Recent research often considers projects as ways to create value for organizations, instead of devices for reaching momentary goals. The subjective, multidimensional and evolving nature of value requires the consideration of value creation in complex organizational constellations and in uncertain, evolving contexts. Such conditions give rise to project actors’ errors in planning and assessing value, most often the overestimation of benefits and underestimation of costs. In this chapter, I introduce three main processes of managing value in projects: making the value proposition, planning and managing value streams, and delivering value outcomes. Also, I will discuss the manifestations of errors in value-related planning, when the project progresses on its lifecycle. As value concerns both material and immaterial benefits and sacrifices, managing value is equally much a task of managing perceptions and impressions as managing very practical products. The chapter concludes with some suggestions for project managers who aspire to enhance their capabilities for managing value in projects.