102 TERMS GLOSSARY OF VALUE MANAGEMENT IN PROJECT MANAGEMENT PART 2
Victor Manuel Villar Diaz
PMI GAC Board of Directors Leading UPC Master’s Degree Project Management as Expert Director
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A project portfolio roadmap involves several steps.?The first step is to identify the interdependencies between projects in the portfolio. This will help to ensure that the roadmap accurately reflects the timing and sequencing of the projects. The second step is to prioritize the projects based on their strategic importance and resource requirements. The third step is to create a visual representation of the roadmap that clearly shows the timeline for each project and how they align with strategic objectives. (176)
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A project portfolio strategy is a plan or approach that organizations use to effectively manage and optimize their project portfolios.?(177)
It involves aligning projects with business objectives and making strategic decisions about project selection, staffing, and management.?(164)
The goal of a project portfolio strategy is to ensure that organizations are investing in the right projects and allocating resources appropriately. (177)
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Project value refers to the worth, importance, or usefulness of a project.?It is the underlying reason why a project is undertaken and what it aims to achieve.?Project value is not the same as project benefits, which are the positive outcomes that result from a project. (138)
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Public Value Governance: is a framework that focuses on creating public value beyond efficiency and effectiveness, and especially democratic values.?It involves producing what the public values or what is good for the public (38).
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Value alignment: refers to the process of ensuring that everyone in an organization or group shares the same values and understands how their goals contribute to the success of the organization. This can lead to increased employee engagement and job satisfaction (7)
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Value Analysis (VA): Value Analysis (VA) is a systematic approach to increase the value of a product, system, process, procedure, plan, machine, equipment, tool, service, or working method (8). It involves analyzing and evaluating an existing product or process by a team to reduce costs, improve function, and/or boost quality. (9)?VA is a scientific method that involves the systematic application of well-known techniques to improve the value of a product or process by understanding its integral components and their related costs (10).?The goal of VA is to identify and eliminate unnecessary costs incurred while making a product or conducting a business function. (9)
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Value Assurance: Value Assurance is a process that aims to ensure that a project, program, product, service, or system is delivering value to the organization.?It is a navigational and decision-enabling aid that establishes strategic direction and optimizes the use of corporate resources while maximizing performance.?(12)
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Value awareness: is a term used to describe recognizing, addressing, and accepting situations where people do not know what to think or want.?It is a model of value-driven decision-making that aims to enable patients (and, where appropriate, their surrogates) to be as rational as they can and want to be when making decisions regarding end-of-life care. (13). Recognizing personal values is an important part of creating a mission statement, vision statement, or life plan. (14).?Our values guide our actions and decisions in life. (15) Developing value awareness can be a research challenge that requires approaches and supporting research suited to individuals' cognitive, affective, and social circumstances, resources, and desires. (13).
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Value Capture: refers to the process of retaining some percentage of the value provided in every transaction (16).?There are different types of value capture, including public financing tools that recover a share of the value transit creates (17), and mechanisms of financing that allow public entities to recover some or all of the value that public infrastructure generates for private landowners (18).?Urban planners and finance officials are often interested in value-capture mechanisms, as they allow public agencies to tax the direct beneficiaries of their investments (18). In the business context, value capture is an important aspect of innovation, and companies need to think about it more imaginatively and as a matter of course (19).?Value capture is essential for businesses to generate enough resources over time to continue operations (17).?Companies can capture new value in various ways, such as by offering complementary products or services, charging for access to a platform, or using dynamic pricing (19).
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Value Chain: is a series of consecutive steps that go into the creation of a finished product, from its initial design to its arrival at a customer's door.?The chain identifies each step in the process at which value is added, including the sourcing, manufacturing, and marketing stages of its production. The goal of a value chain is to help a company discern areas of its business that are inefficient, then implement strategies that will optimize its procedures for maximum efficiency and profitability (20). The primary and support activities make up the value chain. They include each step in the process, from the initial reception of materials all the way through its delivery to market, and everything in between (21). The idea of the value chain is based on the process view of organizations, the idea of seeing a manufacturing (or service) organization as a system, made up of subsystems each with inputs, transformation processes, and outputs (22).
