very few organizations track projects all the way through to benefit and david gave a simple framework to help you get there, but he missed one of the most important steps out; prioritization. if you never achieve the strategic intent of a project, then that project has failed. essentially the idea is to map out a set of milestones along the way to delivering the business benefit and then make sure you’re hitting them. for example, imagine we want to grow revenue through improved customer retention and are going to implement a new crm system to help do that. to allow that, we need to match the right “offers” to the right customer, and that’s why we need a new crm system.
it gives you a chance to make sure you still believe the benefit is realistically achievable: each milestone is a natural point in the project to make sure we’re still on track. this provides a real incentive to follow the benefit through to the end. they are kind of the same thing, but in this context i use “ownership” to imply much more active participation and commitment, and this is key. picking the right projects in the first place is critical, and having an evaluation process that let’s you quickly weed out the weaker projects is vital for an efficient (e)pmo. much more difficult is getting agreement on what the organization’s goals and drivers are in the first place. prioritization can be a quick and easy first step and is a great way to get people into the “benefits mindset”.
the purpose of this stage is to identify what has to be done to realise benefits and how this will be achieved. the programme or project senior responsible owner is ultimately accountable for the overall realisation of the programme or project benefits, even in where benefits may take years to be fully realised. as operational benefit owners will have responsibility for managing the delivery and realisation of specific benefits, their focus will be relatively narrow.
the programme or project sro is responsible for the development of its benefits management strategy. a key element of the strategy is to outline what governance arrangements will be in place throughout the benefits management lifecycle. in the rare instances where programme or project benefits are fully realised within the life of the project, post-project governance arrangements are not applicable. the sro must ensure that appropriate structures are put in place to monitor, track and manage benefits until the final benefit is realised.
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ownership-with-teeth can be good way to encourage good results. for example, if a project promises a specific cost saving it might be a good idea to reduce the a benefits realisation plan acts as an overview of the main milestones detailed in each benefit profile. it serves as a management tool to monitor, track and [project name] benefits realization plan sample tables and charts have been included to provide tips on how to complete each section., benefits realisation plan, benefits realization metrics, importance of benefits realisation, benefits realization management: a practice guide pdf, what are the four pillars of business benefit realization, when should benefits realisation be carried out, project benefits realisation, benefits realisation plan template prince2, project benefits management plan template pdf, benefits realisation business analyst.
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