VALUE MANAGEMENT IN PROJECT MANAGEMENT GLOSSARY

1. INTRODUCTION

This work has the objective of presenting a broad inventory of terms that are part of Value Management in its relationship with Project Management (1), and that are currently evolving both in the field of academic research and are applied in a practical way in decision processes related to projects.

For the author, this is their first interaction with ChatGPT, so they may have made some mistakes while making queries in basic formats.

In this first version 0.0, have been taken exclusively the results obtained from interacting with ChatGPT, removing the detail of the definition of each term. This is necessary for ethical reasons, since the definition returned by ChatGPT does not include the source.

To obtain these Glossary of 220 terms, the author selected 11 topics that are related to Value Management as well as Project Management. For each of the 11 topics, a question was asked, requesting a full glossary of terms. ChatGPT automatically answered each of them with 20 definitions.

The 220 terms were accumulated in an Excel table and the results were analyzed, identifying some findings and observations, such as the case of the same terms, but with different definitions.

Other findings to highlight are some incorrect definitions, or some terms in use but that do not appear in any of the 11 lists obtained.

For the next version, it will be necessary to complete the Glossary with access to sources recognized for their current leadership in the field of Value Management and Project Management.

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(1)?Project Management include Program Management and Portfolio Management

2. PROCESS

2.1 Query to ChatGPT

The consultation process began in ChatGPT on 05.23.23 and ended on 05.31.23, asking 11 questions with the following structure:

1.???As a Value Management expert, I need a complete Glossary of Project Management

2.???As a Value Management expert, I need a complete Glossary of Portfolio Management

3.???As a Value Management expert, I need a complete Glossary of Program Management

4.???As a Value Management expert, I need a complete Glossary of PMO

5.???As a Value Management expert, I need a complete Glossary of Business Case

6.???As a Value Management expert, I need a complete Glossary of Value Management

7.???As a Value Management expert, I need a complete Glossary of J-Curve

8.???As a Value Management expert, I need a complete Glossary of Chief Value Officer

9.???As a Value Management expert, I need a complete Glossary of Value Management Office

10.?As a Benefits Realisation Management expert, I need a complete Glossary of Benefits Realisation Management

11.?As an agile expert, I need a complete Glossary of Value Management

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As you can see, following the recommendation of some experts using ChatGPT, the question begins indicating that an expert-level answer is required.

The first four questions (1 to 4) are aimed at learning about the terms that refer to Value Management in the known practices of Project, Program, Portfolio and PMO.

The following two questions (5 and 6) are aimed at learning about the terms that are being used at the level of management practices such as Business Case and Value Management.

The following 4 questions (7 to 10) are aimed at learning about the terms that are being used in more advanced practices in Value Management and Benefits Realization Management.

Finally, the last question is aimed at knowing what terms are used in Agile practices with respect to Value Management.

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2.2 ChatGPT responses

The ChatGPT response to each question was always 20 terms, with no option to manage this parameter of 20 terms.

None of the answers had reference to the source, much less to the author of the definition of the term.

2.3 Data analysis

All groups of answers (20 x11) were integrated into an Excel.

Each term had its description removed for ethical reasons.

Next, in the same Excel, the sorting by alphabet was carried out and many of the same terms were found. It is logical that some terms are repeated since the queries are made to specialized knowledge bases in Project Management and Value Management.

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2.3 Findings

The surprising thing is that all the terms duplicated, tripled, and even quadrupled (Value Proposition) have different detailed definitions. An example:

1. Benefit: The positive impact, advantage, or outcome that is expected or realized from a project, product, or service.
2. Benefit: The positive outcomes, improvements, or advantages that are expected or realised as a result of a project, program, or initiative.