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Value chain analysis: is a tool that business owners use to break down each process their business uses. This analysis can be used to improve the business’s individual processes, enhancing the company’s efficiency and establishing a competitive advantage (23).?A value chain analysis is when a business identifies its primary and secondary activities and subactivities, and evaluates the efficiency of each point. A value chain analysis can reveal linkages, dependencies, and other patterns in the value chain (24).
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Value chain management: is the process of organizing all of a company’s activities in order to analyze them. The goal is to establish communication between the leaders of each stage to ensure the product is placed in the customers’ hands as seamlessly as possible (23).?The ultimate goal of a value chain analysis is to pin down the practices and processes that differentiate a firm from its competitors — for better or worse (21).
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Value co-creation is a concept in marketing that involves the joint creation of value by the company and the customers, allowing the customers to co-construct the service experience to suit their context.(133)
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Value Collaboration: Collaboration is the cooperation of two or more teams and individuals, and it is of massive value in the workplace.?Collaboration significantly boosts productivity and creativity, two of the most significant success drivers in business today.?However, the value of collaboration in business goes beyond business success and increasing financial returns. It also impacts the well-being of the teams and individuals working in collaborative environments.?Employees in companies with collaborative cultures are more engaged in their roles, ambitious with their personal and work goals, and invested in the overall company goals (25).
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Value communication: is the process of showing customers the positive or helpful aspects of a business's products or services (26).?It involves communicating the differentiated benefits of a product in financial terms.?The goal is to establish for the customer the "value" identified during the value creation stage (27).?Effective value communication is critical for a business to achieve its objectives, whether that's to sell products or services, convince a target investor to buy shares in the company, or recruit and retain the best employees (28).
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Value Creation: is the process of turning labor and resources into something that meets the needs of others (29).?It involves creating something valuable to receive something else that is more valuable to you (30).?Value creation is a vital component of a successful business, including the value of a product, service, and workplace (31).?It is believed that if a business focuses on creating value for customers, it becomes easy to convince people to patronize their products and services (29).
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Value Culture: refers to the importance placed on certain values within a culture.?These values can include ideas about what is good, right, fair, and just.?Sociologists have proposed a common core of American values, including accomplishment, material success, problem-solving, reliance on science and technology, democracy, patriotism, charity, freedom, equality and justice, individualism, responsibility, and accountability.?However, a culture may harbor conflicting values (32).
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Value Delivery: refers to the process of delivering value to customers by providing them with solutions that meet or exceed their expectations (33).?
It is an essential aspect of any successful business, as it ensures that every paying customer is a happy customer.?Value delivery involves everything necessary to ensure customer satisfaction, including order processing, inventory management, delivery/fulfillment, troubleshooting, and customer support.?Without value delivery, a business cannot exist (34).
To deliver value effectively, a company must have a clear, well-articulated "value proposition" for each targeted market segment.?This proposition should be a simple statement of the benefits that the company intends to provide to each segment, along with the approximate price the company will charge each segment for those benefits.?Value maps can be used for each customer segment to reveal which value propositions are most likely to appeal strongly to specific segments. To implement their value propositions throughout their companies, managers must introduce the concept of the value delivery system, which is geared toward advancing the value proposition at each stage of production and distribution.?This system ensures that each activity of the company serves to reinforce the value proposition (35).
Delivering value requires organization, maintaining a high pace of experimentation, meticulous optimization of all key activities, and ensuring that the value proposition "echoes" throughout the business system to ensure that each activity of the company serves to reinforce it (36).
The more happy customers a business creates, the more likely it is that those customers will purchase from the company again, and happy customers also increase the likelihood that they’ll tell others about what the company does, improving its reputation and bringing in even more potential customers (34).
