Is there a difference?
To some, yes. Project managers put cost and schedule on the front burner, whereas value managers may turn that burner down a bit. Whether value or project, scope and performance, the other two legs of the four-legged 'iron triangle' are priorities regardless of labels.
Most of my experience over a life-long career has been managing value. Ten years ago, I wrote a book about it, just after my first ERP program--a portfolio of about 10 projects, including PeopleSoft.
Here's the way it's gone for me:
Mission first: As a DoD engineer in the Vietnam and cold war era, I was instructed that mission trumped all else. In fact, a 2-star general once told me: "If it's not in the plan, then I will personally change the plan!". Posted to the 'outpost of freedom', Berlin, during the cold war, I arranged for a C-5 to put a sensitive cargo down in Templehof. C-5--the largest cargo plan in the world--into Templehof? Wasn't that built in the '30s for the DC-3 era? If'd you've stood on the tarmac at Templehof, you know what I mean. Was this in the plan? NO, but...
Cost/Benefit: Having won the cold war, I took on back-office IT with my first ERP project. The sponsor made it clear: I could have whatever money I needed so long as it was paid for. Cost/Benefit was the metric. Obviously, there's no benefit if you don't deliver on the scope, the performance, and the value for the user. It's a complex dynamic, more complex than just meeting a cost or a schedule because you hold business value in your hands.
P&L: I took on executive responsibility for a business unit having IT, application development, and business operations. We produced documents from an electronic database under court order for discovery. My imperative from my boss: never blow a court-mandated schedule, but make a profit--or else! My project managers were given two orders: never blow a schedule; keep expenses under control, but deliver all the documents. Expense control is the secret to profit on the bottom line of a P&L.
So, is value manager different from project manager? (GoTo TOP)