Here's an Infographic with a Standish-like message:
- The majority votes for input (cost, schedule)
- Output, where the only business-useable value is gets a shorter straw
As I write in my book (cover below) about Maximizing Project Value, there's cost, schedule, and there's value. They are not the same.
- The former is given by the business to the project; the latter is generated by the business applying the project's outcomes.
- Cost is always monetized; the value may be or may not be.
- Schedule is often a surrogate for cost, but not always; sometimes, there is business value with schedule (first to market, etc) and sometimes not. Thus, paying attention to schedule is usually a better bet than fixing on cost.
- Value may be "mission accomplished" if in the public sector; indeed, cost may not really have value: Mission at any price!
In the private sector, it may be mission, but often it's something more tangible: operating efficiency, product or service, or R&D. What's the success value on R&D... pretty indirect much of the time. See: IBM and Microsoft internal R&D
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