Projects and programmes should achieve a return on the investment made by the owner or sponsor. This return is now thought of as the benefits that accrue from the investment: some financial, others perhaps harder to define, but nonetheless just as important in justifying the investment. Making sure that they are realised, and that unanticipated benefits are maximised, is as important as the initial justification, and without that many projects have earned a bad name for project management. This publication provides comprehensive guidance on how to manage delivery of the benefits used to justify investment in change. It provides guidance for all involved in successful change delivery from senior responsible owners and directors through to portfolio, programme and project managers. The guidance is the source material for an accredited qualification from APMG-International
Benefits realization is the common thread that runs from organizational strategy through project deliverables that contribute benefits. Yet, according to PMI's 2018 Pulse of the Profession Report: Success in Disruptive Times, only one in three organizations report high benefits realization maturity. This practice guide provides a comprehensive look at the topic of benefits realization in of portfolio, program, and project management. It will help readers tackle this important topic and drive more successful outcomes and better strategic alignment in your organization. Inside this practice guide readers will find: standardized definitions for benefits realization, benefits realization management and associated benefits realization terms; the core principles of benefits realization; the benefits realization management life cycle from organizational mission, vision, and strategy through project deliverables and success measurement, and how it contributes to the expected benefits and value that the organization intends to realize; and a framework and guidance to help practitioners manage benefits realization in organizational project management and portfolio, program, and project management. As with all PMI standards and publications, this practice guide also aligns with our other standards including: A Guide to the Project Management Body of Knowledge (PMBOK Guide)®—Sixth Edition; The Standard for Program Management—Fourth Edition; and The Standard for Portfolio Management—Fourth Edition.
The first edition of Gerald Bradley's Benefit Realisation Management quickly established itself as the definitive, practical guide to using measures to track performance throughout the life of a project or programme; enabling organisations to eliminate wasted investment, realise more benefits and realise them earlier. The second edition takes you step-by-step through the benefits realisation process, explaining along the way, how to: * define your projects and programmes by mapping the benefits * produce a convincing and accurate business case * communicate the benefits and get all your stakeholders on board * agree the measures you will use to encourage the desired behaviours, to monitor progress and to assess the ultimate success of the project or programme * use the benefits realisation approach to understand and address the human aspects of the project, including resistance to change, training needs and new ways of working * integrate this approach into your organisation's culture and systems The second edition includes expanded guidance on benefits realisation for portfolio management and includes revisions to the original text along with additional case study examples. The text of the latest edition is now printed in four-colour which make the detailed and varied benefit maps throughout the text immediately more striking and comprehensible. The benefits realisation management methodology fits closely with existing programme and project management approaches such as MSP and Prince 2, making it appropriate for both public and private sector environments. If you are investing heavily in change management, IT infrastructure or project working, then this book is a must-read that will justify its price many times over.
Programme management is becoming an increasingly important aspect of managing business change, whether within parts of an organisation, across the whole organisation or involving a group of organisations. The drivers for change may be internal, such as improving the quality of products, or external, such as new government policy. The second edition of this publication describes the OGC's approach for managing change effectively, based upon best practice experience within government and across the private sector. It provides an overview of the programme management framework, and considers key principles including leadership, benefits management, stakeholder management and communication, risk management, programme planning and control, business case management and quality management issues. It then goes on to discuss the programme management lifecycle including the identification and detailed definition of the programme, managing the project portfolio, delivery and realisation of measurable business benefits and the close-down of the programme and its infrastructure.
Benefits realization management (BRM) is a key part of governance, because it supports the strategic creation of value and provides the correct level of prioritization and executive support to the correct initiatives. Because of its relevance to the governance process, BRM has a strong influence over project success and is a link between strategic planning and strategy execution. This book guides portfolio, program, and project managers through the process of benefits realization management so they can maximize business value. It discusses why and how programs and projects are expected to enable value creation, and it explains the role of BRM in value creation. The book provides a flexible framework for: Translating business strategy drivers into expected benefits and explains the subsequent composition of a program and project portfolio that can realize expected benefits Planning the benefits realization expected from programs and projects and then making it happen Keeping programs and projects on track Reviewing and evaluating the benefits achieved or expected against the original baselines and the current expectations. To help project, program, and portfolio managers on their BRM journey, as well as to support business managers in executing business strategies, the book identifies key organizational responsibilities and roles involved in BRM practices, and it provides a simple reference that can be mapped against any organizational structure. A detailed and comprehensive case study illustrates each phase of the BRM framework as it links business strategy to project work, benefits, and business value. Each chapter ends with a series questions that provide a BRM self-assessment. The book concludes with a set of templates and detailed instructions to ensure successful deployment of BRM.
“Strategic Benefits Realization never loses focus on the ultimate goal of any organization—to achieve business benefits that endure. Craig Letavec’s common sense approach and practical guidance can be applied throughout the entire benefits realization life cycle to ensure true business value from project investments. Business and project professionals can apply the author’s business-focused techniques immediately—a must read in today’s highly competitive global marketplace.” —Marc Resch, President, Resch Group, and best-selling author This desk reference offers practical guidance for program managers, portfolio managers, and business leaders in the implementation of benefits realization management in organizations. Aligned with global standards, this book extends the knowledge contained in these standards through practical implementation guidance, examples, and additional detail created to assist organizations in implementing benefits realization management as a business practice to support the achievement of strategic business benefits. It also addresses important considerations in organizational change management, providing insights on leveraging key principles to guide successful implementation of the business change required to realize benefits through project and program work. Leveraging benefits realization management at the business portfolio level is covered as well. This book is ideal for organizations beginning to implement benefits realization management and those that wish to mature existing practices. Strategic Benefits Realization provides a practical approach to implementing benefits realization management in organizations that is aligned to PMI’sStandard for Program Management and other global standards, and is presented in the context of program and portfolio management. The guidance offered supports effective governance and execution management to deliver business value.
