1.

INTRODUCTION

This work has the objective of presenting a broad inventory of terms that are
part of Value Management in its relationship with Project Management (1), and
that are currently evolving both in the field of academic research and are
applied in a practical way in decision processes related to projects.

For the author, this is their first interaction with ChatGPT, so they may have
made some mistakes while making queries in basic formats.

In this first version 0.0, have been taken exclusively the results obtained from
interacting with ChatGPT, removing the detail of the definition of each term.
This is necessary for ethical reasons, since the definition returned by ChatGPT
does not include the source.

To obtain these Glossary of 220 terms, the author selected 11 topics that are
related to Value Management as well as Project Management. For each of the
11 topics, a question was asked, requesting a full glossary of terms. ChatGPT
automatically answered each of them with 20 definitions.

The 220 terms were accumulated in an Excel table and the results were
analyzed, identifying some findings and observations, such as the case of the
same terms, but with different definitions.

Other findings to highlight are some incorrect definitions, or some terms in use
but that do not appear in any of the 11 lists obtained.

For the next version, it will be necessary to complete the Glossary with access to
sources recognized for their current leadership in the field of Value
Management and Project Management.

 
 

(1) Project Management include Program Management and Portfolio

Management

2. PROCESS

2.1 Query to ChatGPT

The consultation process began in ChatGPT on 05.23.23 and ended on 05.31.23,

asking 11 questions with the following structure:

1.   As a Value Management expert, I need a complete Glossary of Project

Management

2.   As a Value Management expert, I need a complete Glossary of Portfolio

Management

3.   As a Value Management expert, I need a complete Glossary of Program

Management

4.   As a Value Management expert, I need a complete Glossary of PMO

5.   As a Value Management expert, I need a complete Glossary of Business

Case

6.   As a Value Management expert, I need a complete Glossary of Value

Management

7.   As a Value Management expert, I need a complete Glossary of J-Curve

8.   As a Value Management expert, I need a complete Glossary of Chief Value

Officer

9.   As a Value Management expert, I need a complete Glossary of Value

Management Office
10. As a Benefits Realisation Management expert, I need a complete Glossary
of Benefits Realisation Management

11. As an agile expert, I need a complete Glossary of Value Management

As you can see, following the recommendation of some experts using ChatGPT,
the question begins indicating that an expert-level answer is required.

The first four questions (1 to 4) are aimed at learning about the terms that refer
to Value Management in the known practices of Project, Program, Portfolio and
PMO.

The following two questions (5 and 6) are aimed at learning about the terms
that are being used at the level of management practices such as Business Case
and Value Management.

The following 4 questions (7 to 10) are aimed at learning about the terms that
are being used in more advanced practices in Value Management and Benefits
Realization Management.

Finally, the last question is aimed at knowing what terms are used in Agile
practices with respect to Value Management.

2.2 ChatGPT responses

The ChatGPT response to each question was always 20 terms, with no option to
manage this parameter of 20 terms.

None of the answers had reference to the source, much less to the author of the
definition of the term.

2.3 Data analysis

All groups of answers (20 x11) were integrated into an Excel.

Each term had its description removed for ethical reasons.

Next, in the same Excel, the sorting by alphabet was carried out and many of the
same terms were found. It is logical that some terms are repeated since the
queries are made to specialized knowledge bases in Project Management and
Value Management.
 

2.3 Findings

The surprising thing is that all the terms duplicated, tripled, and even
quadrupled (Value Proposition) have different detailed definitions. An example:

1. Benefit: The positive impact, advantage, or outcome that is expected or realized

from a project, product, or service.
2. Benefit: The positive outcomes, improvements, or advantages that are expected
or realised as a result of a project, program, or initiative.

