BRM is all about having the activities to realise, execute and endure the benefits achieved through Projects, Programs and Portfolio’s. Due to competition and rapid changes, organizations need to define their BRM strategy to cover the gaps in the organization overall decisions. BRM helps to improve the strategy misalignment that results in improving the benefits which bring value to the organization. According to PMI, value is the net result of realized benefits minus the total cost in realizing these benefits.
For any company, BRM is not the ending process. It’s a continuous journey which evolves the continuous update in strategies to measure the realized benefits. In some companies, Project managers do not keep track if the project deliverables are aligned with the associated strategic goals and objectives. It’s the responsibility of PM to check the strategic alignment of project within a given Program. For other programs, this responsibility stays on Portfolio Manager.
BRM is the shared responsibility of Program, Project and Portfolio Managers, organizations owners, benefits owners and senior leaders. Not all companies have formal form of project, program and portfolio management. In this case, Project managers have to talk to senior leaders to check that expected project deliverables are according to the planned benefits.
Following are some priorities that should be considered when introducing or improving the BRM:
- Identify the extent of required organization change to realize the benefits
- Create a fruitful environment start from the beginning for regular conversation about assessing the progress and secure alignment among senior leader’s, executives, and business owners
- Build the appropriate conditions for success that includes setting the realistic expectations under the key principles of BRM and the supporting behaviour for those principles
- Benefit Realization management a practise [Pages 1-3]