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"relative worth, utility, or importance"
This is where everything gets hard with an agile methodology. The definition says it's a relative, but relative to what? Everybody will gets a difference sense of value, because everybody measures it with a different stick.
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Now, which of all the different values is the right one? Well, I think all of those at the same time, but each one with a relative worth. Now lets look at the first principle of the Agile Manifesto to get a better understanding of which value is important
"Our highest priority is to satisfy the customer
through early and continuous delivery
of valuable software."
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"Build projects around motivated individuals.
Give them the environment and support they need,
and trust them to get the job done."
Which is the trick for that? is there any recipe to build a committed team? That's something everybody struggles with, when they are building a team. I think the word "Value" comes into play again. To have motivated people in your team, they need to get value from the project.
How can you align each team member's value with the customer's value? I think that is what management should be focused on through the whole project. The best management is the one that achieves that. This is also not an easy task. Because management is not measured by value, it's measured by numbers. They are often so trapped into those numbers, that they forget what really matters.
"Value" can be many things, acts and even just feelings. I could be just being listened or listen. It can be a mountain touching the sky or bytes stored in a hard drive. The only way to find out what it is, it to talk, dig and look for it. This is probably the biggest challenge for a manager, find out where is value for everybody in the team and align that with the value for the customer. Once you get to that point, you will see a successful project all around.
References
http://www.merriam-webster.com/netdict/value
http://agilemanifesto.org/principles.html
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