The information in this section provides a context for value delivery, governance, project functions, the project environment, and product management.
▶ Section 2.1 Creating Value. This section describes how projects operate within a system to produce value for organizations and their stakeholders.
▶ Section 2.2 Organizational Governance Systems. This section describes how governance supports a system for value delivery.
▶ Section 2.3 Functions Associated with Projects. This section identifies the functions that support projects.
▶ Section 2.4 The Project Environment. This section identifies internal and external factors that influence projects and the delivery of value.
▶ Section 2.5 Product Management Considerations. This section identifies the ways portfolios, programs, projects, and products relate.
2.1 CREATING VALUE
Projects exist within a larger system, such as a governmental agency, organization, or contractual arrangement. For the sake of brevity, this standard uses the term organization when referring to government agencies, enterprises, contractual arrangements, joint ventures, and other arrangements. Organizations create value for stakeholders. Examples of ways that projects produce value include, but are not limited to:
▶ Creating a new product, service, or result that meets the needs of customers or end users;
▶ Creating positive social or environmental contributions;
▶ Improving efficiency, productivity, effectiveness, or responsiveness;
▶ Enabling the changes needed to facilitate organizational transition to its desired future state; and
▶ Sustaining benefits enabled by previous programs, projects, or business operations.
2.1.1 VALUE DELIVERY COMPONENTS
There are various components, such as portfolios, programs, projects, products, and operations, that can be used individually and collectively to create value. Working together, these components comprise a system for delivering value that is aligned with the organization’s strategy. Figure 2-1 shows an example of a system to deliver value that has two portfolios comprised of programs and projects. It also shows a stand-alone program with projects and stand-alone projects not associated with portfolios or programs. Any of the projects or programs could include products. Operations can directly support and influence portfolios, programs, and projects, as well as other business functions, such as payroll, supply chain management, and so forth. Portfolios, programs, and projects influence each other as well as operations.
As shown in Figure 2-2, a system for value delivery is part of an organization’s internal environment that is subject to policies, procedures, methodologies, frameworks, governance structures, and so forth. That internal environment exists within the larger external environment, which includes the economy, the competitive environment, legislative constraints, etc. Section 2.4 provides more detail on internal and external environments.
The components in a value delivery system create deliverables used to produce outcomes. An outcome is the end result or consequence of a process or a project. Focusing on outcomes, choices, and decisions emphasizes the long-range performance of the project. The outcomes create benefits, which are gains realized by the organization. Benefits, in turn, create value, which is something of worth, importance, or usefulness.
2.1.2 INFORMATION FLOW
A value delivery system works most effectively when information and feedback are shared consistently among all components, keeping the system aligned with strategy and attuned to the environment.
Figure 2-3 shows a model of the flow of information where black arrows represent information from senior leadership to portfolios, portfolios to programs and projects, and then to operations. Senior leadership shares strategic information with portfolios. Portfolios share the desired outcomes, benefits, and value with programs and projects. Deliverables from programs and projects are passed on to operations along with information on support and maintenance for the deliverables.
The light gray arrows in Figure 2-3 represent the reverse flow of information. Information from operations to programs and projects suggests adjustments, fixes, and updates to deliverables. Programs and projects provide performance information and progress on achieving the desired outcomes, benefits, and value to portfolios. Portfolios provide evaluations on portfolio performance with senior leadership. Additionally, operations provide information on how well the organization’s strategy is advancing.
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