PMKI Index
the PMKI

Value and Benefits Realisation

Location:  PMKI > Organisations & Governance > Value and Benefits Realisation

This subject focuses on the process of creating value for the organisation through the measurement and management of benefits from identification to realisation and understanding the link between delivering benefits and creating value.

The PMKI Library

Topics included in Value and Benefits Realisation:

- Useful external web-links

Other related sections of the PMKI:

- For more on project/program selection and prioritisation
   see Portfolio Management.

Temporary Subject List - this page is being rebuilt:

  • Value and Benefits management: the process of creating benefits that deliver value to the organisation: 
    • WP: Outputs, Outcomes and Benefits.  The relationship between goals, objectives, outputs, deliverables, outcomes, benefits and value.    
    • WP: Benefits and Value. Benefits management and the value chain between the creation of a deliverable and the creation of quantifiable value.     
    • Art : Achieving Real Project Success. There are at least three different criteria for success that can operate independently: Project Management Success, Technical Success and Business Success.   
    • Blg: Who Manages Benefits?  The various managers and other stakeholders involved in managing the realisation of benefits. 
    • Prs: Who Really Benefits?  Value is in the eye of the stakeholder! Developing a realistic and achievable benefits management plan requires understanding which stakeholders really matter and discovering what is really important to them.  
    • Art: What is the value of value? Value is a concept that is unique to each organization and encompasses the total sum of all tangible and intangible ‘value elements’.   
    • Art: Who values value? Assessing and measuring the full value of a proposal in the unique context of each organisation.   
    • PP: Avoiding the Successful Failure!  Delivering to time, cost and scope may not be enough, the value of a project is determined by its end users and may change over time.  
    • ArtCreating Value from Change. The different roles involved in generating value from the change created by a project.   
    • Art: Performance Management - the creation of value. Value is maximised when the organisation's objectives, strategy and project delivery are aligned.  
    • Art: Stop Throwing Money Away! The effect of sunk costs and emotions on the decision to kill a project.
    • The relationship between project deliverables and the creation of organisational value are discussed in WP1078.

Benefits Realisation & Value

WP1018 Developing a Business Case, describes the purpose of the business case, the business case should define the value the project will create if successful, to justify its cost. However, the project manager cannot be held directly responsible for delivering value to the organisation, WP1023 describes the relationship between outputs, outcomes, benefits and value (see also value creation and success below). WP1042 defines the interrelationship between Goals and Objectives and how these interlink with the value creation chain. 
- Blog (Mar 2009): When does a project start and end?  

Value Creation and Success
Projects are a key part of an organisations value delivery chain. Delivering a successful project and creating value are aligned but not synonymous.
- Blog (Nov 2008): Achieving Real Project Success
Blog (Nov 2008): Value is in the eye of the stakeholder
- Blog (Nov 2008): PMI Proves the Value of Project Management 
- Blog (Nov 2008): PMI Proves the Value of Project Management (2) 

The challenge for project and program managers is that most of the benefits are realised by the organisation after the project is closed. An emerging technique that helps align project and program work with the realisation of value by the organisation is BRM - Benefits Realisation Management.

Useful external web-links

  • Best Management Practice products, UK Government (formally OGC, now Axelos) - the umbrella site dedicated to making access to information quick and easy -
    - MoV - Value Management:
  • SAVE International - SAVE is the premier international society devoted to the advancement and promotion of value engineering, value analysis and value management (the value methodology):
  • AS4813:2007 - Value Management. VM is a structured analytical process focused on achieving the best value and, where appropriate, best value for money in products, processes, services, systems and organizations.
Self-paced CAPM Training