Overview
Benefits are not just another dimension of portfolio management but are the basic rationale for any investment of funds. As such, benefits should drive those investment or change decisions from initiation through implementation and beyond. It is the methodology needed by any
organization is intent on overcoming its inability to effectively demonstrate that the benefits desired and outlined in the business case are achieved in practice.
This course, built on a wealth of real-world experience and lessons learned, will engage the participants in achieving:
- Increased organizational ability to forecast benefits that are complete, realizable, and represent real value for the money. In other words, we are investing in the right things and getting them done.
- Realize forecasted benefits in practice by ensuring the required enabling, business, and behavioral change takes place; ensuring that the performance of the benefit matches the business case promise.
- Realize benefits as early as possible and sustain that realization for as long as possible.
- Capture and leverage emergent or unplanned benefits (and minimize any dis-benefits) to optimize the benefits realized and the value for money is achieved.
- The organization’s ability to demonstrate the above, not just as part of the accountability framework, but also to learn what works as a basis for continuous improvement.
- Course Length:
- Virtual: Four 3-hour sessions
- Onsite: 2 Days
- Professional Development Units (PDUs): 12 (10 Power Skills; 2 Business)
- Program Knowledge Level: Intermediate
- Field of Study: Business Management & Organization
- Prerequisites: None
- Advance Preparation: None
- Benefits: Support the growth of Project Managers by building a tailored learning program
Key Outcomes
Upon completion of this course, participants will be able to:
Describe the importance of Benefits Realization Management (BRM)
Define the key concepts of BRM, including what it is, the case for doing it, and common misconceptions
Identify how BRM can be integrated within existing strategic, program, and project management processes
Apply BRM tools (benefits register, benefits map)
Advise on implementing effective benefits management practices and how to sustain progress
Describe the seven principles of a successful benefits management sustainment practice
Course Outline
Strategic Management of Benefits and Why Is It So Important?
- Define key benefits terms
- Identify the goals and objectives of Benefits Realization Management (BRM)
- Describe why linking BRM to strategy execution is critical
- Recognize how BRM can be deployed at the portfolio, program, or project level
- Discuss barriers to effective BRM
- Describe the characteristics of an effective business case
Identify & Quantify Benefits for Strategic Projects
- Identify strategic drivers, investment objectives, and benefits
- State the various methods used to identify benefits
- Recognize how a benefits dependency network and delivery map help explain the flow and connectedness of benefits
- Perform benefits identification in a simulated environment
Value & Appraise Benefits
- Recognize techniques used to value:
- Financial benefits
- Efficiency improvements
- Non-financial benefits
- Discuss cost-benefit analysis
Planning for Benefits
- Identify actions required to validate benefits, prioritize benefits, and manage pre-transition activity
- Define criteria for selecting appropriate benefit measures
- State requirements for the effective management of benefits and opportunities
- Describe techniques for planning effective stakeholder engagement
Merge Benefits Realization into Existing Processes
- Identify additional steps to integrate benefits management into project management processes
- Understand post-project closure steps
- Recognize challenges of benefits management
Seven Core Principles for Benefits Realization
- Identify the principles that enable effective benefits management
- Recognize the integrative role the seven principles play in establishing and sustaining effective benefits management