Benefits Realization Management – A Model for Projects and Programs
One of the most difficult, yet important, questions regarding projects is "What advantages will this project create for the investors and key stakeholders?" Projects and programs should be treated as investments. This means that the focus of projects shifts from delivering within the triple constraints (time–cost–quality) towards some of the more fundamental questions:
- What is the purpose of this investment?
- What are the specific advantages expected?
- Are these benefits worth the investment?
This presentation will provide an overview of a model for executives and practitioners within the portfolio, program, and project environment. It will guide them through the important work that must be addressed as the investment progresses towards the realization of benefits. The model will cover processes addressing the strategic elements of benefits realization which will bring the program delivery teams and the operational users together with a new perspective.
Covering an area of program and project management that is rapidly becoming more widely valued, this presentation blends theory with practical experience to present a clear process flow to managing the benefits life cycle.
- Definition of Benefits
- Categories of Benefits
- Overview of a model for realizing benefits
- Some traps and pitfalls to avoid
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Acknowledgements: Kimberly Whitby and Derrick May