Benefits realisation management
Benefits Realisation Management is defined as the process of organising and managing to achieve the highest potential benefits in a project. It is a continuous process that runs through the complete life-cycle of a project. It works as a core process for any change initiative, it is the backbone for any programme, involving more than a few benefit events in the early stage of the process. The fundamentals of Benefits Realisation Management is that it should be the driver for all change and programme activities. This includes the following highlights:
- Providing the mechanism for engaging stakeholders
- Defining requirements and acceptance criteria
- Help establishing and maintaining the Blueprint
- Determine project and programme boundaries
- Develop programme and project plans
- Identify risks
- Informing the Business Case
- Ongoing monitoring and reviews
An important key point for Benefits Realisation Management is to recognise the starting position for a project to reach the end point, the goal. This means that the current status, drivers for change, stakeholders and cultural factors have a central part in the first process to active engage with the business, articulates and establishes. Only then can Benefit realisation management determine the change that is required to achieve the goal.
The Benefits Realisation Management was developed to guide the conception and the management of projects, based on the business needs and to support effective governance. These practices work as a link between strategic alignment and project success, supporting the management of a more effective project and ensuring the delivery of business needs.