Research Questions
The few research questions of this research report are given below:
i) What is project benefits management, measurement and realization?
ii) What are the major advantages of project benefits management, measurement and realization?
iii) What are the assumptions and limitations of this project benefits management, measurement and realization?
Research Objectives
The major research objectives of the research report are given below:
i) To properly define project benefits management, measurement and realization.
ii) To find out the advantages of these methodologies of project benefits.
iii) To learn about the process of project benefits management, measurement and realization.
iv) To understand the limitations of project benefits realization management.
Assumptions
The main assumptions of this research report are as follows:
i) The first assumption of this research report is that project benefits management, measurement and realization is one of the major and the most important aspects of project management that helps in providing the organizations with a distinct way for managing, measuring and finally realizing, how the programs or projects are adding value to the enterprise.
ii) The second assumption of the research report is to identify all the advantages or benefits of these project management factors.
iii) Another important assumption of this research report is that the major limitations would be properly identified without much complexities.
Discussion
Project Benefits
According to Marchewka 2014, the project benefits are gains or advantages, which are subsequently delivered by any project. These are defined within the business case or any other early stage project documents like the project charter. These project benefits are traced to the project objectives and then tracked over the project course. This project is then delivered on budget and on time, however the project benefits fail in materializing. This identification, quantification as well as validation of the project benefits are considered to be basic for the diligence (Fleming & Koppelman 2016). The most significant project benefits for any project are as follows:
i) Revenue: The first and the foremost benefit of any project is revenue. The revenue is obtained from the various sources like any new product as well as product development.
ii) Costs: The next important and significant benefit of a project is cost. These costs are subsequently reduced by automation of the resource intensive activities.
iii) Efficiency: As per Harrison and Lock 2017, another vital project benefit is the efficiency. This is obtained by improving the systems, processes and infrastructures for obtaining better outputs.
iv) Productivity: The productivity helps to improve the process or tool for getting more output within the project.
v) Risks: The fifth project benefit is risk. The reduction or the avoidance of risks is mandatory for all projects and hence the competitive risks are reduced properly (Walker 2015).
vi) Reputation and Compliance: The rules or regulations are compiled together for the improvement of reputations and reduction of reputational risk.
vii) Sustainability: Heagney 2016 stated that few steps are undertaken for perfectly reducing the overall environmental impacts of the business operations and hence improving the project quality.
viii) Resilience: Another important project benefit is resilience. The major steps are undertaken for making the project more resilient to stresses.
ix) Assets: The proper development of the valuable asset like digital asset, infrastructures and facility is yet another benefit (Mir & Pinnington 2014).
x) Data Quality: The improvements of the data quality is also important for reducing the operational errors and faults.
xi) Brand Identity: The project, which remove the gaps between how a brand wants to be perceived and how actually it is perceived is termed as the most successful project. Thus, brand identity is an important benefit of a project.
xii) Market Shares: According to Nicholas and Steyn 2017, the next important and noteworthy benefit of the project is market share. The various competitive advantages, substantially allow the client for taking the market shares from their competitors.
Project Benefits Management
As per Leach 2014, the project benefits management majorly includes the identification, planning, measuring as well as tracing of each and every benefit of any project right from the beginning of the project till the proper completion and realization of the last projected benefit within that project. The project benefits management has several objectives liking ensuring that the desired benefits are absolutely specified, time bounded, measurable and realistic. This benefits management of project is eventually utilized interchangeably with benefits realization of project (Verzuh 2015). This is the structured approach that is used to maximize the better business outcomes for any specific business as the result of changes. The project benefits management hence is the fundamental for the effective programme as well as project management and also successful delivery.
Hwang and Ng 2013 stated in their journal, that the major purpose of the benefits management within any particular project is to ensure that the project delivery is proper and the change management is successful. Hence, this approach to the project or the change management requires to be completely benefit driven for being sure that the maximum value is gained from the investment within the changes. A stronger management focus is ensured beyond the proper implementation of the project or program (Pemsel & Wiewiora 2013). The benefits of the project is ensured by the on time delivery, the best quality and on budget.
The management of the delivery of the project benefits is eventually broken down to four distinct stages. Each and every higher level stage comprise of several key objectives, deliverables and activities that are associated with the project (Kerzner 2018). The four distinct stages of the process of project benefits management are as follows:
i) Identifying and Structuring Benefits: The proper identification and structuring of each and every benefit of a project is the first stage. Here, the benefit owner is being identified and engaged. The detailed benefit identification is done in this stage.
ii) Planning Benefits Realization: According to Beringer, Jonas and Kock 2013, the second step is planning the benefits realization. The benefit realization plan is made in this step for following it properly.
iii) Realizing and Tracking Benefits: The project benefits are then realized and tracked in the third stage of project benefits management process.
iv) Proper Evaluation of Benefits: Finally, in the fourth stage of this project benefits management process, each and every project benefit is being evaluated for the project (Martinsuo 2013).
