What is Value? ...or Project Value?

The video explores the concept of value in project management, focusing on definitions from PMI and APM. It discusses how value is defined in dictionaries and by these organizations, highlighting the subjective nature of value. The video also explains how value can be measured as a ratio of satisfaction to resources or as net benefit, providing equations for these calculations. Business value is defined as the net quantifiable benefit from a business endeavor, which can be tangible or intangible.

What is a key characteristic of value according to the PMI's Pimbot guide?

• Value is always the same for everyone.

• Value is subjective and can differ among people.

• Value is only related to financial gain.

• Value is a fixed concept in project management.

How does the APM define value in terms of project management?

• As the total time taken to complete a project.

• As the number of resources used in a project.

• As the ratio of satisfaction of requirements over use of resources.

• As the total cost of a project.

What is the PMI's definition of business value?

• The total cost of a business endeavor.

• The net quantifiable benefit derived from a business endeavor.

• The number of projects completed by a business.

• The total revenue generated by a business.

Which equation represents the calculation of value as a net benefit?

• Value equals total cost divided by total benefit.

• Value equals total benefit multiplied by total cost.

• Value equals total benefit minus total cost.

• Value equals total cost minus total benefit.

What are the two methods of calculating value mentioned in the video?

• As a ratio of cost to benefit and as a net cost.

• As a ratio of benefit to cost and as a net benefit.

• As a total cost and as a total benefit.

• As a net cost and as a net benefit.