The other day, a colleague of mine asked me if I could sum up the benefits of Project Management in 10 words or less. “Pay me now or pay me later,” I said. Looking quizzical, he asked me to explain.

EMV is a balance of probability and its impact over the range of possible scenarios. If you have to make a decision between two scenarios, which one will provide the greater potential payoff?

There are many possible roles in a project. The obvious ones include the project sponsor who pays for the project, the project manager (PM) who directs the project, and various project team members who perform project work.