500 - Management of Project Benefits

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Mr. Zelikovitz will discuss the improtance of developing and implementing a culture and processes that enable an organization to align its projects with the strategic objectives of the organization through an effective Benefits Realization Management process. With a focus on PMI's 2016 Thought Leadership Series - Creating lasting value: Benefits Realization Management, Mr. Zelikovitz will highlight a number of key issues including, but not limited to:



Strengthening benefits awareness within the C-suite and with project management practitioners;
Who is responsible for identifying, managing and sustaining project benefits - establishing benefits ownership and accountability;
How do you measure benefits (tangible and intangible), and how should they be prioritized.

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500 - Management of Project Benefits

  1. 1. Embracing Benefits Realization Management From Identification to Management to Sustainment PMI Montreal Symposium April 4th, 2017 Evan Zelikovitz, Corporate & Government Relations Manager (Canada), PMI
  2. 2. Presentation Agenda • Embracing Benefits Realization Management (BRM) to Achieve Project Success • What’s happening in the Project Management – PMI world – Pulse of the Profession 2017 – PMIAA Legislation in the United States 2
  3. 3. WHY DO WE DO PROJECTS? 3
  4. 4. PMI Materials on Benefits Realization Management? Pulse of the Profession® In-Depth Reports Thought Leadership Series 4
  5. 5. What is BRM? Source: PMI’s 2016 Thought Leadership Series, Creating Lasting Value: Benefits realization management 5
  6. 6. Value of BRM more likely to realize project objectives more likely to meet or exceed target ROI Companies that report mature BRM capabilities Source: PMI’s 2016 Thought Leadership Series, Creating Lasting Value: Benefits realization management 6
  7. 7. of organizations say projects not aligned with strategy are implemented anyway Alignment to Strategy 7
  8. 8. Source: PMI’s 2016 Pulse of the Profession® In-Depth Report on Benefits Sustainment Everyone is interested but few are doing it well1 Confusion about who is responsible2 Looking for the easy answer3 3 Challenges with Benefits Realization 8
  9. 9. Source: PMI’s 2016 Pulse of the Profession® In-Depth Report on Benefits Sustainment Everyone is interested but few are doing it well1 Confusion about who is responsible2 Looking for the easy answer3 3 Challenges with Benefits Realization 9
  10. 10. Key Barriers to BRM • Culture and attitude • Communication • Difficulty measuring benefits – creating metrics – Only 36% create metrics for identified benefits • Failure to define and assign roles and responsibilities 10
  11. 11. Improving the Dialogue Between the Project and Executive Effective benefits management requires a formal approach that should start before the project itself. • While nearly three quarters of organizations identify expected benefits before the project starts, 83% report lack of maturity in sustaining the identification and monitoring of benefits received as a result of the project. • This suggests a lack of a formal process to sustain this quest to identify and sustain the monitoring of return from the project effort, 11
  12. 12. 3% 13% 21% 24% 24% 26% 33% 34% 39% 47% 51% 52% 63% 67% 67% 0% 10% 20% 30% 40% 50% 60% 70% Other Shareholder equity Training, morale, or retention of employees Environmental protection Workplace safety Corporate image or PR value Product/service portfolio expansion Margin improvement Customer retention or loyalty Revenue generation Aligment of resources with strategy Return on investment (ROI) Efficiency of operations Achievement of strategic business objectives Customer user satisfaction Commonly Identified Benefits 12
  13. 13. Source: PMI’s 2016 Pulse of the Profession® In-Depth Report on Benefits Sustainment 1% 6% 21% 36% 37% 4% 15% 27% 31% 23% Benefits Identified at Start Benefits Realization Assessed at End 73% 54% Always Often Sometimes Rarely Never Half of Organizations Look to See if Benefits Were Realized 13
  14. 14. Benefits Should be Part of the Business Case 41% of organizations explicitly identify the goals and business intent of a project 29% identify metrics to assess whether a project has delivered the expected benefit 14
