Runner on First Base
From the People, Planet, Profits & Projects Blog
by Richard Maltzman,
Dave Shirley
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Richard Maltzman
Dave Shirley
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Date
My last post was called "Swing and a Miss", and it was critical of the most recent PMI Pulse of the Profession report, "Sustain Benefits to Optimize Business Value". In that post, I promised to provide the positive aspects in the next post. So here it is. In keeping with the baseball analogy, instead of "Swing and a Miss", this one is titled, "Runner on First Base", because although it's not good when the batter has a strike (or two), they are still up at bat, and they still can produce.
And that's what happened here.
PMI missed the point entirely on two parts of the Triple Bottom Line (economic, ecological and social), focusing solely on the economic aspects, but they did importantly convey the idea to project managers that they should envision success differently. That is, they should look past the project's end date and to that time - after you as the PM have left and your project team is long disassembled - when the project's product is in play.
I'm a big believer in vocabulary being important. That's why I provided the definition of the Triple Bottom Line up above, rather than just using the term.
So let's be crystal clear on the definitions of th terms used in the report:
OBJECTIVES:
Project objectives are the results to be achieved after a project concludes, such as a successful IT conversion, development of a new product or manufacturing process, or construction and staffing of a new facility.
BENEFITS:
Project benefits are the value that is created for the project sponsor or beneficiary as a result of the successful completion of a project.
BENEFITS REALIZATION:
Benefits realization is the means to ensure that benefits are derived from outputs.
BENEFITS REALIZATION MANAGEMENT (BRM):
Benefits realization management incorporates the activities of managing benefits throughout the life of the project: Identify, Execute, and Sustain.
Now that we know the terms, let's discuss some of the findings, and you'll see why I think PMI has put a Runner on First Base.
Is BRM worthwhile? Well, we'll let these findings from the study tell you (this is adapted from the Pulse report):
Organizations with high BRM maturity invest in the discipline and establish its value organization-wide. They build a strong foundation of tools, resources, and cross-functional teaming to achieve and sustain benefits. They also target benefits that align with strategic goals and monitor and measure progress against the benefits during project execution and beyond. As a result, these organizations:
- Waste significantly less money due to poor performance; specifically, US$112 million less for every US$1 billion invested in projects and programs
This focus on the past-the-end-of-the-project-and-the-handover-is-only-part-of-why-we-are-doing-this-project-in-the-first-place yields benefits that come back to the project team. As a PM, wouldn't you be able to influence potential contributors more effectively if you you could more powerfully state what the project means to the organization? This is a source of power and authority for you. Use it!
As the report says, foster a 'benefits-driven culture' in your project teams. We would just add that the consideration of benefits mustn't stop at the dollar sign. The benefits of the projects (often very much aligned with corporate/organizational vision/mission statements) also include social and ecological. Use them, as well. If you do so, you won't only have a runner on first.
You'll have loaded the bases.
Posted
by
Richard Maltzman
on: November 10, 2016 11:55 AM |
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Comments (2)
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 | Anonymous |
Your first link ("Swing and a Miss") references the PMI PDF report, not the previous blog post. Would recommend bringing the meat of the article -- the red type at the bottom -- up to before the definitions so I know what the article is about. Unfortunately the article is missing the "whys" of why I should use social and ecological benefits in client environments that care for nothing but the economic benefits of a project.
| Anonymous |
Thanks Bob.... I have repaired the link and I'm considering a re-write. I would ask if the clients you judge to care for nothing but the economic benefits to really limit their thinking that way. And if so - have they considered THEIR clients and/or investors? Because, if not, THEY may be missing the boat. I suggest you point them to this resource from MIT/Sloan: http://sloanreview.mit.edu/projects/investing-for-a-sustainable-future/
Thanks again for your comments.
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