Saw an interesting post from by Terry Doerscher on September 13, 2007 that talked about Benefits Management
Some interesting items of note:
- I (Terry) have to admit that at first I didn't key in on its true significance, but have since come to really appreciate Benefit Management as an essential ingredient to achieving high levels of business performance, but one that is too often missing from the process repertoire. If you can employ this function with some degree of competence, it will drive the improvement and integration of many other main-line processes such as strategic planning, portfolio analysis, scope control, and product and service management.
So, what exactly is Benefit Management, or Benefit Realization as it is sometimes referred to? It is a formal mechanism for making sure that someone is keeping a watchful eye on business value versus cost and risk as a program or initiative is proposed, analyzed, approved, developed and deployed, and the methods applied to accomplish those functions.
The Benefit Owner is the central figure to employ Benefit Realization techniques, working in conjunction with portfolio, program and project managers, sponsors and other common roles. Uniquely, the benefit owner is responsible for maintaining a consistent and detailed long term line-of-sight focus on results relative to risk and cost. They ensure benefits are defined, cataloged and quantified as programs or initiatives are created and developed, and challenge ROI, NPV, or IRR assumptions for accuracy. The benefit owner also ensures that benefit metrics are established integral to program approval.
During execution, the benefit owner is responsible for monitoring underlying projects to ensure they stay on track to deliver program objectives at defined cost-benefit values as they face scope changes, delays and technical challenges. If at any time it becomes apparent that achievement of benefit is compromised or in serious jeopardy, the benefit owner has the authority to recommend replacing under-achieving projects or killing the overall effort.
Post-deployment, and long after the project managers are on to other assignments, the benefit owner stays on point to measure how actual program results track to initial projections, recommend adjustments and communicate lessons learned. In some cases, they may remain engaged over the life of the product or service, assisting in continued evaluation of benefit and making end-of-life assessments.
The role of the PMO in benefit realization
The PMO's role in all this is to help sponsor the program and establish processes, train participants, assist the benefit owners with information gathering and analysis, and facilitate reporting. They are also a natural liaison between benefit owners and project managers to help develop a collaborative partnership.
While there are a lot of underlying details that go into this process, I think you
can begin to appreciate how Benefit Management acts as a magnetic force to couple strategic intent with actual results. It fosters methodical analysis of investment portfolios relative to business need, and goes a long way towards countering a fire-and-forget mentality that sometimes takes root after the funding decision is made. By providing active value-based management oversight of deliverables as they are designed and developed, it mitigates the potential for a program or project to go on needlessly, or inadvertently lose the essential elements that deliver true business benefit when stresses arise.
Finally, it addresses the age-old problem of who will measure the value that a new
product or service actually delivers compared to those fantastical promises of 4-digit ROI on the front-end. In business management, like most skill sports, a seamless follow-through is frequently the hallmark of proper form.
Great post Terry!
Wednesday
An interesting post..
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