Benefits Realization Management Strategic Value from Portfolios Programs and Projects 1st Edition by Carlos Eduardo Martins Serra 1032477164 9781032477169

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ISBN 10: 1032477164

ISBN 13: 9781032477169

Author: Carlos Eduardo Martins Serra

Benefits realization management (BRM) is a key part of governance, because it supports the strategic creation of value and provides the correct level of prioritization and executive support to the correct initiatives. Because of its relevance to the governance process, BRM has a strong influence over project success and is a link between strategic planning and strategy execution. This book guides portfolio, program, and project managers through the process of benefits realization management so they can maximize business value. It discusses why and how programs and projects are expected to enable value creation, and it explains the role of BRM in value creation. The book provides a flexible framework for: Translating business strategy drivers into expected benefits and explains the subsequent composition of a program and project portfolio that can realize expected benefits Planning the benefits realization expected from programs and projects and then making it happen Keeping programs and projects on track Reviewing and evaluating the benefits achieved or expected against the original baselines and the current expectations. To help project, program, and portfolio managers on their BRM journey, as well as to support business managers in executing business strategies, the book identifies key organizational responsibilities and roles involved in BRM practices, and it provides a simple reference that can be mapped against any organizational structure. A detailed and comprehensive case study illustrates each phase of the BRM framework as it links business strategy to project work, benefits, and business value. Each chapter ends with a series questions that provide a BRM self-assessment. The book concludes with a set of templates and detailed instructions to ensure successful deployment of BRM.

Benefits Realization Management Strategic Value from Portfolios Programs and Projects 1st Table of contents:

PART I Benefits Realization Management and the Creation of Strategic Value to the Business

Chapter 1: Introduction

1.1 Making the Case: Relevance of Project Benefits for Business

1.1.1 High Rates of Project Failure

1.1.2 Business Success Depends on Project Success

1.1.3 Effective Project Governance Enabling Strategic Success

1.1.4 Benefits Realization Management for Success

1.2 Guide to the Subsequent Chapters

1.3 End-of-Chapter Review Questions—Chapter 1

Chapter 2: Strategy Execution: Translating Corporate Strategy into Program and Project Strategy

2.1 Increasing Effectiveness in Strategy Execution

2.1.1 Management by Objectives: Setting the Targets

2.1.2 Total Quality Control (TQC) and Hoshin Management: Committing the Organization to Deliver Strategies

2.1.3 Balanced Scorecard (BSC): Measures That Drive Performance

2.1.4 Project Management: A Structured Way for the Implementation of Business Strategies; or, “Doing the Things Right”

2.1.5 Program Management: Implementing Business Strategies in a Coordinated Way; or, “Doing Things Right, Then Achieving the Benefits”

2.1.6 Project Portfolio Management: Delivering What the Business Needs; or, “Doing the Right Things”

2.1.7 Benefits Realization Management: Closing the Value Gap

2.1.8 Strategy Execution: A Conglomerate of Processes and Techniques

2.2 Strategy Execution: A Journey from Business Strategy to Project Strategy

2.2.1 What Does Business Strategy Mean?

2.2.2 From Project Management Strategy to Project Strategy: A Much Needed Evolution

2.2.3 Different Strategies, Same Final Goals

2.3 Chapter Summary: Strategy Execution: Translating Corporate Strategy into Program and Project Strategy

2.4 End-of-Chapter Review Questions

Chapter 3: Project Success and Creation of Value to the Business

3.1 Multiple Dimensions of Project Success

3.1.1 Defining Project Success

3.1.2 Success Based on Project Management Performance

3.1.3 Success in Creating Value for the Business

3.1.4 Different Approaches, Criteria, and Perceptions of Success

3.1.5 Project Success Criteria from a Strategic Perspective

3.2 Delivering Value through Project Management

3.2.1 Execution of Business Strategies through the Most Valuable Projects

3.2.2 What Value Do Businesses Need?

3.2.3 Project Benefits Deliver the Value That Businesses Need

3.2.4 How Benefits Realization Management Can Support Project Success

3.3 Chapter Summary: Project Success and Creation of Value to the Business

3.4 End-of-Chapter Review Questions

PART II Enterprise Bene fits Realization Management (eBRM)

