Best Practices in BRM (Part 1): Dive Deep into Strategy
Michelle is a Benefits Realization Management specialist with a proven background in private and public sector end-to-end business project management. She has 17 years of financial sector experience spanning the banking, brokerage, exchange, regulation and buy side fields.
This is the first of six articles on best practices in benefits realization management and its integration into project governance. In the BRM discipline, projects and programs are aligned with strategic objectives to generate verifiable value. This happens through three stages: benefits identification, benefits realization and benefits sustainment.
“If you don’t know where you’re going, you’ll end up someplace else.”
— Yogi Berra
Why
For teams, knowing what they’re really working toward—and why—engages them and betters their chances of success. That speaks to PMI’s finding that benefits realization management helps organizations meet or exceed forecasted returns on project investments four times more often.
That’s why understanding the context around the organization’s strategic objectives is so vital to BRM—and that clarity can only come from those who defined the objectives in the first place. That’s typically the C-suite, who sets such objectives through strategic planning and business transformation activities.
The C-suite is also key to creating a BRM-receptive culture across the organization. Without the business, operations, information technology and project teams on board, BRM simply doesn’t work. But when the C-suite makes BRM a priority (visibly and consistently),
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Published at Mon, 08 Jan 2018 05:00:00 +0000
