Just thought, I'd share an interesting difference I discovered between benefits and value.Although in general terms they may seem quite similar and be used interchangeably the BRM book gives a good definition of each and as follows:
A benefit is as a gain realized by the organization and beneficiaries through portfolio, program, or project outputs and
resulting outcomes
These are some of the examples of a benefit: increasing sales, revenue, or profits or reducing time, cost, or effort. These benefits can be tangible or intangible, but they work better when they are
On the other hand;
Value is the net result of realized benefits less the cost of achieving these benefits. Value may be tangible or intangible
So in theory, the value is the final actual result of the benefit, after you've taken into account and deducted the costs.
Hope you understand the difference now.
These are some of the examples of a benefit: increasing sales, revenue, or profits or reducing time, cost, or effort. These benefits can be tangible or intangible, but they work better when they are
On the other hand;
Value is the net result of realized benefits less the cost of achieving these benefits. Value may be tangible or intangible
So in theory, the value is the final actual result of the benefit, after you've taken into account and deducted the costs.
Hope you understand the difference now.
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