Project Management

How to Assess Benefits Capture Readiness

Michelle is a Benefits Realization Management specialist with a proven background in private and public sector end-to-end business project management. She has 17 years of financial sector experience spanning the banking, brokerage, exchange, regulation and buy side fields.

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:

  1. 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.
  2. Benefits realization: How that business value will be achieved. Use no more than three metrics …

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