How to Make a Benefits Dependency Map [Infographic]
From the The Money Files Blog
by Elizabeth Harrin
A blog that looks at all aspects of project and program finances from budgets, estimating and accounting to getting a pay rise and managing contracts.
Written by Elizabeth Harrin from RebelsGuideToPM.com.
Recent Posts
How to learn AI the sensible way
Making sense of project cost reports
How real PM mentoring actually works
The Accidental Product Manager: What project managers need to know
How healthy are your project finances?
Categories
accounting,
agile,
ai,
appraisals,
Artificial Intelligence,
audit,
Backlog,
Benchmarking,
benefits,
Benefits Management,
Benefits Realization,
Bias,
books,
budget,
Business Case,
business case,
business case,
Career Development,
Career Development,
carnival,
case study,
Change Management,
checklist,
collaboration tools,
communication,
Communications Management,
competition,
complex projects,
Conferences,
config management,
consultancy,
contingency,
contracts,
corporate finance,
corporate finance,
cost,
Cost Management,
cost management,
credit crunch,
CRM,
data,
data security,
debate,
Decision Making,
delegating,
digite,
earned value,
Education,
Energy and Utilities,
Estimating,
events,
FAQ,
financial management,
financial management,
forecasting,
future,
GDPR,
general,
Goals,
Governance,
green,
Information Technology,
Innovation,
insurance,
interviews,
it,
Knowledge Management,
Leadership,
Lessons Learned,
measuring performance,
Mentoring,
merger,
methods,
metrics,
multiple projects,
negotiating,
Networking,
news,
Olympics,
organization,
Organizational Culture,
outsourcing,
personal finance,
Planning,
pmi,
PMO,
PMO,
Portfolio Management,
portfolio management,
presentations,
privacy policy,
process,
procurement,
product management,
productivity,
Program Management,
project closure,
project data,
project delivery,
Project Success,
project testing,
prototyping,
qualifications,
Quality,
quality,
Quarterly Review,
records,
recruitment,
reports,
requirements,
research,
resilience,
Resource Management,
resources,
risk,
Risk Management,
ROI,
salaries,
Schedule Management,
Scheduling,
scope,
Scope Management,
security,
small projects,
Social Impact,
social impact,
social media,
software,
software,
software,
Stakeholder Management,
stakeholders,
Strategy,
success factors,
supplier management,
team,
Teams,
testing,
testing,
timesheets,
tips,
training,
transparency,
trends,
value management,
vendors,
video,
virtual teams,
workflow
Date
Benefits management: I wish we spent more time on this as I think it would help the wider project management community deliver more successfully. We’d know what success looked like, for a start. And we would hopefully work on fewer vanity projects because they would be weeded out – only projects with a decent return on investment (whatever that means to you and however you measure ‘return’) would get started… and hopefully completed.
A benefits dependency map is an easy thing to create to bring some sense of clarity to the benefits you see on a project.
This infographic gives you the headlines: it’s all about linking project objectives through to deliverables and then intermediate and end benefits. Then you can easily see how the project is going to achieve that return the business case talks about.
And if it isn’t clear, you’ve got time to do something about it before realising the project isn’t going to deliver the benefits you expected. Tweak the objectives, change the deliverables – do something to bring the project back in line.
Find out more about benefits mapping here.
Posted on: September 22, 2020 09:00 AM |
Permalink
Comments (5)
Please login or join to subscribe to this item
Very interesting, thanks for sharing.
Khai Ng.
IT PMO | IT Project Manager| TTGROUP
Hanoi, Viet Nam
Iain Fraser
Author, Speaker, Independent Director| Jacobite Consulting
Wellington, New Zealand
Hi Elizabeth and thanks for sharing these thoughts and the 4-step model. To me a modern perspective on benefits is part of a wider value management focus. It should therefore be part of a value management framework that links strategic dialogue with business plan (portfolio?) content across both capex and opex.
Hi Iain. What's the best resource you've come across on value management? Most of what I have read is full of buzzwords with little on the practical advice. I agree that projects deliver strategy and strategy is where we get the value, and that everything should be joined up and holistically managed with a value focus across the organisation. I'd love to see some tangible, concrete, practical advice from people who have made value management an embedded part of their business management, beyond just corporate-speak.
Iain Fraser
Author, Speaker, Independent Director| Jacobite Consulting
Wellington, New Zealand
Good to hear back from you Elizabeth. You raise a couple of good points re a practical approach to benefits and by extension to value. Without trying to self-promote, I'd have to recommend my book 'The Business of Portfolio Management - Boosting Organizational Value' that was published by PMI in Jul 17 and in India by Viva Books in 2018. The book discusses pragmatic approaches to changing an organisation to be more adaptive/nimble by simplifying the way it does business. There is also a useful value management whitepaper loaded on the projectmanagement.com site under my name.
I see to day that to many approaches to benefits management are complex and heavily process based. I also see confusion around the world esp. where some advocate the the project managers are responsible for benefits. I do not agree with either of those. On the value aspect it seems that many still subscribe to the monetary ratio of benefits divided by costs. Whilst this is based on published standards it is way to narrow for todays business climate. Financial aspects are always important but value can be captured in other ways. I see benefits management as part of the value mgmt framework that confirms value capture. Onwards!
Please Login/Register to leave a comment.
|
"A day without sunshine is like, you know, night."
- Steve Martin
|
