Benefits realization management (BRM) is a critical element of any successful project. It is the process of ensuring that the goals, objectives, and expected outcomes of a project are achieved. When done effectively, BRM has the potential to add significant value to organizations.
The objective of BRM is to align the project goals to the desired business outcomes, and ensure that all stakeholders are committed to the success of the project. It also involves creating a plan for the successful implementation and execution of the project, and ensuring that the expected benefits are achieved. Additionally, BRM can provide an organization with an important tool to measure the success of a project and identify areas for improvement.
The most successful organizations understand the importance of BRM and have made it a key part of their project management processes. By putting the right processes in place and executing them effectively, organizations can ensure that they are maximizing the potential of their projects and achieving the expected results. In this blog post, we
Stages of benefits realization management
Here are the three stages of benefits realization management:
1. Identify the benefits
Identifying the anticipated benefits at the start of a project or program is the first step in the benefits realization management process. Consider identifying the value you anticipate deriving from a particular initiative with your team. This can assist you in determining whether a proposed project is feasible and whether its outcomes will advance an organization’s more important goals. After that, you can share your projections with the project’s stakeholders to make sure that the intended outcomes line up with the company’s objectives and mission.
You and your team might ponder the following inquiries when determining the advantages of a proposed project:
2. Execute the benefits
You can proceed to the following stage, which focuses on executing the benefits, after determining the project’s benefits. To achieve this, procedures must be established, and each task must be completed to produce the desired outcomes. Utilize management strategies to reduce risks to future benefits and increase the likelihood of achieving additional benefits. The creation of a benefits realization plan, which frequently includes the following:
You might think about a series of inquiries to help you determine your completion of this stage when implementing the project’s benefits. For instance, consider whether you clearly explained the benefits to project stakeholders. You might also think about whether the project team is aware of how the outcomes contribute to business advantages. If someone is in charge of updating the project benefits to reflect recent knowledge of evolving business conditions, that is another crucial question to consider.
3. Sustain the benefits
Sustaining the benefits is the last phase of benefits realization management. This step concentrates on making sure a project or program’s results continue to benefit a company. This step can be completed by assessing the performance of a project’s deliverables. Consider identifying potential areas for development for upcoming projects with your team. The following queries might come to mind as you complete the final phase of benefits realization management:
What is benefits realization management?
Organizations use the benefits realization management process to assess the worth of proposed projects and programs. This process aids businesses in controlling their time and resource allocation in order to bring about desired changes and obtain favorable results. It frequently entails the recognition, definition, planning, monitoring, and attainment of business benefits. Benefits realization management, when applied to a particular project, entails initiating, organizing, carrying out, controlling, and supporting change within a company through management techniques to implement a project’s pre-defined benefits.
Why do companies use benefits realization management?
Companies use benefits realization management for a variety of reasons. This procedure provides the essential framework to streamline project execution and guarantee that each task produces quantifiable value within a managed schedule. Benefits realization management can assist a company in preventing any significant errors and avoiding significant delays in a project’s timeline. It enables the execution of the most beneficial initiatives, combining strategy planning and implementation. The procedure can assist a business in achieving outcomes that continue to be advantageous to it even after a project is completed.
Ways to visualize benefits realization management
The following techniques can assist you in visualizing benefits realization management:
Benefits dependency map
A project’s relationship to a company’s strategic goals is demonstrated by a benefits dependency map. It includes five sections that each serve their own purpose. The following sections could be found in a benefits dependency map:
Benefits dependency network
A benefits dependency network, like a benefits dependency map, is concerned with maximizing the return on digital investments. The six sections of this method assist you in visualizing your benefits realization management strategies. The following sections could be found on a benefits dependency network:
Results chain
Another way to see a benefits realization plan is through a results chain. Compared to the previous two options, a results chain is simpler because it only has four parts. The four items you can put on a results chain are as follows:
Benefits Realization Management Framework
FAQ
What is a benefit realization plan?
A document outlining the steps required to bring about the anticipated benefits is known as a BENEFITS REALIZATION PLAN. It specifies a timetable as well as the instruments and resources required to guarantee that the advantages are fully realized over time. It outlines the advantages, underlying assumptions, and methods for achieving each advantage.
What is a benefits realization study?
A project management technique called benefits realization management (BRM) gauges how projects and programs benefit the organization and advance important business goals.
How are benefits realized?
Benefits realization is the process of obtaining the real benefits (both tangible and intangible) from a project (or program) after the work has been completed. Benefits realization frequently entails monitoring the project’s quantitative benefits (e g. financial benefits, operational benefits, etc. ).
Who is the benefits Realisation management framework for?
Anyone interested in learning how to identify and value benefits when allocating public funds, including change managers, project managers, and business analysts, should use the Benefits Realization Management Framework.
