The Standard for Project Management: A System for Value Delivery

The Standard for Project Management, as presented in PMBOK 7, represents a foundational framework that conceptualizes project management as a system for value delivery. This standard shifts away from process-centric approaches toward a principle-based methodology focused on outcomes and benefits. At its core, the Standard recognizes that projects exist within broader organizational systems and environmental contexts. It establishes that projects are undertaken to deliver value to stakeholders through tangible and intangible outcomes. Value is subjective and determined by stakeholders' perceptions, needs, and expectations. The Standard introduces a performance domain model consisting of eight interconnected domains: Stakeholders, Team, Development Approach and Life Cycle, Planning, Project Work, Delivery, Measurement, and Uncertainty. These domains represent key focus areas where project teams should concentrate their efforts to enhance value delivery. Project delivery principles form another crucial element of the Standard. These twelve principles guide decision-making and actions throughout the project lifecycle. They include being a diligent steward, creating a collaborative team environment, effectively engaging with stakeholders, focusing on value, recognizing complexity, and embracing adaptability. The Standard emphasizes tailoring approaches based on the unique context of each project. Rather than prescribing specific methodologies, it encourages practitioners to select and adapt practices that best serve their project's needs and constraints. By positioning project management as a value delivery system, the Standard acknowledges that projects are ultimately investments made to create positive change and benefits. Success is measured by the value realized rather than merely completing activities or deliverables on time and within budget. This perspective aligns project work more closely with organizational strategy and stakeholder expectations.

The Standard for Project Management, as presented in PMBOK 7, represents a foundational framework that conceptualizes project management as a system for value delivery. This standard shifts away from…

Concepts covered: Functions Associated with Projects: Provide Business Direction and Insight, Creating Value: Information Flow, Functions Associated with Projects: Provide Oversight and Coordination, Functions Associated with Projects: Present Objectives and Feedback, Functions Associated with Projects: Perform Work and Contribute Insights, Functions Associated with Projects: Apply Expertise, The Project Environment: Internal Environment, The Project Environment: External Environment, Functions Associated with Projects: Maintain Governance, Functions Associated with Projects: Provide Resources and Direction, Functions Associated with Projects: Facilitate and Support, Creating Value: Value Delivery Components, Organizational Governance Systems, Product Management Considerations