Value Management

In today's blog post I want to reflect on value management. Let's start with some definitions and goals.

What is value ?

Value is a common day-to-day concept. But it is hard to define it. The two main ways of defining value are:

1. The importance, worth, merit, or usefulness of something.
   
2. A principle or a behaviour standard. For example, honesty and generosity are valued in people.
   

So value definition has an economic aspect (that drives the exchanges in markets) and also a moral aspect ( what is seen as good and just, has more value).

What is value management and it's goals ?

Value management is the process of delivering some benefit to a client. When we talk about project implementation, delivery of expected results and organization of activities, value management defines the benefits that are derived to the customer from the successful implementation of a given project. When the project brings some value, it is worth implementing and can be qualified in business terms. The customer gets value and the agent who performs the project, also gets some value (which most of the times is a business benefit).

What can we take from it ?

I think value management is a good compass to decide how projects need to get carry on. Because the definition of value varies from a pragmatic pure economic sense, to a more ethical driven approach. Therefore, with the idea of value management, companies can align themselves with the definition of value they find better for themselves. So, in a capitalist economy, were the worth of companies is defined by their profit, a company that focus more on ethics than money can still have value.

What is your opinion on value management ? I would like to read it.