Chapter 4: Establishing the Environment for Benefit Realization

4.1 Introduction: Developing and Aligning Strategies

4.1.1 Planning the Route for Strategy Execution: A Hierarchy of Strategies

4.1.2 Small, Medium, or Large, Projects Are All About Strategy Execution

4.1.3 Investment Criteria: How to Select What Is Valuable

4.2 Creating or Enhancing the Environment for Effective Benefits Realization Management

4.2.1 Implementing Benefits Realization Management Practices or Enhancing Maturity in Benefits Realization Management

4.2.2 Developing an Enterprise Benefits Realization Strategy (eBRS)

4.3 Key Roles and Responsibilities for Benefits Realization Management

4.3.1 Benefits Realization Governance Roles

4.3.2 Program and Project Management Roles

4.3.3 Benefits Ownership Roles

4.4 Case Study: Benefits Realization Management at ProjectEng Civil Engineering Services Ltd.

4.4.1 Organization Profile

4.4.2 Planning the Enhancement of Benefits Realization Management Maturity

4.4.3 Developing a Benefits Realization Management Framework

4.4.4 Developing an Enterprise Benefits Realization Strategy (Step 1)

4.5 Chapter Summary: Establishing the Environment for Benefits Realization

4.6 End-of-Chapter Review Questions

Chapter 5: Planning Benefits

5.1 Introduction: Composing Portfolios of Initiatives

5.2 Translating Business Strategy Drivers into Expected Benefits

5.2.1 Identifying Benefits

5.2.2 Mapping Benefits

5.2.3 Creating Benefits Matrixes

5.2.4 Classifying Benefits

5.2.5 Setting Benefits Measures and Targets

5.2.6 Defining Benefits Ownership

5.2.7 Creating Benefit Profiles

5.3 Composing a Project Portfolio to Realize the Expected Benefits

5.3.1 Identifying Projects

5.3.2 Defining Programs and Projects

5.3.3 Classifying Projects

5.3.4 Appraising Projects

5.3.5 Selecting and Prioritizing Projects

5.4 Case Study: Enterprise Benefits Planning

5.4.1 Finalizing the Enterprise Benefits Realization Strategy (Step 2)

5.4.2 Composing the Project Portfolio

5.4.3 Creating a Benefit Profile

5.5 Chapter Summary: Planning Benefits

5.6 End-of-Chapter Review Questions

Chapter 6: Realizing Benefits

6.1 Introduction: Delivering Outputs, Business Changes, and Outcomes to Realize Benefits

6.2 Planning Benefits Realization

6.2.1 Developing a Program-Level Benefits Realization Strategy

6.2.2 Developing a Project-Level Benefits Realization Strategy

6.2.3 Planning the Management of Benefit Risks

6.2.4 Planning Benefits Stakeholder Engagement

6.3 Enabling the Realization of Strategic Benefits

6.3.1 Change Control

6.3.2 Project Closeout

6.3.3 Managing Transition

6.4 Making Benefits Happen

6.5 Case Study: Enterprise Benefits Realization

6.5.1 Developing a Program-Level Benefits Realization Strategy

6.5.2 Realizing Benefits

6.5.3 Handing Over Benefits

6.6 Chapter Summary: Realizing Benefits

6.7 End-of-Chapter Review Questions

Chapter 7: Reviewing and Evaluating Benefits

7.1 Introduction: Managing the Ongoing Portfolio of Initiatives

7.2 Keeping Programs and Projects on Track

7.2.1 Performing Periodic Program and Project Reviews

7.2.2 Ensuring Stakeholder Awareness, Alignment, Support, and Engagement

7.2.3 Reviewing the Alignment between the Project Portfolio and the Business Strategy

7.3 Reviewing and Evaluating Benefits

7.3.1 Verifying Actual Realization against Plan

7.3.2 Verifying Consistency with Business Strategy

7.3.3 Informing Stakeholders about Progress and Deliveries

7.3.4 Evaluating the Effectiveness of Benefits Realization Management and Identifying Lessons Learned

7.3.5 Identifying Potential for Achieving Further Benefits

7.4 Case Study: Enterprise Benefits Review and Evaluation

7.4.1 Controlling Benefits Realization

7.4.2 Performing Benefits Realization Health Checks

7.5 Chapter Summary: Reviewing and Evaluating Benefits

7.6 End-of-Chapter Review Questions

PART III Appendices

Appendix A: Answers to End-of-Chapter Questions

Appendix B: Recommended Further Reading

Appendix C: Case Study: Worked Examples

Appendix D: Enterprise Benefits Realization Management Toolkit: Blank Templates

Appendix E: Enterprise Benefits Realization Management Toolkit: How to Use Guidance

Appendix F: List of Acronyms

Appendix G: List of Figures

Appendix H: List of Tables

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