In the early 2000s, I became volunteer in a group that focused on metrics. After spending over six months in that group and finding that it wasn’t delivering the expected value, I was at the crossroads of either quitting it or making it the one that delivers stakeholder value. I chose the latter, which eventually led to my elevation as its Board member and then the Board’s Business Value Committee Chair. With value being a fuzzy concept for most, I often find professionals struggling to identify the value components, measuring it consistently and communicating it to relevant stakeholders.
PMI® defines value as the “net results of realized benefits less the cost of achieving those benefits.” ISACA® defines value as the “total life-cycle benefits net of related costs, adjusted for risk and for time value of money.”
In its most rudimentary form, value is the ability to serve and deliver to the stated and unstated expectations. The value scale must keep going up and must strive to deliver in unique ways to the stakeholders. It is the service that extends beyond the basic service delivery. It is not gold plating of the output, but delivering the outcome that addresses different facets of intended purpose. Sustainment is a big component of value delivery that is often overlooked, but is essential as it addresses the lifespan of the value component.
Over the next few blogs, my attempt would be to present different facets of value. These viewpoints would provide the different value perspectives that can be tailored to meet your specific situation.