Value - PMBOK 7th edition
Maximizing project value.
Value is a core concept in the PMBOK Guide 7th Edition that represents the worth, importance, or usefulness of something to stakeholders. The 7th Edition places value at the center of project management, shifting focus from deliverables to outcomes that generate benefits. Value can be tangible (measured objectively) or intangible (subjective perceptions like customer satisfaction). It's viewed through multiple dimensions including financial return, market benefits, regulatory compliance, social good, and environmental sustainability. The PMBOK 7th Edition emphasizes that value is unique to each organization's context and is determined by stakeholders. Project managers must understand how stakeholders define value to align project outcomes with expectations. Value delivery is supported by 12 Project Management Principles in the new PMBOK framework, which guide practitioners in creating value through effective stewardship, team performance, stakeholder engagement, and adaptability to change. The Systems for Value Delivery concept recognizes that projects exist within larger organizational systems that collectively work to produce value. This includes portfolios (collections of projects) and programs (related projects managed together). The Value Delivery System includes governance structures that authorize work and align it with organizational strategy. Project managers must navigate these systems to maximize value delivery. The shift to value-centricity in PMBOK 7th Edition represents an evolution from the process-focused previous editions, encouraging project managers to make decisions based on value contribution rather than rigid process adherence. Successful project management now means delivering outcomes that stakeholders value, beyond just completing tasks on time and within budget.
Value is a core concept in the PMBOK Guide 7th Edition that represents the worth, importance, or usefulness of something to stakeholders. The 7th Edition places value at the center of project managem…
Concepts covered: Business Value, Customer Lifetime Value, Value, Value Management, Value Realization, Benefits Realization, Value Creation, Value Stream
Go Premium
Project Management Professional Preparation Package (2025)
- Earn 35 PDUs needed for your PMP certification
- 9524 Superior-grade Project Management Professional practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless PMP preparation: 5 full exams.
- 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
- Bonus: If you upgrade now you get upgraded access to all courses
- Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!