Denver 2008: Its About Value

I just returned from the 2008 PMI Leadership Institute Meeting in Denver. While many different topics and discussions take place, the keynote and the buzz was about value. This year marks the completion of a four-year study with 48 researchers and over 100 volunteers investigating the value of Project Management.

The study defined value, including its tangible and intangible components. After analyzing all the case studies and facts, a key conclusion was that there was no one value or one single way to implement Project Management. In addition to positive financial impacts, other values include improved strategic function. As a result, the value received changes over time.

If the value comes from critical judgement and strategic function and not just implementation of standard practices, then Project Managers need to recognize the need to evolve and adapt. As a result of the study, it will be possible to develop a process to provide guidance on what implementations provide value. I'll have more about the meeting next week.

With 700+ Component Leaders, 144 of 251 Chapters, and 33 of 35 countries in attendance, PMI members and practitioners will be well positioned to provide Project Management values to stakeholders. As Philip Diab, PMI Chair put it, we all have a common core value in our belief that Project Management can make a difference in the world.