Can Projects Achieve Benefits Without Really Considering Value?

Summary

At their outset major projects are designed to deliver benefits that have a value for their sponsors and for society at large. The risk is that during delivery, when attention is focused on containing the cost of the project, the wider benefits are lost and with them the value that the scheme was intended to provide in the first place.

This is a complex conundrum and one that was explored at the latest Major Projects Association event, with speakers answering the question: ‘Can projects achieve benefits without really considering value and is there a value to be had without the realisation of benefits?'

"If benefit is what you are chasing, value is how you prioritise the benefits." Ben Ganney, Benefits & Value Functional Lead, Transport for London

There was agreement that for the benefits to be realised, they have to be clearly defined at the outset, and continually assessed throughout the various delivery phases to make sure the original ambition does not get lost when day-to-day delivery issues emerge. It is also crucial to evaluate whether the benefits envisaged at the start are actually providing value after the project's completion.

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