When it comes to Project Management Vocabs and definitions, as a beginner I find it hard to understand some of the definition I find on the web, two of those are meanings that I find hard to understand due to my very small experience in project management is:

Contingency Value and Value Pricing

Can someone please help explain what they mean and maybe with a quick example?

I'd also like to know why these figures are important and considered by some companies when it comes to Project Management.


Value pricing is pricing according to the value you provide to the customer, as measured by the customer (not your cost). See this. providing umbrellas when it rains doesn't cost more, but they may be valued higher at the time by customers.

Contingency value is valuation where people are asked to state their preference, rather than asked to reveal their real preference by their actions. More here

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