Time and cost both are inputs to the project process.
Benefits and business value are subject to a more "soft" evaluation based on whether the decision makers, e.g. the steering committee, believe that a project is still moving in the right direction towards the delivery of the projected outcome.
But in order to know if we are successfully delivering the projected outcomes, both inputs and outputs need to be tracked as we otherwise will not know what we are trying to achieve and may gradually get the wrong focus, loose the overview and thereby loose control.
Global studies made initially by Boston Consulting Group and subsequently by Totally Optimized Projects in the 90's and 00's give a quite clear picture of this problem.
Regardless that time has passed and billions have been spent on improving project governance and project management capabilities, adoption of new methodologies and implementation of new frameworks during the past 20 years, the problem is still as big today as it was then and no significant improvement has been achieved.
Source: Drivers and Destroyers of Project Value - studies at BCG and TOP
When focussing on the delivery of the agreed business outcomes, benefits and the business value, a lot of things on projects will become more easy and transparent.
The benefits of adopting a business value focused approach where clear outcomes are defined and value is quantified and tracked like cost and time include:
If you would like to get started we can help by guiding you towards an efficient setup that is customized to your organisations needs, culture and characteristics.
We provide guidance and advise through the whole process and offer - as the only company in this market - a series of predefined and proven end-to-end value delivery management processes and tools that are easy to implement and adopt to your organisation.
Read more on how to get started here