This week, I am writing blogs mainly around BRM. This blog will enlighten the main principles which are equally important for high level executives, benefit owners, senior leaders and all the stake holders of the Project, Portfolio and Program management. There is no particular order to consider or give importance to these principles. Each has an equal weightage in the context of achieving benefits.
Net benefits justify the use of invested resources
You have seen in my previous blog the journey of Business strategy conversion to actual value. Outcomes deliver benefits against the investments which are done to achieve strategic goals. Net benefits give the realistic view to the sponsoring partners about the use of invested resources.
Commencement of work is driven by benefit identification
There should be a clear direction for the planned benefits before the actual work is started to deliver the output. All stake holders should be continuously informed about any change in the planned benefits. This step is necessary because the decision makers can take the necessary steps to realize the planned benefits. This principle applies to even our common life tasks. If you arrange a party and plan the complete venue then necessary arrangements are done according the plan. If there comes any slight change in the plan then necessary measurement are taken according to that change. Same rule applies here.
Planned benefits are identified in authorizing documents
When planned benefits are realized by relevant beneficiaries then these should be documented officially. Some organization call this document ‘BRM Plan’ or ‘Program/Portfolio/Project Charter’. These benefits should be continuously monitored through project, program and portfolio management life cycles. By having this principle, organization can monitor effectively the progress of planned benefits.
Benefit realization is holistically planned and managed
Major focus of this principle is to ensure that realization of organizational benefits should be planned and managed according to the basic principle of “Need and Requirement”. This should not only confine within the scope of Program, Project and Portfolio deliverables. To become BRM more successful, a broader role of sponsoring organizations should be built into the overall planning approach. This approach will reduce the likely hood of shortcoming that may arise with an only focus on producing output through Project, Program and Portfolio Management.
Governance and adequate resources are essential to BPM success
This principle focuses on delegating the responsibility to individuals to take relevant decisions for manging and achieving the agreed outcomes. By ensuring this principle, organizations give the authority to the appropriate individuals and hold them responsible for overall success.
- Benefit Realization management: A Practice Guide [Pages 12-14]