Value Principle in the PMP Exam

If you work in a results-driven environment, you have to pay close attention to project management characteristics, since the goal is to achieve specified requirements rather than to make particular products.

Project outputs are assessed according to whether they add value to the organization in which they are performed. A project's outputs may add value throughout the duration of the project and even afterward once it has been completed and evolved into an operation. Value principle is one of the 12 project management principles in PMBOK 7.

The focus of this principle is to ensure team members working on tasks that will create value and refraining from work that won't have an impact on value delivery. This principle should be considered in conjunction with the value delivery system that we previously mentioned.  

Whenever determining a project's priorities, the greater benefits to be gained from each task must be considered; it should be demonstrated that management will be held accountable in a meaningful way for their performance, and all attributes and good works made by the project's members must be documented and considered for the greater benefits gained from the task. 

Business cases and benefit plans show how value is being generated, how well the job will be performed, how well it will be done, and whether it will be done correctly, and in addition, in agile projects, the evaluation of value delivery occurs beforehand at the project start, and changes in the process are made in order for adjustments to be made.

See also: Systems Thinking Principle

Stewardship Principle

Team Principle - A Collaborative Team Environment

Leadership Principle - Demonstrate Leadership Behaviors

Principle of Navigating Complexity