Reducing waste such as rework and idle time are two classic high-level strategies to reduce cost and flow, and improve financial performance. Saving Changes...
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
A project is a strategy to realise the planned benefit. Saving Changes...
You may wish to download and read PMI's Benefit Management practice guide.
Whole life cycle benefits management is one example of a strategy - rather than just thinking about it at the end of the project, plan for it from the get go, have a benefits owner identifying how benefits will be measured and reported, and have that individual tracking those on a regular basis over the project's life and confirming to leadership that there is still sufficient rationale for continuing with the project.
Mehdi AlibakhshiPM Specialist and Instructor| PHSABritish Columbia, Canada
Hi.
PMI's Benefits Realization Management practice guide and the book named benefit realization management by Carlos Eduardo Martins Serra, CRC Press are both good reference in this subject.
Benefits realization is an important aspect of project management, as it helps to ensure that the project's outcomes and objectives are achieved and that the benefits of the project are realized in a sustainable and measurable way.
you might develop a benefits realization strategy that includes the following steps:
Identify the benefits by collaborating with stakeholders, Develop a set of metrics that will be used to measure the success of the project in achieving these benefits, Establish a baseline for each metric before the project begins, Define specific, measurable targets for each metric, based on the expected benefits of the project, Develop an action plan that outlines the specific activities and initiatives that will be implemented to achieve the expected benefits, Monitor progress against the established metrics and targets, and adjust the action plan as needed to ensure that the expected benefits are being realized and Regularly report the results of the benefits realization strategy to stakeholders. Saving Changes...
Latha Thamma reddiSr Product and Portfolio Management (Automation Innovation)| DXC TechnologyMckinney, Tx, United States
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