What is Value? ...or Project Value?

The video explores the concept of value in project management, focusing on definitions from PMI and APM. It discusses how value is defined in dictionaries and by these organizations, highlighting the subjective nature of value. The video also explains how value can be measured as a ratio of satisfaction to resources or as net benefit, providing equations for these calculations. Business value is defined as the net quantifiable benefit from a business endeavor, which can be tangible or intangible.

Explain the concept of value in terms of satisfaction of requirements and use of resources.

What is the relationship between net benefit and total cost according to the definitions provided?