Which is one of the three main areas where it is necessary to strike a balance to maximise value?

The Management of Value (MoV) methodology is centered on maximizing value by achieving an optimal balance between satisfying stakeholder needs and the resources used. The MoV principle 'Balance the variables to maximize value' explicitly states this. This balance is achieved by making conscious trade-offs. 'Value drivers' are the specific attributes of a project or program that stakeholders perceive as adding value. Therefore, actively redistributing resources (such as time, money, and people) across these different value drivers is the core mechanism for striking the necessary balance to optimize the overall value delivered.

A. Controlling costs is only one part of optimizing resource usage; it does not encompass the required balance with benefits and stakeholder needs.
B. Identifying benefits is a necessary prerequisite, but the act of balancing involves prioritizing and making trade-offs between them, not just their identification.
C. MoV seeks to balance the often competing needs of key stakeholders, not to meet every individual's initial expectations, which is typically unrealistic.

1. AXELOS. (2010). Management of Value (MoV). TSO (The Stationery Office).

Section 3.4, Principle 3: Balance the variables to maximize value, states, "To maximize value, it is necessary to strike a balance between: meeting the (often competing) needs of different stakeholders; making the most of the benefits that may be delivered; and optimizing the use of resources...". Redistributing resources across value drivers (D) is the active process of achieving this three-way balance.

Glossary, page 138, defines 'Value drivers' as "The attributes of a programme or project that the stakeholders are likely to perceive as adding value." Focusing resources on these is key to the MoV approach.