Value is the ultimate success indicator and driver of projects and a sound business case can help you understand the value of a project. All lessons are based on the PMBOK®, 7th Edition.
CAPMP, PMP and PMBOK are registered marks of Project Management Institute, Inc.
PMP® in 60 seconds is created by PM Notebooks. Play PMP® interactive games, climb the leaderboard and meet fellow test takers. You might as well have fun while studying for your exam. Learn more at pmnotebooks.com
Sign up to get updates on new episode.
Get ready to ace the PMP exam like never before with Interactive PMP! Our interactive course is a game-changer, combining fun games and bite-sized videos to help you conquer the PMP certification. From project planning to risk management, we've got you covered. Master complex concepts effortlessly, thanks to our engaging and interactive approach. No more boring textbooks or sleep-inducing lectures. With the Interactive PMP, you'll be on your way to PMP success in no time! Don't wait to turbocharge your career.
I’m your host, Kaye B and we are focusing on value.
Value is the ultimate success indicator and driver of projects. Value focuses on the outcome of the deliverables and may be expressed as a financial; contribution to the sponsoring or receiving organization.
Value can also be realized throughout the project, at the end of the project, or after the project is completed. The benefits contributing to value can be defined in quantitative and/or qualitative terms.
When you focus on the value of what the project can deliver, it allows the project team to support the intended benefits that lead to value creation.
Many projects state the intended value in a document called a business case. In the business case, there are at least three supporting elements: The business need, which provides the rationale for the project and why the project needs to be done, the project justification, which explains why the business need is worth the investment of the project and the business strategy, which is the reason for the project and the strategy needed to achieve the value. Together, along with any benefits and possible agreements with the project team, desired outcomes can help evaluate the project value.
That is your PMP in 60 seconds. Next week we are talking about recognize, evaluate, and respond to system interactions.