George LewisProgram/Project Manager| DXC Technology CompanyHeredia, Costa Rica
This discussion helps us understand the "why" we are often introduced to new concepts without asking ourselves the reason behind the decision. In this case, attention is drawn to the concept of "Project Benefits Management Plan." This definition was not part of PMBOK v5.
What is this concept?
Why is it introduced in v6?
What benefits does it bring to the PM sector?
How does it integrate with the rest of PMBOK concepts? Saving Changes...
George LewisProgram/Project Manager| DXC Technology CompanyHeredia, Costa Rica
This discussion helps us understand the "why" we are often introduced to new concepts without asking ourselves the reason behind the decision. In this case, attention is drawn to the concept of "Project Benefits Management Plan." This definition was not part of PMBOK v5. Saving Changes...
Benefits management was overlooked or given scant coverage in the Fifth Edition so I heartily endorse the introduction of this although they still have a ways to go to truly address benefits management in a holistic manner.
We do projects not just to deliver scope but to deliver business benefits and value. While benefits might have been forecast or projected as part of the BC or SoW that preceded the project, and may have been refined in the development of the charter, if we don't quantify expected benefits, assign someone to monitor their realization and update forecasts, and track them as they are actually realized, we reduce the likelihood of achieving our portfolio returns.
In the bank I used to work for, benefits were another constraint which was baselined, tracked and could be grounds for cancellation of a project if there was sufficient benefits erosion.
Kiron
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1 reply by George Lewis
Feb 03, 2018 7:18 PM
George Lewis
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Kiron - I agree.
Also, it's essential to grasp the new concepts and understand the why and how they were added.
George, projects are initiated because of benefits of some kind: monetary, better process/system, regulatory/legal requirement (benefit here is don't get penalties or be sued), social advantages etc. So doing a thorough assessment of the benefits helps to get buy in, and in the case of mandatory projects, understanding of why it is necessary.
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1 reply by George Lewis
Feb 03, 2018 7:15 PM
George Lewis
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Sante - I agree
Saving Changes...
George LewisProgram/Project Manager| DXC Technology CompanyHeredia, Costa Rica
Feb 02, 2018 6:04 PM
Replying to Sante Delle-Vergini, PhD
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George, projects are initiated because of benefits of some kind: monetary, better process/system, regulatory/legal requirement (benefit here is don't get penalties or be sued), social advantages etc. So doing a thorough assessment of the benefits helps to get buy in, and in the case of mandatory projects, understanding of why it is necessary.
Sante - I agree Saving Changes...
George LewisProgram/Project Manager| DXC Technology CompanyHeredia, Costa Rica
Feb 02, 2018 11:02 AM
Replying to Kiron Bondale
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George -
Benefits management was overlooked or given scant coverage in the Fifth Edition so I heartily endorse the introduction of this although they still have a ways to go to truly address benefits management in a holistic manner.
We do projects not just to deliver scope but to deliver business benefits and value. While benefits might have been forecast or projected as part of the BC or SoW that preceded the project, and may have been refined in the development of the charter, if we don't quantify expected benefits, assign someone to monitor their realization and update forecasts, and track them as they are actually realized, we reduce the likelihood of achieving our portfolio returns.
In the bank I used to work for, benefits were another constraint which was baselined, tracked and could be grounds for cancellation of a project if there was sufficient benefits erosion.
Kiron
Kiron - I agree.
Also, it's essential to grasp the new concepts and understand the why and how they were added. Saving Changes...
Ryan DurantSenior Supervisor - Project Execution| Republic Bank Barbados LtdNil, Christ Church, Barbados
I agree with all that was said, my company has made benefits realization a component of project selection. Therefore, if the benefit(s) cannot be properly outlined in your BC, the project may not even get the green light.
I'm glad to see its inclusion and as Kiron alluded to, I hope it gets more attention. Saving Changes...
Asadullah KhanChief Project Manager| COWISharjah, Sharjah, United Arab Emirates
In future you will have transition to transformation from sustainment in case of benefits management Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
My recommendation is going to the new BRM Practice Guide. I was part of the group of authors in the begining. I was part of the group of authors of business analysis and project/portfolio/program too. The intention is to integrate business analyst and project manager roles and to put a new vision (not new, it should be the vision from time before) related the focus is on benefits to align it to approaches like agile or lean. If you see other organizations are to far than the PMI in this field, for example INCOSE. Saving Changes...
ali mukhtarPM Consultant| Housing & Development Fund (HDF)Khartoum, Khartoum, Sudan
I believe that it is the main plan for any project that it represents in terms of the process of the project objectives that it requires.Unfortunately, sometimes the wrong policies that affect the erosion of real capital are not just profits. Through the conditional pricing of the product to win the floor of electoral success. Saving Changes...
For us this is not a new concept, but there is renewed interest in this facet. A project can be within budget, within scope, within schedule, but what truly matters is whether or not that endeavour realized the intended benefit. For example, we are building Arctic Off-shore Patrol Ships. The ships in themselves serve no purpose. The intended benefit is to be able to patrol our northern boundaries, and by doing so, maintain and exercise our authority and sovereignty in these remote areas and to ensure others do not stake claim to these territories as there are potentially huge economic benefits to be realized. Saving Changes...
"We are ashamed of everything that is real about us; ashamed of ourselves, of our relatives, of our incomes, of our accents, of our opinions, of our experience, just as we are ashamed of our naked skins."