As I mentioned before, it occurs in all cases, including when the term comes from 4 different answers:

1. Value Proposition: The unique combination of products, services, benefits, and experiences that an Agile organization offers to its customers or stakeholders, differentiating it from competitors and creating value.
2. Value Proposition: A statement that articulates the unique value, benefits, or advantages that a project, product, or service offers to its stakeholders or target audience.
3. Value Proposition: A statement that articulates the unique value, benefits, or advantages that a project, program, or investment offers to its stakeholders or target audience.
4. Value Proposition: The unique combination of products, services, benefits, and experiences that an organization offers to its customers or stakeholders, differentiating it from competitors and creating value.

Another important finding is that ChatGPT brings us some erroneous definitions as a response, such as the well-known case of confusing Value with Benefit.

Value: The measurable improvement, outcome, advantage, or benefit derived from delivering a product, service, or feature that meets customer needs and contributes to organizational objectives.

Value: The relative worth, significance, or importance of a project, product, or service in relation to its costs and benefits.

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Finally, there are terms that already have a wide acceptance in the academic and business world that have not come up in the answers. Some of these missing terms are:

? Value Creation

Co-creation of Value

Element of Value

Elemento f Value Pyramid

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3. CONCLUSIONS

1. ChatGPT has a database that has not been updated since 2021.

2. ChatGPT has different definitions of terms, that is, it is very open.

3. ChatGPT has outdated definitions and with bugs already overcome, as is the case of the Value and Benefit definitions

4. ChatGPT does not have some current and trending terms such as Elements of Value

5. ChatGPT has no way to reference the source or the author, therefore if we behave ethically we cannot publish definitions.

