Over the course of my career, I’ve come to see that – in simple terms – there are three types of project budgets: bottom line, value and opulent.
Realistically, most projects, even for tenants of extreme high net worth, traffic in the first two. More often than not, teams are challenged to deliver value in the face of real project constraints. However, there is a large and critical difference between value thinking and bottom-line thinking. To ensure a project thrives, it’s essential to understand this difference.
Strictly bottom-line thinking results in prioritization of schedule and cost with diminished regard for the project’s purpose. Budget and schedule are, of course, essential pieces of the puzzle, but in a value-driven approach, they are part of a more comprehensive, holistic understanding of a project. That understanding begins with digging deeply to discover what the tenant truly needs to support its business goals and employees, what it values as a company, and the elements it would love to build in, if time and budget allow.
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