We had our highest attendance yet at our monthly event in September where we heard from Melanie Strachan from Phase 2 Consulting about Benefits Realisation.
Benefits realisation is harder than most people think. The process of measuring and evaluating the actual outcomes and value derived from a project, is difficult and often done poorly. The four key reasons for this are:
Lack of clear objectives: If the objectives and goals are not well-defined, it's impossible to measure the actual benefits. Without clear objectives, it's challenging to determine what success looks like and how to measure it.
Ambiguity in benefit measurement: Benefits are often difficult to quantify which also makes it impossible to accurately assess them.
Lack of proper metrics / poor data collection: It's necessary to select appropriate and meaningful Key Performance Indicators. "Don't measure if it don't matter!"
Difficulty measuring baselines: If you don't have a baseline to measure against, how do you evidence improvements?
This workshop introduced some of the key concepts associated with successful benefits realisation - from identifying the right benefits to include in your business case to measuring benefits so you can prove that your project delivered.
Workshop topics included:
What is a benefit? More importantly, what is NOT a benefit?
Why benefits realisation is so difficult.
How to fully define a benefit.
Introduction to benefits realisation tools and techniques
Benefits management, change management and project management; they need to work together!
We also learned that, to achieve benefits you need to understand:
your objectives
your measures
your data
your baselines and
your stakeholders!
The workshop was so well-received that PMI are now planning to run a training course on Benefits Realisation early in 2024.