Project Benefits Measurement
Once the project benefits are properly managed in the project, these benefits are next required to be measured or evaluated. As per Schwalbe 2015, various issues are faced for the lack of clarity in the defined benefits within any specific project. The project evaluation is all about the collection as well as analysis of the information that is solely related to the projects or few aspects of the project. The main purpose of project benefits evaluation is to interpret the actual performance and get better output from the project. Binder 2016 commented that, there are several types of project benefit evaluations, which are needs assessment, efficiency, effectiveness, processes, outcomes and cost benefit analysis. Most of these types of project benefit evaluations are quantitative in nature and all others have the prone to be biased and are integrated or related to one another (Martinelli & Milosevic 2016). The various objectives as well as purpose of the specific project are connected and hence the focus, span and scope are defined for the project evaluation and the process and reason of evaluation are also defined.
The most significant advantage of this project benefits evaluation is that it helps in the subsequent improvement of communication and hence collaboration is being created amongst the business stakeholders (Kerzner 2017). This procedure of measuring or evaluating the project is extremely cost effective and hence is easily and promptly used in all projects without much complexities. The clarity, consistency and continuity of benefits for any particular project are properly measured by this type of evaluation. The result of the effective as well as successful process of evaluation is more strategy oriented opportunities, productive relation between high returns on the investments and client and a better communication (Heldman 2018). The proper evaluation of project benefits help in effectively measure how the project is doing within the context and even the significant intentions for which this project was undertaken. Project failure is reduced to a high level with proper project benefits evaluation.
According to Špundak 2014, there are three quarters of projects that have become failure for delivering the complete or satisfactory level of the project benefits. The unrealistic or unclear expectations from the project and unfocused procedure of evaluation are the major causes of failure of such projects. The foundational features of the project eventually reinforce the difficulty of accountability, structure, discipline and clarity of the proper evaluation of the project benefits (Sears et al. 2015). With the help of project benefits management, more opportunities are obtained from it and the issues are easily resolved by this management. The value of the project is properly sustained by this and hence the project becomes successful.
Project Benefits Realization
After the evaluation of project benefits, the third step is the project benefits realization (Ramazani & Jergeas 2015). With the help of project benefits realization, time as well as other important and significant resources are being invested within any project for bringing the expected changes or alterations. The major aim or purpose of the project benefits realization is ensuring that there is a distinct alignment between the outcomes of the project as well as business strategies. The several project outcomes are the changes that are identified as important by the project stakeholders and could either be strategic or be non strategic. As per Alias et al. 2014, this project benefit is the measurable positive impact of changes and the dis benefit is the measurable negative impact of changes. The process of project benefits realization are as follows:
i) Identifying Outcomes: The first step in this process is the identification of outcomes of investment. Hence, the issues related to such identification is resolved.
ii) Defining Benefit Measures: The benefit measures for each and every investment outcome is then defined properly (Braglia & Frosolini 2014).
iii) Collection of Benefit Measures: The third step in the project benefits realization includes the collection of the current benefit measure data for having quantitative basis to undertake relevant decisions.
iv) Planning for Changes: In the next step, the changes are to be planned properly for realizing the several benefits (Nicholas & Steyn 2017).
v) Optimizing Plan for Reducing Risks: The fifth step is the optimization of plan for the reduction of risks. There is an acceptable level of risk, costs, resources, time and quality and these levels are easily maintained in this step.
vi) Implementation of Plan: In the next important stage, the plan that is made in the last step, is being implemented properly.
vii) Reviewing of Plan Implementation Impact: Fleming and Koppelman 2016 stated that, the overall impact of the plan implementation on the project benefits evaluation is reviewed and hence various insights are utilized for improving.
viii) Sustaining of Capabilities: Once, the project plan is being completed, the project benefits realization is ensured for sustaining the various capabilities as well as the proper realization of the project benefits (Harrison & Lock 2017).
Stages of Project Benefits Management, Measurement and Realization Life Cycle
There are seven distinct stages of project benefits management life cycle, which are as follows:
i) Benefit Modelling: The first stage of this project benefits management life cycle is the benefit modelling. The benefits are properly modelled in this step (Kerzner & Kerzner 2017).
ii) Benefit Profiling: In the next significant step of project benefits management life cycle, all the modelled benefits are profiled properly.
iii) Benefit Management Strategy: According to Walker 2015, the third stage of the project benefits management life cycle, a distinct benefit management strategy is being developed.
iv) Benefit Realization Plan: A proper benefit realization plan is made in the fourth step of this life cycle.
v) Baseline Measurements: Next, the baseline measurements are taken for the betterment of the project (Mir & Pinnington 2014).
vi) Target Measurements: In the sixth step of project benefits management life cycle, the target measurements are undertaken.
vii) Benefits Review: Finally, in the last step, the project benefits are reviewed properly to understand the several aspects of the project.
