Business value, in project management, is defined as the value of the business. It encompasses all elements that determine the well-being and health of a business. It involves financial assets, equity, fixtures, brand recognition and trademarks to name a few.
So how are business values created? Effective management is key to creating successful business values. It is important to take note that having a successful business value can influence the ability of the organization meet all its objectives. There are elements that make up the business value and these include those of the shareholders, clients, managerial, social and employee knowledge.
Effective business value starts with strategic planning and good management practices. It is important to take note that having a good organizational strategy also affects the business value because it aligns the mission and vision of the organization that affects the direction of the organization.
Other elements that are necessary for business values include portfolio and program management as they align with the optimization within the organization that can result in efficiency in costs and better deliverables which lead to the realizations of a successful business value.