Benefits Realization and Value Management
By Harold Kerzner, Ph.D.
Abstract
Organizations in both the public and private sectors have struggled with creating a portfolio of projects that provide sustainable business value.
Common Problems (do any of these sound familiar?)
- Project requests are added to the queue for delivery without proper evaluation and with little regard if the projects are aligned with business objectives or provide benefits and value upon successful completion
- Projects are submitted without any accompanying business case or alignment to business strategy
- Projects have accompanying business cases that are based upon highly exaggerated expectations and unrealistic benefits
- Projects are created because of the whims of management and the order in which the projects are completed is based upon the rank or title of the requestor
The Result?
Project failure, a waste of precious resources, and in some cases, business value is eroded or destroyed rather than created.
Benefits realization and business values do not come from simply having talented resources or superior capabilities.
Rather, they come from how the organization uses the resources.
In this white paper, you will learn about:
- Understanding the Terminology around Benefits and Value
- Redefining Project Success
- The Business Case for Benefits Realization and Value Management
- Measuring Benefits and Value
- Life Cycle Phases
- Categories of Benefits and Value
- Converting Benefits to Value
- Portfolio Benefits and Value
- Alignment to Strategic Objectives
- Causes of Complete or Partial Failure
About the Author:
Dr. Harold Kerzner
Harold Kerzner (M.S., Ph.D., Engineering, and M.B.A) is IIL’s Senior Executive Director for Project Management and a globally respected expert on project management and strategic planning. He is the author of many best-selling textbooks including Project Management 2.0, Project Management Best Practices: Achieving Global Excellence, and, most recently, Innovation Project Management.
Dr. Kerzner has previously taught project management and business administration at Baldwin-Wallace University, engineering at the University of Illinois and business administration at Utah State University. He obtained his industrial experience at Thiokol Corporation where he held both program management and project engineering responsibilities on a variety of NASA, Air Force, Army, Navy, and internal R&D programs.
