like inflation or regulation undermine ROI, PMs must shift their focus from purely financial returns to broader strategic benefits, ensuring that "mandatory requirements" are prioritized to maintain compliance and core functionality while "nice-to-have" features are re-evaluated.
If contingency planning was neglected during the initial feasibility study, a robust change management process is essential to realign project outcomes with current environmental realities, rather than clinging to outdated metrics that no longer reflect the project’s true worth.
Adapting metrics mid-project is a pragmatic necessity rather than a sign of failure; it allows a PM to preserve credibility by focusing on "value realized" (such as risk mitigation, regulatory safety, or long-term operational resilience) which often remains high even when traditional financial ROI is eroded by external volatility.