Most people have seen project justifications, explaining why a particular project should be implemented. Some of you may have seen full blown business cases, particularly for larger projects, that present in great detail all the benefits that a proposed project will yield.
But how many organizations actually go back at the end of the project, or even one year after project completion, and assess whether all the supposed benefits were actually realized?
Benefits Realization Management involves an organization’s processes for identifying and tracking benefits created by portfolios, programs, and projects. The Benefits Realization Management Practice Guide is the latest in an ever-expanding collection of best practice guides from the Project Management Institute (PMI). (PMI members can access a free PDF version and/or you can get a hard-copy from Amazon.) The guide:
- Describes why Benefits Management should be important in all organizations
- Provides a description of Benefits Management, and an associated vocabulary
- Defines the role and relationship of Benefits Realization Management to portfolios, programs, and projects
- Identifies the key principles and critical success factors needed to help an organization achieve the realization of planned benefits
- Provides general guidance for organizations in establishing their approach to Benefits Management
According to the 2018 Pulse of the Profession Report from PMI, fewer than 10% of organizations reported having very highly mature Benefits Management capabilities, although 31% were prioritizing the development of Benefits Realization strategies.
If you’re interested in making a difference in your organization, Benefits Management knowledge is likely to be something your organization is going to need, if not now, in the very near future.