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Value Drivers: are factors that increase the worth of a product, service, asset, or business.?They can be specific to different industries and companies, and can be divided into two categories: controllable and uncontrollable.?Controllable value drivers are factors that the company can influence, such as sales, profits, and costs. Uncontrollable value drivers are factors that the company cannot influence, such as the economy, interest rates, and the competitive environment (37).
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Value Engineering (VE): Value engineering is a systematic approach to providing necessary functions in a project at the lowest cost.?It is focused solely on the functions of various components and materials, rather than their physical attributes.?Value engineering promotes the substitution of materials and methods with less expensive alternatives, without sacrificing functionality.?The goal of value engineering is to ensure that a product doesn't waste away its potential and that products that lack purpose or drive value will not get lost in the market. (11)
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Value Equation: The equation "Value = Benefits - Cost" represents a way to evaluate the difference between the benefits and costs of a particular project, decision, or offering.?Here's a breakdown of the components:
·??????Benefits: These are the positive outcomes, rewards, or advantages that result from a project or decision. They can include financial gains, increased revenue, improved safety, customer satisfaction, competitive advantage, and more.
·??????Costs: Costs refer to the expenses or negative repercussions associated with a project or decision. They can be financial, such as expenses recorded on an income statement, or non-financial, such as negative impacts on the community. (179)
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Values-based leadership: is a leadership style and philosophy that builds on the shared beliefs and assumptions of the leader and the team (39).?
It is based on the idea that people motivate themselves through the implementation of their personal values in their daily lives (40).
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Value Management Framework: is a set of guidelines and recommendations for maximizing the value of benefits delivered by a project or program (41).
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Value Management Maturity Model: is a tool used to assess the maturity of an organization's value management objectives, processes, tools, and metrics (42).
It is comprised of four categories: Value Governance, Value Marketing and Positioning, Value Selling, and Customer Value Realization.?The model was developed based on input from value selling and realization experts from various organizations, including SAP, SalesForce.com, HP, IDC, NetSuite, Oracle, Microsoft, BMC Software, and IBM. The Value Management Maturity Model can be used to assess and improve an organization's value management maturity levels to grow sales, improve marketplace perception, and increase customer satisfaction.?Sales performance is correlated with value management maturity, and adoption of value marketing, value selling, and value realization best practices can lead to improved sales (43).
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Value Management Office (VMO): The Value Management Office (VMO) is an organizational function responsible for facilitating the Lean Portfolio Management process and for fostering operational excellence and lean governance as part of a Lean-Agile transformation (44).
The primary purpose of the VMO is to deliver value, and its architecture is designed to be scalable.?The VMO defines and governs global processes for all initiatives and projects, and it focuses the organization on value-creating work.?Furthermore, a critical part of the VMO is the idea of benefits tracking, which ensures that what was promised as an improvement is actually delivered, and if not, then why.?The VMO is an instrument of organizational learning and systems thinking that looks not only to improve on the given way of doing work but also to ask the question about how to continuously innovate for better ways (45).
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Value Management Plan (VMP): is an organized effort directed at analyzing the functions of systems, equipment, facilities, services, and supplies for the purpose of achieving the essential functions at the lowest life-cycle cost consistent with required performance, quality, reliability, and safety (46).
It is a living document that identifies items that will define value for a program of work and explains processes that will measure the value (47).?
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Value management software: is a set of tools that combine to offer a system for measuring project progress based on cost and budget. It is used to integrate budgeting, scheduling, performance, and actual cost data to help program managers make timely decisions to keep a program on track (48).
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Value Management: Value management is a process that aims to deliver benefits to clients by finding the optimum balance of project benefits in relation to costs and risks (3).?It is a holistic approach that results in alignment between product management, marketing, pricing, sales, and other business functions (4)
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Value measurement: refers to the process of assessing the worth or significance of something, such as a product, service, or company.?There are various challenges associated with value measurement, including the lack of an off-the-shelf solution to calculate a precise, robust company valuation, and the absence of a tool to enable effective value management.?However, incremental improvements in this area can deliver significant benefits, such as improved actual performance and increased certainty about future performance, both of which can lead to increased business value (49).
