While PMI celebrates their 50th anniversary this year 2019, this new standard is in its formative stage. Currently, Benefits realization Management is released as a practice guide and it has all the potential to become a practice standard and a future credential for the practising professionals.
Benefits realization is the common thread that runs from organizational strategy through project deliverables that contribute benefits. However, research has revealed Benefits Realization Management (BRM) practices are not clearly understood, and not used effectively in the management of portfolios, programs and projects.
PMI’s first standards publication in its 50th anniversary year, released this practice guide to close this gap and will help you drive more successful outcomes and better strategic alignment in your organization. It helps integrate BRM across all types of delivery approaches, tailored into an appropriate practice within portfolio, program and project management.
This Practice Guide will cover the following key topics:
- Introduction, BRM-Purpose, Need and Target audience
- BRM Core principles and critical success enablers
- BRM Framework
- BRM General guidelines for Portfolio, Program and Project Managers
The benefits realization management life cycle from an organizational mission, vision and strategy through project deliverables and success measurement, and how this life cycle contributes to the expected benefits and value that the organization intends to realize.
A framework and guidance to help practitioners manage benefits realization in organizational project management and portfolio, program and project management.
Benefit Realization management is one of the core domains of Portfolio and Program Management framework and for the PfMP and PgMP aspirants, it is critical for their success in these credential examinations.
I have presented below some of the core elements of Benefit Realization management
The following picture connects the organization strategy to benefits and business value
The strategy represents Vision, Mission and the image of the future.
This is then translated into SMART objectives
Organization embark on various initiatives in the form of Projects, Programs to realize their strategic objectives.
They are grouped into Portfolios based on unique themes and manageability. The role of Portfolio Management is to evaluate the initiatives against the benefits, costs and strategic alignment
Benefit management runs across the various components
Often the relationship between Output, Outcome, benefits and business value undermined within organizations. This results in project/program failures.
A focussed Benefit Management strategy is expected to fill this gap.
The benefits management framework suggested by PMI is as below
Benefit Identification stage involves, benefits strategy, benefit identification, benefit profile and development of benefit register and benefit realization management plan and they are related as below :
Benefit mapping, Benefit categorization and categorization cube are some of the key differentiators of this standard. We can expect another PMI standard and a credential (certified benefit management professions) emerging over the next few years
They Digital-only version available for free download for a limited time. Please download your copy and read for more details