The above title is a great way to describe a project. This definition emphasises the rationale for any project – to realise benefits that hopefully exceed the costs involved and thus add value, where:
VALUE = BENEFITS – COSTS
PMBOK (Project Management Body of Knowledge) describes a project as “a temporary endeavour undertaken to produce a unique product, service or result” with no mention of benefits. The PRINCE2 definition of a project also makes no mention of benefits. Yet benefits are the reason for a project and not just a happy consequence. Benefits are the fundamental project driver.
Project benefits emerge mostly after project completion. Obtaining some sort of benefit, whether financial, economic, social or otherwise is the reason for undertaking a project. If no worthwhile benefit is identified, we should not embark on the project.
While projects are undertaken to add … Read More »