Create a Proof of Value prototype to test for value

Unlike a "proof of concept" project, the concept has already been proven elsewhere, and a "proof of value" project will test whether the approach has value in a specific new setting.
What is a "Proof of Value" project?

A proof of value project is one that uses a proven technology or approach to test whether that approach is useful your own specific scenario.
e.g. we know that AI is useful in other projects, but we may want to run a "Proof of Value" project to see if it is useful in ours.
This is often used to demonstrate to stakeholders with an emphasis on business value.

What is the difference between "Proof of Concept" and "Proof of Value"?
  • "Proof of Concept" is a test of an approach or format to see if it works.
  • "Proof of Value" is a test of an approach that works elsewhere, to see if it provides value in your own specific scenario.