How to Assess Benefits Capture Readiness
Every project or program owes its sponsoring organization an output that achieves objectives, and—above all—delivers benefits:
- The output is the new or enhanced product, service or capability to be delivered by the project or program.
- The objectives are the results to be achieved with the project output.
- The benefits consist of the qualifiable and quantifiable business value created through a project or program.
Let’s look at a real world example:
- Output: The opening of a new international office.
- Objectives: Have the office staffed and fully operational by year end. Connect with 100 potential business partners in the new region within the first 90 days.
- Benefits: Increase brand awareness in the new region (qualifiable). Generate $5 million of new business in the region annually, with a 75% measure of confidence (quantifiable).
Benefits realization management (BRM) is a process that ensures projects and programs deliver benefits that align with the sponsoring organization’s corporate strategy. There are three stages to BRM:
- Benefits identification: What business value the project is to achieve. This is a powerful project justification tool in that it maps each objective to a benefit, and each benefit to corporate strategy.
- Benefits realization: How that business value will be achieved. Use no more than three metrics
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