What is Product Value?
Product Value is the benefit that a product provides to a customer to increase their satisfaction and needs. It can also be considered as the benefit that the organization gains from the product represented in terms of money, or benefit to society. When a team and organization deliver value, they are contributing to aspects like customer satisfaction, customer loyalty, brand reputation and the longevity of a business - business value.
It is important to know that the only way for a Scrum Team to deliver product value is to release a product Increment.
Teams and organizations should monitor and understand a product’s value in order to manage a product, product portfolio and business strategy effectively. They must keep product value in focus by regularly validating whether their products are valuable by measuring the value their products deliver. Otherwise, they are producing waste.
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