I've been involved in many discussions this week around value - whether 'providing value', 'measuring value', 'increasing value' or 'showing value'. No matter the discussion, I continuously encounter struggles and confusion regarding what 'value' really means. For example, I've heard several instances of 'what the value of this task?'. The answer is usually an outcome or result -- but not a value. My PM friend had a great example:
Engineer: "We need to tune this race car!"
PM: "Why - what's the value?"
Engineer: "So it can do a 1/4 mile in under 5 seconds - that's the value!"
PM: "Err.... that's not value, that's an outcome/result......"
Customer: "The value is I will win 1st place in the local race which is important to me"
After going through an ITIL Foundations class followed by discussions with a project manager and brother in Christ who I respect greatly, I've realized the following:
Value is a perception. Perceptions cannot be measured except by the person holding the view.
Value is realized through outcomes or results. These generally can be measured
Outcomes or results are realized by tasks. Tasks can be measured.
My belief: if you can measure it, then you have an outcome or results. If the customer or receiving party is telling you the impact to them, then you are arriving at value.
(Applying this at work is the easy part -- applying this my personal life is a bit more challenging, especially when I see the value but my kids don't... :) )
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