Benefit Realization and Analytics

One of the most compelling reasons for benefit realization the ability for the program manager to report back to the business that the investment value is being realized. In order to perform this task properly the program manager is going to apply many of the principles of analytics. This blog wants to give high-level definition of analytics and how they will apply to program management and benefits realization.

As the image shows analytics have a couple major components to them that are right in line with the entire benefits realization concept. First analytics is a higher-level of looking at your data and communicating results visually as well as tactically. Analytics is looking at patterns in the data, it may be trends in maybe cause-and-effect it may be direct or indirect relationships. So the first step is understanding the data in the enablers to create. Second analytics relies on statistical disciplines, this includes using tools to extract data in the appropriate research in business intelligence in order to quantify the performance of that data.  Finally analytics does favorite data visualization to communicate the inside of the knowledge that has been obtained by the program manager that is reporting the actual results of the benefits realization.

In some ways the use of analytics expands the role of the program manager into a couple different areas both the delivery of the solution as well is running of the business. Analytics falls mainly under a business analysis skill set, and PMI now has a certification in business analysis, as well as performance analysis of the different components with in the program itself.  The program manager will need to be able to look at production data and be able to identify the patterns and communicate those and how they relate to the program itself. Analytics will require the current state the future state of the KPIs and how the benefits are going to be able to measure is associated KPIs. The other area that analytics will expand the program manager skill set is on analyzing a series of data points as opposed to just a snapshot in time traditionally project managers are able to give a readout of the current earned value, with respect to schedule and cost and project be earned value to completion. Analytics, as applied to the program, will also need to look at past performance and project future performance across multiple components and the people aspect of implementing these components.

What analytics will drive is a new means of communicating for the program manager. As mentioned in the definition above analytics resonate with the visual explanation. The program manager will be expected to provide that visual explanation interrelationship between expected results in actual results and the approach to close the gap is the variance is about tolerance level. This is not to be dependent on good data which will drive the program deliverables to ensure the proper hand also milestones are defined. It will also require the program manager to be able to map out the relationships between project results and business performance.

This is an exciting growth area for program managers and a great opportunity for a strategic project management office to be able to deliver more value to the business. This is another step in the journey to aligning the strategy of the company with the investment is being made. The program manager be looked at to be able to explain the journey and demonstrate where the organization is on that journey. And be able to do so in a visual data proven presentation that will transcend all components of the value chain.

I have a one hour chapter presentation or webinar on benefits management.  I have also developed and delivered workshops and prestation for many organizations including ProjectWord and PMI.

Introduction to Benefits Realization

Are we getting what we need?

At the 2015   PMI Annual Leadership Institute Meeting, PMI CEO Mark Langley told the audience that his single most frequent request from the Business Community was to have Portfolio/Program/Project Managers utilize Knowledge, Skills, and Abilities in Benefits Realization. This session will introduce the concept of Benefits Realization and how it is an important subset of Program and Project Management.  It will cover a definition of Benefits, a discussion on the currency of the benefits, and conclude with an interactive definition of a benefit in a Benefit Realization Plan.  Designed for practitioners at all levels, this will cover an in-demand skill for PPPM professionals in the 2010’s and beyond.

Complimenting Benefits Workshops, this presentation is an opportunity for you to better understand the relationships between Benefits Realization and Corporate strategy and establish yourself a Project Manager “who can do it!”.  It is an energized, pragmatic presentation, with many real-life examples, humorous anecdotes, and proven methods to the map between project objectives and corporate strategy.  It also includes time  for Q&A where you will learn:

• What are  benefits and dis-benefits and what are some of the human bias that make it a difficult process for most organizations?
• The purpose of a Benefits Map and how defining the Project Benefits can transcend the project completion through a transition to operations.
• The role of the project manager and the project outcomes and how they interact with Benefits Realization.

A project must be designed to provide benefits back to organization.  Whether they are revenue centered benefits to reduce cost or maximize revenue, or cost effective benefits forced by external mandates, there is a reason the company is making the investment.  This presentation helps to bridge the gap between the strategy and implementation and how the project manager fits into the picture.

The presenter, Dave Davis, PMP & PgMP is a practitioner of PPPM and a recognized professional in helping organizations. He has 30+ years as a manager (business, project, program, & knowledge), business analyst, curriculum advisor, instructor, and course developer. His PMI roles include Chapter President, Standards committees, and certification question writing. He is currently on the PMI COP Advisory Group. Dave holds 3 master’s degrees including an MBA from Xavier University, and eBusiness Project Management Certificate from the University of British Columbia.  He has published many articles and delivered presentations at professional conferences throughout Europe and North America.  Dave has developed and delivered advanced training for many universities and private companies.  Besides the Project Management certifications, Dave is certified as a Professional Business Analyst, Benefits Management, and Mindjet Mind mapping.  He also holds a Master’s in Business Administration, the PMI Leadership Masters Certificate and is a Six Sigma Green Belt.

This meeting is your opportunity to strengthen your Distinguished Project Manager toolbox!