Abstract“The best-laid strategies of any organization are useless without proper implementation”, (The Economist Intelligence Unit, 2013). In today’s complex world, management in both the private and public sector is increasingly concerned by the wide gap between formulating their strategy and the ability to execute on it. The gap results in missed opportunities and ultimately business failures.
Today’s successful organization must be able to identify new objectives and effectively implement change toward achieving those objectives. Evidence-led benefits realization lays the cornerstone for this competency.
There are two key elements to consider in benefits management. The first is the “front end”; what are the benefits, and how does this influence the business case and investment process? However, equally important is the confirming feedback; did we make a good investment as “evidenced” by achieving our intended benefits? It is that last stage, the follow up to confirming the business case, that usually gets lost in the rush to move on to other projects. With a structured benefits realization life cycle, this step is a formal part of the process, including adjustments if the desired results are not initially realized. Therefore, the probability that objectives are met, within acceptable portfolio performance thresholds, increases for organizations who adopt Benefits Realization.
ObjectivesExplain the relationships between portfolio, project, and benefits management and successful investments.
Clarify the key roles for the stages in investment analysis, enabling changes, and ‘booking the benefits”.
Discuss and review key aspects of tracking and reporting benefits to ensure successful results
Recognize how to optimize your investments in strategic organizational changes.
Who Should Attend Intermediate / advanced PMs and BAs, those making investment decisions in project selection and funding, change directors.
Course Overview- Introduction
- Logistics of the day
- Objectives of the participants from the workshop
- Goals of the workshop
- Foundation Concepts
- Introduction to Benefits Management
- The pressures of change
- Relationship to PMI’s projects, programs, and portfolios domains
- Key Components of Benefits Management
- Alignment of benefits to organizational objectives
- Use of benefits categorization
- Documentation
- Roles
- The Benefits Management Life Cycle
- Stages in a change initiative life cycle with respect to benefits realization
- Examples of prioritization approaches of initiatives for portfolio selection
- Exercise in developing an Investment Logic Map
- Roles and Responsibilities
- Review and discuss the key roles and their importance in benefits management
- 3 approaches for implementation of benefits management
- Documentation and Reporting
- Identifying and documenting the benefits: metrics and measurements
- Key success criteria
- The importance of “trends” in tracking benefits
- Investment reporting versus project / programme reporting
- Summary and Next Steps
- Highlights of the workshop
- Review of content, goals and expectations
- Personal Action plan
