Benefits Realization Management
How many of your project managers (PMs) have an “elevator speech” about how your business makes money? How many could then explain how their project adds true benefits to the money-making?
In today’s world, project managers should be able to explain to anyone and everyone how they are managing the benefits their project is bringing to the business. According to the PMBOK® Sixth Edition, there are several skills your project managers should have–or be acquiring–when it comes to strategic competence. One of them is benefits realization management.
If your organization has ignored this dimension of PM development, take a look at what can happen when the PM is skilled.
The PM has a powerful tool for aligning stakeholders.
What a way to get stakeholders excited about a project! Getting them involved in the identification and planning of project benefits could be the start of managing expectations and influencing behaviors that support progress. Teach PMs how to leverage this tool.
The project stays aligned with business strategy.
The literature is brimming with examples of projects that went off the rails and failed to deliver the expected benefits to the business. While there are many contributing factors to this type of outcome, PMs are in the best position to monitor alignment and raise an early warning when realizing the benefits is slipping away. A recent Pulse of the Profession® report by PMI® describes how organizations are better able to control cost and schedule when they master this skill. Create or adopt a methodology for checking alignment.
PMs benefit professionally.
Here are a couple of benefits. When PMs learn to manage benefits realization, they take decisions faster and with more accuracy because they are guided by how project strategy links to organizational strategy. They also benefit when the project has metrics related to delivering benefits to the organization. This could be part of your PM’s performance evaluation and total compensation. Train your PMs to do this.
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