Scope, time and cost remain essential, but they don’t explain why a project matters. When context shifts, it’s value that reveals whether the project is still worth the effort.
Projects are usually judged by how well they track against scope, time and cost. These are the delivery metrics we know and report on. We build dashboards around them so they can shape the conversations we have with stakeholders. They define what “on track” looks like.
However, there’s a fundamental flaw with this approach. Those same metrics don’t always tell us whether a project is still worth doing.
You can hit every milestone and still miss the mark. You can deliver exactly what was promised and still walk away without having created anything meaningful. The focus on output – on the efficient delivery of plans – often masks a more important question: what’s the point?
We’ve argued for a while that value sits at the centre of project thinking – and now, it’s officially part of the formal definition. The Project Management Institute has updated its definition of a project as “a temporary endeavour undertaken to deliver value through a unique product, service or result”.
The addition of three simple words in that definition – “deliver value through” – represents a subtle but significant shift. Where earlier definitions focused on what a project produces, this one points to why the work matters.
This isn’t about replacing scope, time and cost. Those factors still matter; however they’re no longer the whole story. They’re the visible edge of delivery – the part above the surface. Value is what sits underneath, giving the work its weight and direction.
From iron triangle to value diamond
At Quay, we often describe this shift visually: turning the traditional project “iron triangle” into a diamond. Time, cost and scope still form the three familiar points. However, value becomes the base – shaping every decision, every trade-off, every call to continue, stop, or change course.
The shift also prompts a more nuanced conversation about outcomes. Benefits are the tangible results a project delivers – efficiencies gained, risks reduced, capabilities built. Meanwhile, value is more contextual, representing the strategic weight behind those benefits.
The same benefit can be high value in one setting and low value in another. Take faster response times: that might be useful anywhere, but it’s not automatically valuable. In a customer service team trying to reduce churn, it could be critical. In a back-office function with low volumes and minimal risk, it might make no meaningful difference. Two projects may deliver the same benefit, without delivering the same impact.
This is where value acts as a filter. It helps leaders distinguish between improvements that are simply nice to have, and those that are essential to strategy, risk, or long-term positioning. And it’s why value needs to be defined clearly – because without it, teams can end up working hard on things that don’t really matter.
One mental model we sometimes use to guide that thinking is:
Value = (Benefit × Timing × Risk) / Effort
It’s not designed to be plugged into a spreadsheet – rather, this offers a way of weighing the variables that shape value – particularly in environments where trade-offs are constant. A benefit delivered at the right time may carry more weight than one that arrives too late. Risk can elevate a project’s urgency or shift the cost of inaction. And the level of effort required to realise a benefit will always influence whether it’s worth pursuing now or later.
Approaching value this way encourages more deliberate decisions. It brings context into the conversation, helping teams and sponsors focus their attention where it matters most.
In some cases, value will be tangible and commercial. In others, it’s about trust, compliance, or the ability to move quickly when the market shifts. The benefit might be the same on paper, but its value depends entirely on timing, environment and strategic intent.
Putting value into practice
Although value is increasingly embedded in delivery frameworks, it often fades from focus once a project gets underway. Teams become absorbed in the urgency of delivery, focused on day-to-day task management and dealing with issues, while sponsors and portfolio leads are pulled in multiple directions. Even when value is clearly defined at the outset, it can drift into the background as momentum builds.
But it doesn’t have to. Reconnecting with value doesn’t require a wholesale change – it starts with better questions, asked at the right time.
- What is the outcome we’re trying to achieve, and is it still the right one?
- Who defines the value, and are we still meeting their expectations?
- Has anything changed that affects whether this is still a good investment?
- If we weren’t already doing this, would we choose to start now?
These questions can be just as powerful at the portfolio level. When capacity is limited, organisations need a structured way to assess which projects still deserve investment, and why. That might mean pausing a high-profile initiative if the timing isn’t right, or progressing something smaller that unlocks faster returns. The point is not to do less, but to invest more deliberately.
For organisations looking to build that discipline, a portfolio review process grounded in value-centred thinking can create the conditions for more strategic, confident decision-making.
Leading with value
Keeping value in view is a leadership act – whether you’re delivering the work, managing the portfolio, or sponsoring the investment. Each role has a part to play in holding the thread between what’s being done and why it matters.
For delivery teams, that means checking in regularly – against purpose, not just progress. For portfolio leads, it means creating the space to question, reprioritise and shift direction when needed.
Critically, for sponsors, it means defining value clearly and helping teams stay focused on it, especially when delivery pressure builds. Unfortunately, the sponsorship role is often the least supported. While delivery teams and portfolio leaders usually have the frameworks to guide them, sponsors are often left to rely on instinct. Closing that gap through sponsor capability uplift is one way organisations can strengthen the link between investment and value.
But capability alone isn’t enough – what matters most is mindset. The projects that create the greatest impact are the ones where purpose stays in focus from start to finish, and where leaders are willing to keep asking whether the work still matters.
Quay Consulting is a professional services business specialising in the project landscape, transforming strategy into fit-for-purpose delivery. Meet our team or reach out to have a discussion today.
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