Question

Recently, its come to attention that there is a shift away from benefits towards value – what’s the difference? Benefits are tangible things that are delivered as a result of a project: faster call handling times, increased sales and so on. Value is more about the customer proposition: being easy to work with, feeling good about the brand, delivering something that works and that people appreciate. In short, it’s about customer-centricity. Of course, benefits, and value go hand in hand. But value is a more difficult thing to define as it relates to how people feel about the end product. You might have delivered something that doesn’t meet all the customer’s needs but they still value it. You can make people feel valued during the whole project process by working closely with them. As value concerns the stakeholder relationship far more than benefits do. Benefits are documented in a business case and delivered at the end.

Based on the above information, provide your opinion on how one can balance the benefits and value while executing the project? How far you agree with the information mentioned above? Support your answer with suitable references.

Answer 1

Balance the benefits and value while executing the project:

-Enhance the chances of accomplishing the desired outcome

-Gain a different viewpoint on the project and how it matches with the business strategy

prioritizing your company’ resources and assure their productive use

-Set the scope, plan and allowances accurately from the beginning

-Stay on schedule and keep expenses and resources to budget

-Improve productivity and integrity of work

-Encourage compatible communications amongst staff, suppliers and customers

-Satisfy the several wants of the project’s stakeholders

-Mitigate risks of a project

-Improve customer satisfaction