Benefits Realization Methodology Interactive App
The Benefits Realization Methodology is a solution to the problem of actually measuring how successful projects are by measuring their value to the company that uses them. It was developed to assist organizations in effectively measuring the success of their projects, defined as profits resulting from implementing a project.
Description of Benefits Realization Methodology
There are 6 steps for implementing the Benefits Realization Methodology:
- Create a Profit Management Strategy. Outline how the project will achieve the expected benefits, how they will be measured, and who will be responsible for measuring them.
- Identify the benefits and relate them to the objectives of the project. Benefits need to be aligned with the organization’s strategic objectives and must be measurable and quantifiable. The plan should also outline how these benefits will be monitored and measured.
- Plan when Profits will Appear. Benefits, or profits, should be scheduled in the same way other tasks in a project are planned. If profits are due to be realized after the project is completed, a person should be responsible for tracking them. This step should be linked back to the profit management strategy in step #1.
- Set up Profit Management. In this step, management determines how the resulting benefits and capabilities will be transitioned into an operational state to achieve profits on an on-going basis.
- Look at the Benefits. During this step, compare what was expected in terms of benefits versus actual results. Compare the actual results with the goals and strategy put forth in the initial plan and adjust accordingly.
- Identify new profits and Adjust Existing Profits. This step requires ongoing maintenance of the project, as well as determining if the adjustments made in step #5 have resulted in new benefits, or if further changes can be made to optimize results.
Although the goal of the project may be to create a new product or service, the customer’s goal is to realize the benefits (aka profits) that the new product or service will bring. By implementing the Benefits Realization Methodology, these two goals can be closely tied from the beginning and the project is more likely to produce the desired results.
Tools & Templates
Various Project Management methods, as well as a company’s mission and vision documents, can all be used to provide insights, data and additional support when using Benefits Realization Methodology.
Praxie's Online Benefits Realization Methodology Tools & Templates
Various Project Management methods, as well as a company’s mission and vision documents, can all be used to provide insights, data and additional support when using Benefits Realization Methodology. A Benefits Realization Management Plan provides details of how the benefit process can be applied to a project or a program. The purpose of undertaking any project is to provide some type of benefit as a result of delivering the products of the project.
The inputs to the Benefits Management Plan come from the Business Case for the project, which should detail the actual benefits that are expected of the project to justify the project. Each benefit requires certain details to be recorded and registered in a Benefit Registrar. Get started with our Benefits Realization Methodology template.
How to use it:
- Review the template and cover the contact information.
- List your benefits, the area effected and your benefit lead.
- Select your benefit’s priority, resources, and status.
- Indicate your benefit’s target and to-date indicator.
- Provide progress and risk.
- Manage the template as the information changes.
Unlike most traditional Benefits Realization Methodology techniques, Praxie’s online Benefits Realization Methodology tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.