Business Value Definition and Explanation PDF | Download eBooks
Learn Business Value definition in project management with explanation to study “What is Business Value”. Study business value explanation with project management terms to review project management course for online MBA programs.
Business Value Definition:
Business value in projects refers to the benefit that the results of a specific project provide to its stakeholders.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Business Value Explanation:
Where on one hand, a project is expected to deliver the requirements to customers, on the other hand, it is expected to deliver some value as well. Business value is related to the quantifiable advantages that a project delivers to both customer and the contractor. These benefits can be tangible or intangible e.g. time, money, goods etc. The results of a project provide benefits to its stakeholders which is termed as business value. The examples of tangible values provided by a project are utility, share, tools, equity, monetary assets etc. The examples of intangible business values are goodwill, trademarks, brand recognition, reputation, strategic alignment etc.
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