As per the figure provided above, the seven stages of the project benefits management life cycle are sub divided into three broader aspects, which are identifying and structuring benefits, planning the benefits realization and finally tracking, reviewing and evaluating the project benefits of the project.
Advantages of Project Benefits Management, Measurement and Realization
The various advantages of the project benefits management, measurement and realization are as follows:
i) Cost Effective: As per Pemsel and Wiewiora 2013, the first and the foremost advantage of the project benefits management, measurement and realization is that it is extremely cost effective. This solely depicts the fact that the benefits management, measurement as well as realization could be eventually used in any project and could be executed as well.
ii) Lack of Complexity: Another significant advantage of this project benefits management, measurement and realization would be that there is absolutely no complexity present and hence it even makes the project lack of complexities (Beringer, Jonas & Kock 2013). Hence, it is quite popular for each and every project.
iii) Clear Project Scope and Span: The third important and significant advantage of the project benefits management, measurement and realization would be stated as that the project scope as well as span are clearly defined with this and hence excess costs or budgets are eradicated in the procedure.
iv) Easy Resilience of Changes: The next vital and noteworthy advantage of this project benefits management, evaluation as well as realization is that there is an easier resilience of alterations or changes (Martinelli & Milosevic 2016). This then helps to ensure that only those changes would take place, which are required in a specific project.
v) Lesser Time Consumption: The fifth specific and important advantage of the project benefits management, evaluation as well as realization would be that the total time consumption for management, measurement and realization of the project benefits is extremely lesser in comparison to other methodologies.
Limitations of Project Benefits Management, Measurement and Realization
The major important limitation of the project benefits management, measurement and realization are as follows:
i) Dependent on Scope and Span of Project: Heldman 2018 commented in his book that, the first and the most significant limitation or challenge of the project benefits management, measurement and realization is that these three aspects are completely dependent on the scope as well as span of the project to be executed. Hence, if the scope and span of the project is unclear, it is not possible to use these methodologies for project benefits.
ii) Lack of Flexibility: The second important and significant challenge or limitation of the project benefits management, measurement as well as realization would be that there is a lack of flexibility within this type of methodologies. This could not be used every time for this purpose and hence is often avoided by several users.
iii) Follows Sequential Execution: Another vital or noteworthy limitation of these three project benefits methodologies is that all three of them follow sequential execution (Braglia & Frosolini 2014). When any one step is completed, then only the next step could be executed. This imitation often becomes time consuming and problematic for the users to use these methodologies.
Conclusion
Therefore, from the above discussion, it can be concluded that project benefits management, measurement and realization is one of the most important as well as significant methodologies that help in the proper management of several resources like time and expenses for getting them invested within the project for bringing the desirable alternations. The realization as well as management of the business is done properly only after the perfect identification, definition, plans and tracking of the project benefits. The previously defined project benefits are subsequently realized and hence several consequences are faced due to this. The project benefits management, measurement and realization have specific processes, principles, responsibilities, deliverables and roles and these roles are also termed as the business change manager or BCM. The business change manager are also responsible for helping the benefit owners or the major beneficiaries for identifying, planning and finally reviewing the desired benefits from all changes in the project. The benefits, realization management is even utilized for managing the investments for procurements and also for ensuring that the benefit focus is being maintained in the business operations. The above research report has clearly provided the various details regarding project benefits management, measurement and realization. Furthermore, the entire process, assumptions and limitations of this topic are also explained here.
Project management is the proper planning, management as well as organizing the significant effort for accomplishing any successful project (Kerzner & Kerzner 2017). This project is the one time activity, which is solely responsible for producing the specified outcome or output. There is a definite beginning and end of any project and has constraints of funding and staffing. The unique goals and objectives are eventually met in the project for bringing out the beneficial changes as well as added values (Burke 2013). The temporary nature of the projects are repetitive, permanent and semi permanent functional activities for producing the respective products and services.
The following research report outlines a brief discussion on the broad topic of project benefits management, measurement and realization. The benefits, realization management or BRM is considered as one of the most prominent method to manage the time as well as resources that are subsequently invested in the project for making the desirable changes in that particular project. Various features and advantages would be provided in this research report regarding the project benefits management, measurement and realization. Moreover, limitations would also be provided for this type of management. A proper critical analysis would also be done in this research report.
References:
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