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Value Metrics are a way to measure the value exchange in a product or service.?Value metrics are essential in how a product is priced, how product metrics are set up, and how a team is built.?Value metrics can be functional or outcome-based.?Functional value metrics are based on how much a customer uses a product, while outcome-based value metrics are based on the results a customer achieves from using a product (50).
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Value Optimization is a process that focuses on maximizing the long-term value of each customer by optimizing their experiences, engagement, and overall lifetime profitability.?It involves implementing various strategies to increase customer loyalty, retention, and average order value, ultimately driving business growth and profitability?(51).
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Value ownership refers to the concept of having a stake or entitlement to a certain percentage of consideration, fees, earnings, or other proceeds. (181)
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Value Proposition: A value proposition is a statement that clearly identifies the benefits a company's products and services will deliver to its customers (52).?It is a concise statement of the benefits that a company is delivering to customers who buy its products or services (53).?A value proposition tells prospects why they should do business with you rather than your competitors and makes the benefits of your products or services crystal clear from the outset (54). A great value proposition could be the difference between losing a sale and closing it (55).?A compelling value proposition meets three criteria: it's specific, it's unique, and it's valuable (56).?A value proposition should be seen as a way to win customers, gain their loyalty, position the company in the market, boost sales, and ultimately confer a competitive advantage (52).?A value proposition stands as a promise by a company to a customer or market segment. The proposition is an easy-to-understand reason why a customer should buy a product or service from that particular business (53). A value proposition should be clear, concise, and easy to understand. It should be specific about the benefits that the product or service provides to the customer (57).?A value proposition should differentiate the company and/or its specific product or service in the marketplace and among a target market or target audience (52).?A value proposition should be incorporated into a company's website and marketing materials (54).?A value proposition should be strong enough to lift conversion rates and sales (55).
In summary, a value proposition is a statement that clearly identifies the benefits a company's products and services will deliver to its customers. It is a concise statement of the benefits that a company is delivering to customers who buy its products or services. A value proposition tells prospects why they should do business with you rather than your competitors and makes the benefits of your products or services crystal clear from the outset. A compelling value proposition meets three criteria: it's specific, it's unique, and it's valuable. A value proposition should be clear, concise, and easy to understand. It should differentiate the company and/or its specific product or service in the marketplace and among a target market or target audience. A value proposition should be strong enough to lift conversion rates and sales.
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Value realization refers to the process through which customers start with a value expectation, engage with a product or solution, and then actually realize business value for their organization (58).?
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Value realization plan is a strategy that helps businesses communicate the true value their offering provides to customers.?The plan involves identifying the metrics and KPIs used to monitor the value provided, as well as the ongoing process of communicating the value to the client.?(178)
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Value Stream Mapping (VSM) is a lean tool that employs a flowchart to document every step in a process (59).?It is a fundamental tool used in continuous improvement to identify and eliminate waste (60).?VSM is used to analyze the end-to-end process involved in the delivery of a product or service, including the material and information flow (61).?
The goal of VSM is to identify areas of waste and inefficiency in the process and to develop a plan to eliminate them (62). A value stream is all the actions required to bring a product from raw material to the customer, including both value-creating and non-value-creating actions (60).?The "value stream" portion of the VSM system centers on how value can be added to a product or service by changing the market form or function to meet the customer’s needs (59).
The VSM process typically begins with a team creating a current state map, which captures the actual condition of a value stream’s material and information flow. The team then draws a future state map, which is a target image of how material and information should flow through the value stream (60). VSM can be applied to various industries and processes, including service industries, banking, insurance, procurement, pharma, and healthcare (61).?It is important to include an individual with VSM experience to help facilitate the kaizen event (59).
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Value Stream is the sequence of activities necessary to deliver a product, service, or experience to a customer, internal or external (63). Value streams contain all the activities, people, systems, and the flow of information and materials needed to deliver value (64).
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Value tracking is a process that involves measuring the actual benefits of past and existing projects using facts and data trends to measure actual business value.(180)
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Value Transformation: Value transformation refers to the process of changing an organization's approach to creating value for its stakeholders (65).?
