Value was described as having different meanings regarding stakeholders or customers. How would a project manager balance the values between the two? Would it be more beneficial to favor one's view over the other in most cases or is it more of a case-by-case basis where it depends on the project?
I think where the value goes depends case-by-case. Those decisions are often made before creating a project, and involves outlining the strategy and analyzing the market and economy. If the market and economy favor the needs of customers that aren't being met by the company, making a new device for a new area of customers would be the better decision. This may cause some shareholders to be against it, but if successful, the company might gain more shareholders from a new sector and grow the company.
I agree that where the value goes depends case-by-case. I would also add that a project manager could/should also weigh long vs short-term impacts of favoring one stakeholder group over another. Prioritizing customer needs may foster brand loyalty and growth, while prioritizing stakeholders could lead to maximized immediate profits. Finding an equilibrium could overlap both sides of the coin and both parties could benefit. It also depends on the project itself. In a highly regulated industry, i.e. healthcare, it probably makes the most sense to prioritize customer outcomes and mitigate risk. Start-ups on the otherhand, probably put a larger emphasis on stakeholders to secure funding and establish a foundation for growth.
