Benefit realization management

Overview

Benefit Realization Management (BRM) constitutes a method that is used in various organizations for the purpose of measuring and assessing the added value to their enterprise by specifics projects and programs.

The three main steps to this process are the identification, the execution and the sustainment of the project and program benefits. In the first step the expected benefits are identified; it is determined whether the project is achievable and what results it will yield. The project’s stakeholders must ensure that the benefits are of relevance to the organization’s strategies and goals. Secondly, once the intended benefits are determined, an execution plan must be formed to achieve the expected results. This plan contains all the necessary steps needed for the project’s success. Namely, it includes the benefits, assumptions, tasks, and changes that must take place coupled with metrics, roles and responsibilities that are to be carried out by employees, as well as a communication strategy for the report of progress to the stakeholders. Lastly, it must be ensured that the benefits achieved in the previous step, will remain effective.

Once the project is finished, an evaluation must occur where the deliverables are discussed, and improvements of existing strategies might be formed. This step is crucial, as it must be ensured that the project benefits will remain into effect. Benefit Realization Management tools, such as benefit maps are essential and quite helpful as well. Benefit Dependency Maps (BDM) and Benefit Dependency Networks (BDN) serve the purpose of visualizing the necessary steps to the planning, execution, and sustainment process. The end goal is included, as well as the change factors that led to the realization of the project or program.