Benefit Realization Management
Contents |
Summary
Introduction
Benefit Realization Management (BRM) is a critical discipline that plays a vital role in ensuring organizations derive maximum value from their projects and programs by focusing on the identification, planning, execution, and review of benefits throughout their lifecycle. It is more crucial than ever for firms to invest in programs that provide value and help organizations achieve their strategic goals in today's competitive business environment. By coordinating projects and programs with strategic goals and turning these goals into quantifiable and reachable outcomes, BRM offers a disciplined framework to manage this process.
BRM's main goal is to guarantee that a program's targeted objectives and outcomes are accurately aligned with benefits that can be controlled and monitored, increasing return on investment (ROI) and promoting continuous improvementt. This entails not just recognizing prospective advantages but also organizing and carrying out actions to help them operationalize. It also entails comparing actual benefits to anticipated benefits in order to assess success and guide future actions.[1]
By adopting BRM practices, organizations can improve decision-making, foster stakeholder engagement, and optimize resource allocation, ensuring that projects and programs deliver the expected value. Furthermore, BRM helps organizations to better manage risks and uncertainties associated with projects and programs, increasing the likelihood of success and promoting a culture of learning and growth.
This article provides an in-depth exploration of the concept of Benefit Realization Management and its importance in the context ofprogram management. It delves into the various aspects of BRM, including the process of operationalizing benefits, techniques and tools used, roles and responsibilities of stakeholders, and best practices for successful benefit realization.
What is Benefit Realization Management
The purpose of Benefit Realisation Management (BRM) is to ensure that the program's outcomes align with the business objectives and that the expected benefits are achieved. Program management is concerned with managing multiple related projects that are intended to deliver a common goal or set of goals. The purpose of BRM in program management is to ensure that the benefits of each project are integrated and aligned with the overall program objectives. This involves identifying, planning, delivery, transition and benefits sustainment of each project is expected to deliver, and then ensuring that they are integrated into the program's overall benefits realization plan.[2]
From the standpoint of program management, BRM offers a framework for managing the program's benefits, including benefit identification and prioritization, creation of a benefits realization strategy, and tracking and evaluating progress.
BRM gives program managers a means to assess if their programs are accomplishing their intended objectives. Program managers can decide if a program has been successful or not by comparing the actual outcomes to its anticipated benefits. To maximize the program's effectiveness and value, this information can be used to make improvements to its strategy, tactics, and execution.
Overall, the purpose of BRM from a program management perspective is to ensure that the program delivers the intended benefits to the organization. By using a structured approach to identifying, planning, and monitoring the benefits of the program, program managers can ensure that the program is aligned with the business objectives and delivers value to the organization. Furthermore it assist the program stakeholders to focus on the outcomes and benefits to provided by the various activities and components conducted during the programs durations. To allow for this it is essentail that the program manager employs Benefit Realisation Management to:
- Identify and assess the value and impact of program benefits
- Monitor the interdepandancies among the outputs being delivered by the various components withing the program and how theose outputs contribute overall to the program's benefits
- Analyze the potential impact of planned program changes on the expected benefits and outcomes
- Align the expected benefits with the organization's goals and objectives
- Assign responsibilities and accountability for the realization of benefits provided by the program and ensure that the benefits can be sustained.
Program Benefits Management assist in operationalizing the program framework within the organization.
Operationalization of Program Benefit Realization Management
Limitations
Bibliography
Planning Benefits
tempreferences
References
- ↑ 1.0 1.1 "Project Management Institute, Inc. (PMI). (2017). Standard for Program Management (4th Edition). Project Management Institute, Inc. (PMI). Retrieved from https://app.knovel.com/hotlink/pdf/id:kt012S0RO1/standard-program-management"
- ↑ 2.0 2.1 Project Management Institute, Inc. (PMI). (2019). Benefits Realization Management - A Practice Guide
- ↑ "A. Mossalam, M. Arafa, The role of project manager in benefits realization management as a project constraint/driver, HBRCJournal (2015),http://dx.doi.org/10.1016/j.hbrcj.2014.12.008"
- ↑ "Narasimhan, K. (2007), "Benefit Realisation Management: A Practical Guide to Achieving Benefits through Change", Measuring Business Excellence, Vol. 11 No. 2, pp. 85-86. https://doi-org.proxy.findit.cvt.dk/10.1108/mbe.2007.11.2.85.3"