As I mentioned before, it occurs in all cases, including when the term comes
from 4 different answers:

1. Value Proposition: The unique combination of products, services, benefits, and

experiences that an Agile organization offers to its customers or stakeholders,
differentiating it from competitors and creating value.
2. Value Proposition: A statement that articulates the unique value, benefits, or
advantages that a project, product, or service offers to its stakeholders or target
audience.
3. Value Proposition: A statement that articulates the unique value, benefits, or
advantages that a project, program, or investment offers to its stakeholders or
target audience.
4. Value Proposition: The unique combination of products, services, benefits, and
experiences that an organization offers to its customers or stakeholders,
differentiating it from competitors and creating value.

Another important finding is that ChatGPT brings us some erroneous definitions

as a response, such as the well-known case of confusing Value with Benefit.

Value:  The measurable improvement, outcome, advantage,  or benefit  derived

from delivering a product, service, or feature that meets customer needs and
contributes to organizational objectives.

Value:  The relative worth, significance, or importance of a project, product, or

service in relation to its costs and benefits.

 
Finally, there are terms that already have a wide acceptance in the academic and
business world that have not come up in the answers. Some of these missing
terms are:

  Value Creation

Co-creation of Value

Element of Value

Elemento f Value Pyramid

3. CONCLUSIONS

1. ChatGPT has a database that has not been updated since 2021.

2. ChatGPT has different definitions of terms, that is, it is very open.

3. ChatGPT has outdated definitions and with bugs already overcome, as is the
case of the Value and Benefit definitions

4. ChatGPT does not have some current and trending terms such as Elements of
Value

5. ChatGPT has no way to reference the source or the author, therefore if we

behave ethically we cannot publish definitions.

