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 development. 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 a program management perspective, BRM provides a framework for managing the benefits of the program, including identifying and prioritizing the benefits, developing a benefits realization plan, and monitoring and evaluating progress towards achieving the benefits. BRM also provides program managers with a way to measure the success of the program in achieving its business objectives. By evaluating the actual outcomes of the program against the expected benefits, program managers can determine whether the program has been successful or not. This information can be used to make adjustments to the program's strategy, tactics, and implementation to maximize its impact and value. 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
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"
