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.
- Useful external web-links
Other related sections of the PMKI:
- For more on project/program selection and prioritisation
see Portfolio Management.
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.