Image 4: Projects as Value Creation Processes
Relevance and Importance Like the other images, the relevance and importance of the value image hardly needs stating, particularly now that the primary concern of projects and programmes is about creating value and benefit, rather than producing things to specification, cost and time. In other words, whilst the traditional production view still applies, the main concern now is essentially that of value creation rather than product creation, and it is this important shift that makes the value creation image very relevant to today’s world of projects. Also, value here doesn’t just mean financial value, it also covers other types of value and benefit such as social improvements, contributions towards economic regeneration, and contributions towards protecting the environment. Consider for example the strategic vision of the London 2012 Olympic Games below.