Damian PereraMonitoring & Evaluation Specialist| ChrysalisMellawagedara, Western Province, Sri Lanka
A project should have consistent guidelines for benefit management and it includes benefit tracking and reporting. When the projects are able to exactly define their benefits, they can make better decisions on resource allocation. What are some of the best practices related to benefit management? Saving Changes...
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Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
I was part of the group inside the PMI that would deliver a practice standard on benefit realization management this year. So, wait for that.
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2 replies by Mayte Mata Sivera and Vincent Guerard
Jun 14, 2018 5:17 PM
Mayte Mata Sivera
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Super interested on this document, do you know the planned release date?
Jun 14, 2018 10:20 PM
Vincent Guerard
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Interested in learning more about the timeline
Any public reading before release?
Until the practice standard becomes available, here are some tips I could suggest:
1. Identify how benefits will be objectively measured, the baseline against which they will be measured, and how long they will be measured post-project as early as possible
2. Ensure there is ownership for benefits realization tracking and for monitoring the remaining expected benefits
3. Report on benefits expected vs. realized vs. committed on a regular frequency just as with all other project KPIs
4. Ensure the ownership of benefits tracking is part of the transition when the project closes
5. Tie successful realization of committed benefits to approval of future project funding requests. If a given project requester has a terrible track record of delivering on expected benefits that should negatively impact their ability to secure more funding...
I was part of the group inside the PMI that would deliver a practice standard on benefit realization management this year. So, wait for that.
Interested in learning more about the timeline
Any public reading before release?
...
1 reply by Sergio Luis Conte
Jun 15, 2018 4:50 AM
Sergio Luis Conte
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To be honest I quit the group after the first two moth of work. I do not have more information than it will be a practice guide.
Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
Jun 14, 2018 5:17 PM
Replying to Mayte Mata Sivera
...
Super interested on this document, do you know the planned release date?
To be honest I quit the group after the first two moth of work. I do not have more information than it will be a practice guide. Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
Jun 14, 2018 10:20 PM
Replying to Vincent Guerard
...
Interested in learning more about the timeline
Any public reading before release?
To be honest I quit the group after the first two moth of work. I do not have more information than it will be a practice guide. Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
Regarding Vincent reference about Axelos I was in charge to create the Value Management Framework (that is the name we gave in my actual work place) in my actual work place which contains all related to benefits. I have to research a lot no matter I have a backgound on that. My recommendation is take a look to INCOSE documentation too. Saving Changes...
Markus KopkoAI Enabler for Project & Program Mgmt | Founder PMotion.ai / The PM
AI Coach| PMotion.aiHamburg, Hamburg, Germany
Hey Guys,
great to hear that there will come something substantial from PMI. Will it be a practical guide or will it be a BRM Standard (and will there be a specific certification to that in future?).
Well, there is no doubt that a project manager needs awareness for benefits and how his/her project and furthermore the project results will contribute to the organization's benefits strategy, BUT
is benefits management and/or benefits realization management a task for you as a project manager OR is this a discipline on its own?
I was confused about the terms and the responsibilities.
Well, yes there is a so-called "benefits management plan" as a new Input to the "develop project charter" process in the new PMBoK Guide.
BUT that is not the "Benefits Realization Management Plan" ... is it?
I have done a little research and have found a lot of information about BRM BUT very few information about the "Benefits Management Plan".
Well, maybe you can bring a bit of light into the darkness of my mind regarding this topic?
Would highly appreciate that.
And I would be very glad about any good sources for further information and maybe templates about BRM but furthermore about the "Benefits Management Plan".
