A few learnings from my past experience:
- Ensure the folks responsible for tracking and reporting on benefits are identified early in the life of the project and if the responsibility changes once the project ends, have the new party identified
- Report on forecast vs expected benefits regularly over the life of the project to reduce opportunity costs and the risk of sunk cost fallacy continuing investment in projects which will no longer return expected value
- Define the specific KPI or measure to be used to represent benefits as part of the project's business case and ensure there is an objective, operational definition for that.
- Define a realistic timeframe for tracking benefits against the project costs (as opposed to the product or service costs).
Carolina,
Recently on this platform, there was a productive discussion on the benefits realization strategy. The benefits realization strategy will likely be an outcome of the framework. Here is the link to the illuminating dialogue on the topic:
https://www.projectmanagement.com/discussi...rategy-examples Saving Changes...
Thomas WalentaGlobal Project Economy ExpertHackenheim, Germany
Carolina,
besides PMI resources and I commend Maria to point to a comprehensive list of them, there resources from the UK, where as I believe the concepts of benefits was elaborated on first.
For example the UK government's IPA issued a 'Guide for Effective Benefits Management in Major Projects',
And there is the ISO 21503 standard which includes benefits realisation.
Notable authors with lots of good books on the topic are
- Steve Jenner
- Carlos Eduardo Martins Serra Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
In the begining I was part of the group of authors of PMI´s BRM Practice Guide. Time after I have to leave the group for personal reasons. This group made a great work to create the guide. No matter that, in my personal opinion, this guide could not be enough to put in place a BRM system (system, not software system). I worked on this matter from long time ago in lot of companies then my recommendation is going to other "standards" like used in the British Government or the INCOSE. Saving Changes...
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