VALUE CO-CREATION IN THE PROJECT SOCIETY

Abstract

As the title suggests, the central theme is ‘value’ and we need to see to it, particularly in this context, how this value could be created or so to say, co-created in the project society. So, here first we need to attempt to understand, what we understand by value that we need to create in the projects. The concept of value, its meaning and its impact upon those who are directly or indirectly associated with the project, that is, stakeholders constantly changing over time. Primarily value was understood by the project people as ‘customer requirements’. The needs of the customer was the ultimate factor that the project people regarded. Because primarily the project itself meant for the customers. So it was the primary aim of the project to meet its customers’ requirements. Consequently the value of the project was judged by the customers only. If the customers were satisfied, the project was regarded to be fully successful. Once we understand Value, we would try to create that Value in the project. So this co-creation of value in the project has to undergo certain predetermined processes so that the Value could be created as desired.