For many people who work in project management, the approach, tools and techniques of both risk management and value management are just applied common sense. Why would anyone attempt to undertake a project without first understanding the areas of uncertainty that might impact the achievement of objectives? Likewise why would anyone deliver any aspect of a project that was unnecessary and not an integral part of the functionality required to deliver the benefits? Nonetheless, how many projects do you know of that were late and over budget while at the same time delivering a solution with ‘bells and whistles’ when neither ‘bells nor whistles’ were needed by the users?
Image by Jrosenberry1 (Own work) [CC BY-SA 3.0], via Wikimedia Commons