4.?GLOSSARY

1. Assumptions:

2. Benefit Dependency Map (BDM):

3. Benefit Dependency Network:

4. Benefit Disaggregation:

5. Benefit Evaluation:

6. Benefit Leakage:

7. Benefit Mapping:

8. Benefit Measurement:

9. Benefit Owner's Role:

10. Benefit Profile:

11. Benefit Realisation Culture:

12. Benefit Realisation Management Framework:

13. Benefit Realisation Management Office (BRMO):

14. Benefit Realisation Plan (BRP):

15. Benefit Realisation Review:

16. Benefit Risk:

17. Benefit Sustainability:

18. Benefit Tracking:

19. Benefit:

20. Benefit:

21. Benefits Management:

22. Benefits Management:

23. Benefits Owner:

24. Benefits Realisation Management (BRM):

25. Break-Even Analysis:

26. Break-Even Point:

27. Business Case Owner:

28. Business Case:

29. Capital Expenditure (CAPEX):

30. Cash Flow:

31. Change Management:

32. Chief Value Officer (CVO):

33. Communication Plan:

34. Cost of Capital:

35. Cost:

36. Cost-Benefit Analysis:

37. Critical Path:

38. Customer Value:

39. Decision Gate:

40. Economic Cycle:

41. Feasibility Study:

42. Governance:

43. Initial Dip:

44. Investment Performance:

45. J-Curve Effect:

46. J-Curve:

47. Learning Curve:

48. Lessons Learned:

49. Long-Term Perspective:

50. Market Analysis:

51. Milestone:

52. Net Present Value (NPV):

53. Operating Expenditure (OPEX):

54. Payback Period:

55. Performance Metrics:

56. PMO Charter:

57. PMO Continuous Improvement:

58. PMO Director/Manager:

59. PMO Governance:

60. PMO Performance Metrics:

61. PMO Stakeholder Engagement:

62. Portfolio Alignment:

63. Portfolio Analysis:

64. Portfolio Balance:

65. Portfolio Change Management:

66. Portfolio Closure:

67. Portfolio Decision-making:

68. Portfolio Diversification:

69. Portfolio Governance:

70. Portfolio Management:

71. Portfolio Management:

72. Portfolio Manager:

73. Portfolio Optimization:

74. Portfolio Performance Metrics:

75. Portfolio Planning:

76. Portfolio Reporting:

77. Portfolio Review:

78. Portfolio Risk Management:

79. Portfolio Roadmap:

80. Portfolio Strategy:

81. Portfolio:

82. Procurement Management:

83. Program Architecture:

84. Program Change Management:

85. Program Charter:

86. Program Closure:

87. Program Communication Management:

88. Program Evaluation and Review Technique (PERT):

89. Program Governance:

90. Program Integration Management:

91. Program Management:

92. Program Manager:

93. Program Performance Metrics:

94. Program Portfolio:

95. Program Risk Management:

96. Program Roadmap:

97. Program Scope:

98. Program Stakeholder Engagement:

99. Program Stakeholder:

100. Program:

101. Project Charter:

102. Project Charter:

103. Project Closure:

104. Project Controls:

105. Project Governance:

106. Project Integration Management:

107. Project Lifecycle:

108. Project Management Office (PMO):

109. Project Management Office Maturity:

110. Project Management Standards:

111. Project Management:

112. Project Manager:

113. Project Methodology:

114. Project Plan:

115. Project Portfolio Management (PPM):

116. Project Ramp-Up:

117. Project Reporting:

118. Project Resource Management:

119. Project Risk Management:

120. Project Sponsor:

121. Project Stakeholder Management:

122. Project Team:

123. Project:

124. Quality Management:

125. Return on Capital Employed (ROCE):

126. Return on Investment (ROI):

127. Return on Investment (ROI):

128. Risk Assessment:

129. Risk Management:

130. Risk Management:

131. Risk Mitigation:

132. Scope:

133. S-Curve:

134. Sensitivity Analysis:

135. Stakeholder Analysis:

136. Stakeholder Management:

137. Stakeholder Management:

138. Stakeholder Value:

139. Stakeholder:

140. Strategic Alignment:

141. Strategic Alignment:

142. Time Horizon:

143. Value Alignment:

144. Value Analysis (VA):

145. Value Analysis:

146. Value Analysis:

147. Value Assurance:

148. Value Awareness:

149. Value Capture:

150. Value Chain:

151. Value Chain:

152. Value Collaboration:

153. Value Communication:

154. Value Creation:

155. Value Creation:

156. Value Culture:

157. Value Culture:

158. Value Culture:

159. Value Delivery:

160. Value Driver:

161. Value Engineering (VE):

162. Value Engineering:

163. Value Governance:

164. Value Governance:

165. Value Identification:

166. Value Integration:

167. Value Integration:

168. Value Leadership:

169. Value Leadership:

170. Value Management Certification:

171. Value Management Framework:

172. Value Management Framework:

173. Value Management Maturity Model:

174. Value Management Office (VMO):

175. Value Management Plan:

176. Value Management Plan:

177. Value Management Software:

178. Value Management Standard:

179. Value Management Workshop:

180. Value Management:

181. Value Management:

182. Value Management:

183. Value Management:

184. Value Measurement:

185. Value Metrics:

186. Value Optimization:

187. Value Optimization:

188. Value Optimization:

189. Value Proposition:

190. Value Proposition:

191. Value Proposition:

192. Value Proposition:

193. Value Proposition:

194. Value Realization:

195. Value Realization:

196. Value Reporting:

197. Value Stream Mapping (VSM):

198. Value Stream Mapping:

199. Value Stream Mapping:

200. Value Stream:

201. Value Stream:

202. Value Training and Development:

203. Value Transformation:

204. Value Validation:

205. Value:

206. Value:

207. Value-based Decision Making:

208. Value-based Estimation:

209. Value-based Feedback:

210. Value-based Metrics:

211. Value-based Pricing:

212. Value-based Pricing:

213. Value-based User Stories:

214. Value-driven Collaboration:

215. Value-driven Continuous Improvement:

216. Value-driven Decision-making:

217. Value-driven Leadership:

218. Value-driven Prioritization:

219. Value-driven Retrospective:

220. Work Breakdown Structure (WBS):