Successful business organisations need to be able to manage the process of change effectively in order to ensure that the benefits of planned projects and long-term strategies are realised. PRINCE2 (Projects in Controlled Environments) provides a structured project management framework for all types of projects, and is widely recognised by the UK government as well as throughout the private sector. This book contains best practice guidance for senior managers on how to delegate the planning and implementation of projects whilst remaining in overall strategic control, in order to successfully deliver desired business benefits.
"Unleashing the Power of Benefits Realisation Management: Maximising Returns on Projects and Change Initiatives" is your comprehensive guide to unlocking the full potential of your organisational initiatives. In this book, you'll embark on a transformative journey into the world of benefits realisation management (BRM) and gain invaluable insights into the powerful tools and techniques that drive its success. In today's dynamic and competitive business landscape, the ability to effectively navigate the complexities of project and initiative implementation is crucial. This book equips you with the knowledge, strategies, and practical insights needed to maximise the value of your organisational initiatives and realise their promised benefits. With a solid foundation in understanding benefits realisation management, you'll dive deep into the core tools and techniques that underpin BRM. From stakeholder analysis and management to risk management and change management, each topic is explored in detail, providing you with a wealth of practical knowledge and guidance. Discover how to foster meaningful relationships with key stakeholders and engage them effectively to ensure their support and alignment with project objectives. Learn how to identify, assess, and mitigate risks that may impede benefits realisation, safeguarding the success of your initiatives. Master the art of change management, leading and managing organisational change to optimise benefits realisation and ensure smooth transitions. Harness the power of monitoring and evaluation tools, enabling you to gain valuable insights into project progress and make data-driven decisions for course corrections and adjustments. Dive into the realm of project management software and learn how these tools can streamline and elevate your BRM processes, enhancing efficiency and effectiveness. Recognising the critical role of governance, this book sheds light on establishing robust governance structures and processes to guide and oversee benefits realisation efforts. You'll also explore the human factor in BRM, understanding the influence of individuals and teams in driving successful benefits realisation, and uncovering the core competencies required for BRM success. This book doesn't stop there. It delves into essential topics such as business process modelling, data analysis tools, benefits dependency mapping, benefits profiling, and the development of key performance indicators (KPIs). Furthermore, it addresses the challenges of benefits sustainment, training you to maintain and optimise benefits over the long term. Ethics and compliance find their rightful place in this comprehensive guide, emphasising the significance of ethical practices and compliance in fostering trust and integrity in benefits realisation efforts. Finally, gain valuable insights into emerging trends and developments that will shape the future of benefits realisation management. Whether you're a seasoned benefits manager, a project professional, or new to the world of BRM, "Unleashing the Power of Benefits Realisation Management" provides you with a comprehensive toolkit to drive successful benefits realisation and deliver tangible value to your organisation. By embracing the tools and techniques discussed in this book, you'll position yourself as a catalyst for transformative change and drive exceptional outcomes. Embrace the power of benefits realisation management and embark on a journey towards maximising the value of your organisational initiatives. Get your copy of "Unleashing the Power of Benefits Realisation Management: Maximising Returns on Projects and Change Initiatives" today and unlock the full potential of your benefits realisation efforts.
Successful projects are the basis for the business many successful organisations, but many professionals lack the basic skills required to manage projects successfully. This book shows how to maximise the outcomes of projects and to ensure that the benefits arising from projects -- large or small -- are fully realized by the business. This key outcome can be easily overlooked or sidelined by the need to keep projects on track. Visually lead, to the point, with case studies and best practice guidelines throughout, the hard-won real world experience found in this book makes it a powerful PM resource for anyone involved in project management. Links project management to business goals for career project managers and those involved with project intermittently Focuses on the needs of engineering, industrial and process projects
No one can disagree that benefits are good things. Whether you are responsible for projects, programs, or portfolios, you are increasingly expected to think—and act—in an appropriate benefits-driven way. However: Do you understand that what may be appropriate for a project may be inapplicable for a program? Can you avoid the trap of wishful thinking based on overinflated expectations and underestimated costs? Can you manage your program or portfolio from inception to final delivery in a consistent, benefits-focused way based on a single, coherent model? This book describes how Earned Benefit Program Management techniques provide an innovative, all-inclusive model and set of tools developed specifically to answer these questions. This model consolidates the key concepts of project, program, and portfolio management and ensures that all program and portfolio management steps are carried out based on a single, signed-off model in a consistent, verifiable manner within a consolidated life cycle. This approach guarantees alignment with strategic goals and constraints through every stage of a program. Case studies highlight the key features of the approach and provide important lessons and insights for managing programs. Although the ideas and concepts for each topic are fully consistent with existing standards and other published material, they are based on new thinking and go beyond current practice. They provide a set of original and powerful techniques that are applicable to both programs and portfolios in a wide range of business environments.
