Value - PMBOK 7th edition

Correct Answer: identify the expected business value and align it with the project objectives

The best answer is 'identify the expected business value and align it with the project objectives'. This is crucial during the feasibility assessment stage to ensure that the project will deliver the desired commercial benefits. Focusing solely on minimizing project costs and resources fails to consider the broader strategic goals and potential value the project can bring to the organization. Prioritizing stakeholder preferences over organizational goals can lead to misaligned projects that do not contribute to the company's overall success. Avoiding discussion of risks and challenges prevents proactive planning and mitigation strategies, which can jeopardize the project's ability to realize its intended business value.

Correct Answer: Balancing competing project constraints to meet stakeholder needs and expectations

According to the PMBOK Guide Seventh Edition, the role of the project manager in delivering value is best described as balancing competing project constraints to meet stakeholder needs and expectations. Ensuring the project is completed within the allocated budget and timeline, regardless of stakeholder expectations, is incorrect because it fails to consider the importance of meeting stakeholder needs and expectations in delivering value. Prioritizing project deliverables based on the project manager's personal preferences and experience is incorrect because the project manager should prioritize deliverables based on stakeholder needs and expectations, not personal preferences. Focusing solely on managing project risks and issues, while delegating value delivery responsibilities to the project team, is incorrect because the project manager is ultimately responsible for ensuring that the project delivers value to stakeholders, and cannot delegate this responsibility entirely to the project team.

Correct Answer: Engaging stakeholders to validate their expected value.

According to the PMBOK Guide Seventh Edition, engaging stakeholders to validate their expected value is the most critical practice for effectively managing value delivery throughout a project's lifecycle. This edition places a strong emphasis on delivering value and aligning project outcomes with stakeholder expectations. By actively involving stakeholders and continuously validating what they consider valuable, project managers can ensure that the project remains relevant, adaptable, and focused on delivering the highest value possibleWhile regularly updating the project schedule, adhering to the initial project scope, and applying sophisticated methodologies are important aspects of project management, they are secondary to understanding and delivering stakeholder value. Without ongoing stakeholder engagement, a project may meet its technical objectives but fail to deliver real value to those it serves.