Putting a number on it
Implementing BS202002: Benefits management on
portfolios, programmes and projects
SERIES ARTICLE
By Dr. Hugo Minney
United Kingdom
Experienced project managers understand the critical role that benefits realization plays in project success. Projects are not successful unless they deliver benefits, and the process of benefits management and messages of What’s In It For Me (WIIFM) can overcome obstacles and obstruction to change.
Benefit profiles are essential tools for mapping out, tracking, and ultimately realising the desired benefits and achieving the objectives of your projects. This blog post will guide you through the process of creating comprehensive benefit profiles, emphasizing stakeholder involvement and providing practical insights for both seasoned professionals and those new to project management.
The Importance of Stakeholder Involvement
Successful benefits management hinges on a collaborative approach between the project team and representatives from affected business areas or recipients of the change [1]. Where the recipient of the change is not a person (for example, rewilding makes changes for the environment) then advocates with appropriate expertise should stand in for missing stakeholders. Engaging stakeholders early and consistently throughout the benefit profiling process is crucial for several reasons[2]:
- It ensures alignment between project objectives and organizational goals
- It leverages diverse perspectives and expertise
- It fosters buy-in and commitment from key players
When not to involve stakeholders
Some aspects of benefit profiling are better suited for group activities, while others are more effectively handled by individuals. For instance, activities that benefit from collective input include identifying individual and strategic benefits, identifying benefit owners and establishing evaluation criteria, while detailed metric definition and data collection might be more efficiently managed by designated individuals [3].
Benefit Profile Overview
A well-structured benefit profile serves as a roadmap for realizing project benefits. It provides structure and clarity around how benefits will be measured, realized, and tracked throughout the project lifecycle. A well-constructed benefit profile ensures that everyone involved understands not just what the benefit is, but how it will be achieved and measured.
Core components of a benefit profile:
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Editor’s note: The author Dr. Hugo Minney is a Fellow of APM (Association for Project Management), a Member of PMI and PMI UK, Co-Chair of APM’s Benefits and Value SIG, and committee member of PMI UK’s Sustainability Community of Action. For more, see his author profile at the end of this article.
How to cite this work: Minney, H. (2024). Completing benefit profiles – putting a number on it, Implementing BS202002: Benefits management on portfolios, programmes and projects, series article, PM World Journal, Volume XIII, Issue XI, December. Available online at https://pmworldlibrary.net/wp-content/uploads/2024/12/pmwj147-Dec2024-Minney-Completing-Benefits-Profiles-putting-a-number-on-it.pdf
About the Author
Dr Hugo Minney
London, UK
Dr. Hugo Minney is a Fellow of APM (Association for Project Management), a Member of PMI and PMI UK, Co-Chair of APM’s Benefits and Value SIG and committee member of PMI UK’s Sustainability Community of Action (none of which are paid).
Minney set out to become a farmer, but was defeated by bureaucracy. He sold high ticket computer systems and specialist software for workforce planning; joined the National Health Service for 18 years (and as a Chief Executive for the last 7 of these), and is now a project management consultant with a sideline chairing a charity restoring the sense of community for young people.
Minney works in project management, and in particular benefits management, motivating team members by reporting what they are achieving together and changing the community and culture to want to achieve – together. At present, he’s more involved on the governance side, accredited as a Social Value practitioner and Chartered Project Professional, and reviewing the balance of projects and contribution to objectives and benefits across portfolios.
Dr. Minney can be contacted at hugo.minney@thesocialreturnco.org
To view previous works by Hugo Minney, visit his author showcase in the PM World Library at https://pmworldlibrary.net/authors/dr-hugo-minney/
