Value of Project Management –a Case Study

The amount of software has increased in several products. Software projects have become more complex and their management requires significant amount of skills from every project manager. The amount of available resources, strict budgets, cost control and need for accurate reporting and documentation as well as good quality are part of every project managers’ life. As business challenges project managers more and more it would be useful to know what areas of project management create biggest value to the projects. Value Engineering has been a usable method for developing high value products for several years. It has been applied successfully to software processes as well as to software product development. This research analyses the value of project management using Value Engineering based value assessment. This is done in part by defining the concepts of value, worth, cost and in part by outlining the Value Engineering process with project management practices. The practical industrial case shows that there is big variety in value between typical project management tasks. It also shows that value of project management tasks can be improved using value Engineering based value assessment. Key-Words: project management, software engineering, value engineering, worth, cost, value.