Project Management from the staff of Square Peg Consulting:

• The really successful project managers understand that projects only exist to promote and benefit the organization at large.
  
• The project manager who seeks success also seeks to understand enough of business goals and practices to translate business values into project values
  
• Projects are an instrument of strategy. The value of projects is directly traceable to and flows from opportunity by means of strategic planning.
  

• The project equation is: “project value is delivered from resources committed to the defined scope and risks taken to achieve favorable accomplishments”. This equation is the project manager’s “math”
  
• Projects are an investment. Project managers act on behalf of project investors. The project manager’s mission is to manage assigned resources to deliver the value expected, taking measured risks to do so.

• Benefits, Returns, and Value:
  Benefits are the mechanism for recovering project investment. For example: a project might be chartered to reduce production costs. Reduced production costs are the benefits that pay for the project investment.
  Return is the rate of investment like, for example, % incremental profit per period generated after the project is completed.
  And value is the need being satisfied by the project and the source of improved wealth in the business. Value is a need to be satisfied for which someone is willing to pay money or exchange other resources. Value is a balance between quality and resources, but acceptance of risk is often needed to achieve this balance. “Value”, no matter how dimensioned and measured, is the intended outcome of investment. The concept of investment is simple: commit resources to gain a return.
  

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