BENEFITS REALISATION - SUPPORTING PROJECT SUCCESS

Benefits Realisation Management (BRM) is a set of processes that if correctly adopted at management level and implemented as an adjunct to programme and project management will close the gap between strategy planning and execution by ensuring the implementation of the most valuable initiatives.
At the next PMSA Knowledge Series event taking place on Friday 1st July 2016 at Microsoft, Bryanston Mike Murraytakes a look at some of the benefits management research and practices. It will provide attendees with a comprehensive approach and procedural steps for implementing benefits realisation management in support of project management to achieve long-term benefits.

Mike Murray is a Senior Consultant working with EPCM Global, an Engineering, Project Management and Specialist Staffing solutions provider, providing innovative management and engineering consulting solutions for complex and high-risk operations and project types. He has recently managed the requirements definition development and the issuing and adjudication of tenders for mine secondary process plant and renewable biomass fired power generation projects. He is currently involved with the development of the feasibility costing study for a mine secondary process plant.

Mike was previously contracted to Eskom where he developed the National SIP PMO Operating Guideline. Prior to this work he lead the development of the project life cycle model for new build capital projects. Mike has worked with a number of management consultancies and various large corporate clients in the project and operations disciplines.

The rollout and execution of business strategy, which invariably implies organisational change, is usually achieved through the development of projects, e.g. infrastructure projects. Unfortunately there appears to be a growing legacy of organisations failing in the successful implementation of their strategies even though they employ portfolio, programme and project management techniques.

All too often project delivery and management is focussed on delivering the project iron triangle performance measures (cost, time and scope) which results in driving an “output-focused” mentality. There is an increasing need to place greater emphasis on the management of project benefits, to ensure organisational strategic goals will be achieved.

Benefit realisation from projects has been shown to be strongly associated with successful organisational performance. Project benefits are “the flows of value that arise from a project”. Benefits realisation management practices are important contributors to the successful execution of business strategies and must be adopted and executed well before the project commences and followed through after the project has been completed.