  15. 15. Source: PMI’s 2016 Pulse of the Profession® In-Depth Report on Benefits Sustainment Everyone is interested but few are doing it well1 Confusion about who is responsible2 Looking for the easy answer3 3 Challenges with Benefits Realization 15
  16. 16. Questions – “Ownership of Benefits” • Within your organization, who is responsible for identifying project benefits? • Within your organization, who is responsible for ensuring that benefits are being managed and aligned with your organization’s strategic goals? • Since many anticipated benefits will not be seen until after the project has been delivered, who within your organization is responsible for benefits monitoring and measurement? 16
  17. 17. Who is Accountable for Benefits? Source: PMI’s 2016 Pulse of the Profession® In-Depth Report on Benefits Sustainment 40% 30% 40% 50% 20% 20% 80% ? Project Manager Someone in Senior Mgmt Project Manager Someone in Senior Mgmt Who identifies benefits? Who determines whether benefits were realized? 17
  18. 18. Source: PMI’s 2016 Pulse of the Profession® In-Depth Report on Benefits Sustainment Everyone is interested but few are doing it well1 Confusion about who is responsible2 Looking for the easy answer3 3 Challenges with Benefits Realization 18
  19. 19. And Still… there is no Silver Bullet 19
  20. 20. Position Benefits as a Shared Responsibility 20
  21. 21. From the Study – Benefits Identification “Our benefits identification process has truly been a cultural shift for us… at any time, the sponsor can make a decision to stop the project if benefits aren’t being realized or the ROI period is too long… led to a product rationalization exercise which saved us US $70 million… and led to cancel over 80 projects that had poor to no ROI. Haresh Desai Vice President, Enterprise Project Officer 21
  22. 22. WHY DO WE DO PROJECTS? 22
  23. 23. Questions and Activities Questions  Why are we doing the project or program ─ what are the business drivers?  What are the measurable benefits?  Who is accountable for the benefits?  Who ensures the project benefits are aligned with strategic goals?  Who signs off on the benefits?  Define objectives and critical success factors  Recognize and quantify business benefits  Develop meaningful metrics and key performance indicators to measure the delivery of benefits  Establish processes for measuring progress against planned benefits  Create a communications plan that shares progress with stakeholders Activities 23
  24. 24. Benefits are about Value Creation A great project is not the right project if it has no value to the organization. It is even less of the right project if it does not deliver the outcomes creating the value identified by the organization strategy. 24
  25. 25. Doing it Well Source: PMI’s 2016 Pulse of the Profession® In-Depth Report on Benefits Sustainment “Good project managers are focused on the successful execution of their projects. Excellent project managers are good project managers who also understand fully how their project fits in the life cycle of the strategy their project is implementing, and make decisions accordingly that ensure benefits realization.” Michel Renard, Senior Executive (former), EMIT Projects, ExxonMobil Global Services Company 25
  26. 26. 2017 Pulse of the Profession® 9th Global Project Management Survey 26
  27. 27. Project success rates rise, and fewer are failing 27
  28. 28. Less Waste For every invested $1Billion We see $97 million wasted for every $1 billion invested due to poor project performance, a 20% decline from last year Note: Amounts represent a percentage that applies to any currency 28
  29. 29. Benefits Realization Maturity 29
  30. 30. PMIAA: the law of the land • On 14 December 2016, President Barack Obama signed the Program Management Improvement and Accountability Act into law! 30
  31. 31. PMIAA: key elements • Upon implementation, PMIAA will enhance project and program management leading practices throughout the U.S. federal government in four important ways: – Creating a job series and career path for federal program managers – Developing a standards-based model for program management consistent throughout the government – Designating a senior executive in each agency to be responsible for program management policy and strategy across the agency – Establishing an interagency council on program management to align agency approaches across the federal government 31
  32. 32. Thank You  Evan Zelikovitz, Corporate & Government Relations Manager (Canada) Email: evan.zelikovitz@pmi.org 32

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