Do you know what value is?

When we talk about value, we need to remember that value is a volatile, complex, uncertain and ambiguous concept. Volatile because it is a variable that changes according to the scenario in which it is inserted, uncertain because it is an irresolute variable, no matter how defined, it will never be fully contained. Complex because there are several perceptions that influence its result, ambiguous because it varies according to its target audience. Value is therefore a variable that is a child of the VUCA world and was born to guide it, but how?

There is an old fable, which probably goes back to Aesop, about a hungry rooster who was looking for any grain that could satisfy his hunger. Enraged by the pain of pecking a jewel and not a grain, he throws the stone away, cursing those who were responsible for leaving it there.

Well, maybe the fable is not exactly in those words, but the moral of the story tells us a lot about the idea of value, not only that, it also offers a perspective of another variable: the context.

This fable demonstrates very well that value lies in the context of the customer (in this case, the rooster). What may be of value to one person, may not be to another. Even more complex, is to understand that context also depends on time; what may be of value to you today may not be tomorrow, and vice versa.

A significant change that refers to this is the fact that PMI has adopted a principles-based approach instead of a process-based approach. The guide now understands that understanding the behaviors and mindset behind project management is more important than prescribed and sequenced actions.

With this the guide went from an audience focused on project managers, to a broader audience, designed for everyone interested in working with projects, with a practice applied to any reality (PMI-SP, 2021)

In its latest edition, the guide defines Value as "The merit, importance, or usefulness of something" and further emphasizes that: "Different stakeholders perceive value in different ways," thus referencing the importance of context in defining value.

The guide also adds the idea of tailoring, which can be understood as the customization of an activity. The word Tailoring comes from Tailor, meaning tailoring, which gives the idea of a precise cut tailored to your current need.

In order to further equate the definition we can understand that value is the ratio between the benefits (monetary or otherwise) and the costs of resources or efforts, and that to calculate this ratio we first need to understand the utility of what we are delivering, and the costs associated with this delivery, whether these variables are tangible or intangible.

In a simple way we can have as a plan of action to identify the value:

1. Know the persona we are working with, what they think, talk, hear and do, their main pains and needs;

2. What is the experience of this persona with our work and how is it affected by our deliverables;

3. Define the benefits and pains that are perceived during these journeys;

4. Equate these benefits and pains into a minimum common multiplier that is able to tangibilize such delivery;

5. Analyze the ratio Benefit vs. Cost;

It is therefore clear that the context becomes fundamental to whatever the reality of the projects we are inserted into, and it is the context that will define how the value will be understood by users.