4. GLOSSARY

1. Assumptions:

2. Benefit Dependency Map (BDM):

3. Benefit Dependency Network:

4. Benefit Disaggregation:

5. Benefit Evaluation:

6. Benefit Leakage:
7. Benefit Mapping:

8. Benefit Measurement:

9. Benefit Owner's Role:

10. Benefit Profile:

11. Benefit Realisation Culture:

12. Benefit Realisation Management Framework:

13. Benefit Realisation Management Office (BRMO):

14. Benefit Realisation Plan (BRP):

15. Benefit Realisation Review:

16. Benefit Risk:

17. Benefit Sustainability:

18. Benefit Tracking:

19. Benefit:

20. Benefit:

21. Benefits Management:

22. Benefits Management:

23. Benefits Owner:

24. Benefits Realisation Management (BRM):

25. Break-Even Analysis:

26. Break-Even Point:

27. Business Case Owner:

28. Business Case:

29. Capital Expenditure (CAPEX):

30. Cash Flow:

31. Change Management:

32. Chief Value Officer (CVO):

33. Communication Plan:

34. Cost of Capital:

35. Cost:

36. Cost-Benefit Analysis:

37. Critical Path:

38. Customer Value:

39. Decision Gate:

40. Economic Cycle:

41. Feasibility Study:

42. Governance:

43. Initial Dip:

44. Investment Performance:

45. J-Curve Effect:

46. J-Curve:

47. Learning Curve:

48. Lessons Learned:

49. Long-Term Perspective:

50. Market Analysis:

51. Milestone:

52. Net Present Value (NPV):

53. Operating Expenditure (OPEX):

54. Payback Period:

55. Performance Metrics:

56. PMO Charter:

57. PMO Continuous Improvement:

58. PMO Director/Manager:

59. PMO Governance:

60. PMO Performance Metrics:

61. PMO Stakeholder Engagement:

62. Portfolio Alignment:

63. Portfolio Analysis:

64. Portfolio Balance:

65. Portfolio Change Management:

66. Portfolio Closure:

67. Portfolio Decision-making:

68. Portfolio Diversification:

69. Portfolio Governance:

70. Portfolio Management:

71. Portfolio Management:

72. Portfolio Manager:

73. Portfolio Optimization:

74. Portfolio Performance Metrics:

75. Portfolio Planning:

76. Portfolio Reporting:

77. Portfolio Review:

78. Portfolio Risk Management:

79. Portfolio Roadmap:

80. Portfolio Strategy:

81. Portfolio:

82. Procurement Management:

83. Program Architecture:

84. Program Change Management:

85. Program Charter:

86. Program Closure:

87. Program Communication Management:

88. Program Evaluation and Review Technique (PERT):

89. Program Governance:

90. Program Integration Management:

91. Program Management:

92. Program Manager:

93. Program Performance Metrics:

94. Program Portfolio:

95. Program Risk Management:

96. Program Roadmap:

97. Program Scope:

98. Program Stakeholder Engagement:

99. Program Stakeholder:

100. Program:

101. Project Charter:

102. Project Charter:

103. Project Closure:

104. Project Controls:

105. Project Governance:

106. Project Integration Management:

107. Project Lifecycle:

108. Project Management Office (PMO):

109. Project Management Office Maturity:

110. Project Management Standards:

111. Project Management:

112. Project Manager:

113. Project Methodology:

114. Project Plan:

115. Project Portfolio Management (PPM):

116. Project Ramp-Up:

117. Project Reporting:

118. Project Resource Management:

119. Project Risk Management:

120. Project Sponsor:

121. Project Stakeholder Management:

122. Project Team:

123. Project:

124. Quality Management:

125. Return on Capital Employed (ROCE):

126. Return on Investment (ROI):

127. Return on Investment (ROI):

128. Risk Assessment:

129. Risk Management:

130. Risk Management:

131. Risk Mitigation:

132. Scope:

133. S-Curve:

134. Sensitivity Analysis:

135. Stakeholder Analysis:

136. Stakeholder Management:

137. Stakeholder Management:

138. Stakeholder Value:

139. Stakeholder:

140. Strategic Alignment:

141. Strategic Alignment:

142. Time Horizon:

143. Value Alignment:

144. Value Analysis (VA):

145. Value Analysis:

146. Value Analysis:

147. Value Assurance:

148. Value Awareness:

149. Value Capture:

150. Value Chain:

151. Value Chain:

152. Value Collaboration:

153. Value Communication:

154. Value Creation:

155. Value Creation:

156. Value Culture:

157. Value Culture:

158. Value Culture:

159. Value Delivery:

160. Value Driver:

161. Value Engineering (VE):

162. Value Engineering:

163. Value Governance:

164. Value Governance:

165. Value Identification:

166. Value Integration:

167. Value Integration:

168. Value Leadership:

169. Value Leadership:

170. Value Management Certification:

171. Value Management Framework:

172. Value Management Framework:

173. Value Management Maturity Model:

174. Value Management Office (VMO):

175. Value Management Plan:

176. Value Management Plan:

177. Value Management Software:

178. Value Management Standard:

179. Value Management Workshop:

180. Value Management:

181. Value Management:

182. Value Management:

183. Value Management:

184. Value Measurement:

185. Value Metrics:

186. Value Optimization:

187. Value Optimization:

188. Value Optimization:

189. Value Proposition:

190. Value Proposition:

191. Value Proposition:

192. Value Proposition:

193. Value Proposition:

194. Value Realization:

195. Value Realization:

196. Value Reporting:

197. Value Stream Mapping (VSM):

198. Value Stream Mapping:

199. Value Stream Mapping:

200. Value Stream:

201. Value Stream:

202. Value Training and Development:

203. Value Transformation:

204. Value Validation:

205. Value:

206. Value:

207. Value-based Decision Making:

208. Value-based Estimation:

209. Value-based Feedback:

210. Value-based Metrics:

211. Value-based Pricing:

212. Value-based Pricing:

213. Value-based User Stories:

214. Value-driven Collaboration:

215. Value-driven Continuous Improvement:

216. Value-driven Decision-making:

217. Value-driven Leadership:

218. Value-driven Prioritization:

219. Value-driven Retrospective:

220. Work Breakdown Structure (WBS):