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Strictly speaking, benefits realization occurs at the project and program level, since these are the vehicles for delivering business value and executing strategy, but benefits realization must fit within an overarching value framework which is at the portfolio level. In this video, we will cover what benefits realization is and how to manage project and portfolio value across the portfolio management lifecycle.

What is Benefits Realization Management?
Benefits realization is about capturing the actual benefits (tangible and intangible) from a project following the completion of that project. Benefits realization often involves tracking the quantitative benefits of the project so that senior leadership can answer the question “did we get the benefits from the project that we expected?”

Why is Benefits Realization Important?
Developing a benefits realization process is important for several reasons: it increases the likelihood that organizations receive the intended benefits from completed projects, it helps improve business case development, it verifies the accuracy of the forecasts provided in the planning phase of the project, it enables a feedback loop to help improve project selection based on lessons learned, and it strengthens value management across the portfolio management lifecycle.

What Does a Benefits Realization Process Look Like?
There are several components to a successful benefits realization process including a benefits plan (that details the specific benefits being delivered, the beneficiaries of the benefits, when the benefits will be realized, when and how the benefits will be measured, and who will measure the benefits), a Business Value Owner who is responsible for ensuring benefits are realized, lessons learned to provide a feedback loop for developing better business cases in the future, and a change management plan.

What are some of the challenges associated with benefits realization?
Some of the challenges include not having a consistent and sound approach for measuring benefits, not monitoring the change in benefits over the course of the project lifecycle, not designating people to measure benefits after a project has completed, and not having a senior leader accountable for the benefits.

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