VALUE IN PROJECT MANAGEMENT: NEW DIRECTIONS IN THEORY AND PRACTICE

The purpose of this research is to analyze what is the value in project management, how it is measures and to consider what the standard says regarding this new field of interest in project management.
Methodology. Desk research was carried out by applying the literature review and analyzing the Guide to the Project Management Body of Knowledge (PMBOK) [1].
Originality / value of the research. The value of this paper lies in the enrichment of the understanding of project value management by applying concepts from general value theory and project management.
Findings. The research findings suggests that value added to the new 7th edition of PMBOK as one of the 12 principles but there is no information regarding how it can be created at different stages of the project and assessed. There is no universal value measurement methods of projects both in practice and in PMBOK as well as there is no method for determination and measuring intangible value.

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