Introduction: Why "Successful" Projects Don't Deliver

We often walk into companies where project reports look decent: "78% of projects completed on time and budget, deviations within acceptable limits." On paper — success. In reality — top management dissatisfied, strategy stalling, market moving ahead, familiar corridor talk: "We did so much, but effect barely visible." Projects live their life, strategy lives its own.

The pain root is that project management measured success by "time-budget-scope" formula for years. If everything fit — good job. But project closure fact doesn't mean market share changed, profit grew, or life got simpler for clients and employees. Project can be formally perfect and practically useless for business. This crack between "project management" and "value creation" PMBOK 8 finally put center stage.

New edition shifts focus from process set and templates to value delivery system. Question now isn't "how to properly plan and execute project?", but "how through projects regularly turn company strategy into real results?" That's completely different responsibility level for both company and project manager.

What is Value in PMBOK 8 Logic

To talk value delivery system, need agree on value concept itself. PMBOK 8 suggests looking beyond usual "financial" metrics and split results into tangible and intangible. Essentially answer to: what exactly company gets at output besides another release or implemented system.

Tangible results — what easily fits Excel and board report: profit, revenue, cost savings, market share growth, operational risk reduction. Intangible — less obvious but often longer-term effects: reputation, customer loyalty, brand awareness, accumulated knowledge, process maturity growth, crisis resilience. These "non-material" effects often determine if company earns in five years or stays hostage to one-time tactical successes.

Picture can be summed in simple table we often use at project kickoffs:

Key is verbalizing both value types at initiation level. If project described only through tangible, high risk it stays "one-time push" and doesn't change organization ability to consistently create result. If only beautiful intangible formulations without financial logic — top management rightly sees initiative as "IT toy."

Value Delivery System: How Strategy Becomes Projects

PMBOK 8's most valuable is company view as system continuously turning strategy into value through interconnected elements. Project in this logic isn't starting point but tool. Simplified chain: Vision → Mission → Organizational strategy → Objectives → Portfolio → Programs & Projects → Products & Operations → Value.

In practice we often see break somewhere mid-chain. Beautiful strategy in presentations exists and Jira project set exists, but connection between almost none. Team launches trendy mobile API or new CRM implementation "because everyone does," not because direct answer to strategic task. In value delivery system every project must have clear "thread" upward: to which strategic landmark and goals it's tied.

Good test: if ask project manager explain in two minutes how their project supports company strategy, answer shouldn't reduce to general "increase efficiency" and "improve service." Clear linkage sounds: "Our goal — increase digital sales share from 30% to 50% in two years. Mobile app launch project closes two key hypotheses in this strategy. We measure success not just release but operations share clients move to mobile channel first year." That's value delivery system thinking, not just "project delivery."

Project Environment: Why Context Matters More Than Methodology

Another key PMBOK 8 shift — project environment emphasis. Same volume and even composition project behaves differently in different companies. Result influenced by everything: external environment, internal culture, regulations, informal practices, power distribution.

External environment — market, regulations, competitors, tech trends. Internal — company structure, management style, business-IT trust level. Enterprise environmental factors and organizational process assets — those "environment factors" and "organizational assets" either supporting projects or creating invisible headwind. Can't seriously talk project value ignoring, say, new industry rules coming in year or company sales change requiring long approval cycles.

Key conclusion: adapt not just methodology (Agile, waterfall, hybrid) but value creation speed expectations. In heavy-regulation and legacy company no Agile turns project into speedboat. But can help honestly show where exactly "brakes buried" and what strategy/portfolio level solutions needed, not just dev team.

Organizational Structure and PM Role in Different Contexts

Org structure — most underrated factor directly impacting how project creates value. PMBOK 8 suggests viewing through types: functional, matrix (weak/balanced/strong), project-oriented, hybrid, virtual. For practice key not definitions knowledge but honestly answering: "Who really makes decisions and who has resources?"

In functional structure power center — line managers. Project manager often becomes administrator: coordinates meetings, gathers reports, can't independently reallocate resources or change priorities. In weak matrix slightly more than coordinator but depends on "native" employee bosses on many issues. In strong matrix and project-oriented PM — full manager: has team, budget, decision rights within project goals.

Useful to keep simple comparative logic: in functional structure create value through influence and line manager negotiations, weak matrix — careful interest balance, project-oriented — direct resource/risk management. Same methodology in these three worlds gives very different effect. PM task — not just know "how right by book" but soberly assess what role they play in specific value creation system.

Project Manager Role in Value Creation System

Against this background project manager expectations strongly change. PMBOK 8 describes role through triangle: ways of working, power skills, business acumen, center — results. Translating from "methodological" to human: not enough being Gantt chart person with good task control. Expect you understand which work approaches appropriate (ways of working), work with people/influence (power skills), orient in business picture (business acumen).

With value delivery concept means simple: PM becomes strategy link to project specific decisions. Must ask uncomfortable sponsor question: "How exactly this project supports your strategic goals?", translate strategic formulations to clear team success criteria, timely raise hand if sees project stopped creating value and just "pedaling for report." Not about "report completed tasks" but talking results language and business impact.

How to Measure Project Success Now

Good news for many PMs: PMBOK 8 essentially legalized what we long said in corridors: success ≠ scope/time/cost. Yes, triangle still important — no one canceled management discipline. But success now measured through created value and strategic goals contribution. Project giving company competitive advantage and new revenue stream but formally over budget 5-10% in new logic can be more successful than perfect numbers but strategically empty one.

From here simple conclusion: at initiation and closure need different questions. Not just "what we did" and "did we fit plan" but "what changed for business, clients, employees," "what tangible and intangible results appeared," "how our project brought company closer to strategic goals." If nothing to answer these, better honestly admit from value delivery system view project weak even if all checklists formally green.

Practical Checklist: Implementing Value Delivery Logic

To not stay at beautiful concepts level, we usually suggest companies start with small but honest self-audit. Below — minimal checklist to start at next project committee:

• Each key project explicitly states strategic goals/OKR connection, understandable not just sponsor but team too.
• Project defines not just financial metrics but expected intangible results: client experience changes, process maturity, team knowledge.
• Project manager can explain in 2-3 sentences how their project creates value and by what signs in year can say it created.
• Team understands context: knows key company strategic priorities and can link work not just "current sprint" but big picture.
• At project closure team discusses not just what worked/not but what real value project created and where value delivery system failed.

If most answers "no" or "hard to say" — not reason cancel all initiatives. Signal company lives in old "projects for projects" logic. Good news: value delivery logic transition doesn't require instant portfolio rebuild. Enough start asking different questions at individual projects level and strategy management level.

Conclusion: From Project Management to Value Management

PMBOK 8 very carefully but definitely shifted focus: from "how properly manage project" to "how through projects systematically create value." For us as IT project consultants long-overdue step. World where enough just "fit time and budget" ended. Today companies expect from projects noticeable strategy impact, from PM — partner role in this impact.

If sum to one thought: project — temporary structure, value — what remains after. Earlier company starts thinking this logic, easier link next Gantt chart not just operational tasks but real strategic changes.