This document discusses the concept of managing value. It states that value is a product that must be relevant, easy to use, and reliable for potential users. Value is meaningful differently to different users. Product management works to identify circumstances where a product is most likely to fit a user's preferences and purposes. The document also discusses various factors that contribute to value, including recognition, opportunity, viability, solution, availability, preference, relevance, quality, compatibility, source, and support. It notes that value can occur unintentionally but management aims to influence the type, range, and timing of value. The goal of management is to align value with a user's needs in a given circumstance. This can be done by finding, creating,
2. Value under Management
Seen as a “deliverable”, value is a product.
A product is meaningful to a potential user based primarily on its circumstantial
relevance, ease of being used, and reliability on demand.
Meanwhile it is not surprising that what is worthwhile to one user may not be to
another.
“Product” management works on identifying the circumstances in which the type
of product is most likely to fit the preference and purpose of the user, and then to
facilitate the production of the product to those terms, for provision.
As such, the model of how to make “value” optimally worthy for the user is not
new or unusual.
It is important, however, to not confuse the benefit of value (meaningful
distinction) with the benefit of management (gainful impact).
5. Goal of Management
The responsibilities of management span a range of ways to align a type and level of value
with a current or projected circumstance of need, for highest worth.
As seen above, numerous types and depths of success factors can and should be
considered as necessary, for confident alignment.
Typically these factors have been drawn from lessons learned (failure recoveries),
psychology, and user feedback – collectively raising or lower the recognized priorities of
consideration.
That said, one way to obtain such appropriate value is to find it, requiring research.
Another way is to create it, requiring strategic development.
And a third way to obtain appropriate value is to “borrow” it, by joining a party already
using it with a party that needs it, through “chaining” (including chains of chains, i.e.
networks).
In short, managing value – in one way or another – creates an intentional relationship
between a user’s immediate interest and the available alternatives of recognized values.