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Value: is the relationship between satisfying needs and expectations and the resources required to achieve them. It is the ratio of the satisfaction of needs (benefits) and the use of resources (money, people, time, energy, and materials)?(1)
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Value-based Decision Making: Values-based decision-making is an approach to decision-making that involves considering the values and principles that are most important to an individual or organization (66).?It is important because it ensures that everyone in the organization understands why a choice was made and how it reflects the overall mission of the company (67).
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Value-based Estimation: Value-based estimation is a statistical method that involves using extreme values to estimate the probability of rare events. This method is often used in the field of reinsurance rating, where it is important to accurately estimate the likelihood of catastrophic events (68).
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Value-based Feedback is a type of feedback that examines an employee's performance relative to a company's chosen values.?It is a way to reinforce the values that a company wishes to uphold and create a more ingrained company culture (69).?
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Value-based Metrics: Value-based metrics are performance indicators that measure the contribution of various factors to the overall value of a business, product, or service.?These metrics help organizations understand the impact of their decisions on long-term growth, customer satisfaction, and profitability. Value-based metrics are a set of measurements that assess an organization’s or project’s performance in terms of the value it creates for its customers, stakeholders, and its own operation (70).?
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Value-based Pricing: Value-based pricing is a pricing strategy that primarily relies on customers' perceived value of goods or services to determine cost.?It is a method of setting prices based on the benefits a product offers a customer, rather than what it costs to produce or what competitors are charging (71).?
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Value-based User Stories: User stories are an informal, general explanation of a software feature written from the perspective of the end user.?The purpose of a user story is to articulate how a software feature will provide value to the customer.?User stories are not simply software system requirements, but rather they use non-technical language to provide context for the development team and their efforts.?After reading a user story, the team knows why they are building, what they're building, and what value it creates.?User stories are one of the core components of an agile program, and they help provide a user-focused framework for daily work (72).
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Value-driven Collaboration: Value-driven collaboration is a process of working with others while acknowledging personal and team values.?It uses both personal and team values to delegate responsibility, make decisions, solve disagreements, and develop deeper and more effective working relationships (73).?
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Value-driven Continuous Improvement: Value-driven continuous improvement is a management approach that focuses on identifying and improving the processes that create the most value for a business.?It is a rapid continuous improvement event that helps solve specific business problems (74).?The goal of value-driven continuous improvement is to help businesses become more efficient, effective, and profitable by identifying and eliminating waste, reducing costs, and improving quality (75).
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Value-driven Decision-making: Values-based decision-making is an approach to decision-making that involves making decisions based on the values that are most important to an individual or organization (77).?This approach ensures that everyone in the organization understands why a choice was made and how it reflects the overall values of the organization.?Here are some key steps to making values-based decisions in business:
Values-based decision-making has several advantages, including improved decision-making, increased employee engagement, and a stronger organizational culture (77).?By making decisions that align with your values, you can ensure that you are maximizing your feelings of satisfaction and fulfillment (79).
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Value-driven Leadership: Value-driven leadership is about creating a culture of trust and engagement by prioritizing values in decision-making (80).?It involves assessing your values and defining your messaging by touch point (81).?The idea behind value-creating leadership is that people and organizations with different views, interests, and backgrounds can work together effectively when they share common values (82).
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Value-driven Prioritization: Value-driven prioritization is a core principle of the Scrum framework and is used to determine the order of tasks and separate what must be done now from what can be done later (83).?It is a way of prioritizing items that takes into account the value of each item, such as products, features, projects, or tasks (84).?Value-driven prioritization aims to deliver a valuable product or service to the customer on an early and continuous basis (83). While prioritizing, the following factors are considered (83):
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Value-driven Retrospective: A values-driven retrospective is a type of retrospective that focuses on the values of a scrum team and creates a set of shared expectations for the team moving forward.?This retrospective format is a mix between a traditional retrospective and a diagram of the specific values of a scrum team (85).?
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