Project Management Methodology

Monitoring & Optimising Benefits

Monitoring and optimising benefits spans the Execute & Control phases of the PMM.

Executing, Monitoring and Controlling focuses on the development of the new or changed capability for enabling outcomes that will maximise the benefits to be realised from the investment.

Deploying and Operating focuses on the transition from benefits enablement by the project to the embedding of the benefits into the business by the business, for subsequent realisation.

Purpose

This phase of the benefits management lifecycle monitors and manages the agreed benefits and associated activities, providing key stakeholders with regular progress updates as part of overall project execution and delivery.

Process

Review Benefits Realisation

Benefits activities are included in the overall Project Plan, including periodic reviews. These involve reviewing benefits realisation progress and optimising the value of the total benefits to be realised. Reviews must be undertaken frequently enough to enable timely and effective intervention to be undertaken should it be required but without causing unnecessary administrative overhead. When a scope change is identified, the effect on benefits needs to be considered.

Activities associated with reviewing and optimising benefits may include reviewing metrics and measures, reviewing benefits realisation in the light of a scope change being raised, reviewing benefits related risks and reporting overall benefits realisation status regularly to key parties. These activities and resulting products (deliverables) should be incorporated within the overall Project Plan.

Managing Benefit Risks & Issues

Throughout the PMM Executing Monitoring and Controlling and the Deploying and Operating phases, regular risk management sessions will be undertaken, which includes reviewing, assessing and implementing appropriate monitoring mechanisms and interventions for risks and issues associated with the realisation of benefits.

Reporting Benefits Status

Regular reporting by the Project Manager to the Executive Sponsor, who has accountability for the overall success of a project, is essential. Status reporting includes reporting the status, risks and issues associated with Benefits Realisation.

The availability of Project Sponsor for direction and decisions, with advice and support from a Steering Committee, are important factors in ensuring achievement of project objectives and maximising the chance of delivering anticipated project outcomes and support realisation of benefits. The Investment Committee also has a key role in monitoring benefits delivery across the lifecycle.

Refresh Baseline Measurements

Prior to implementing the business change/s, it is important to reconfirm and/or re-baseline benefit measurements. This will ensure the step change is a true and accurate reflection of benefit realisation.

Products

Product Description
Executing, Monitoring & Controlling Phase
Project Status Reports (contribute)

The benefit component of the project status report keeps a focus for the project on its contribution and progress towards benefits for realisation.

Benefits Register

Central repository managed by Finance for reporting of all benefits for realisation across the organisation.

Benefits Realisation Risks & Issues (management)

This product manages ongoing risks and issues that may or will impact on the realisation value and timeline of benefits.

Benefits Realisation Schedule (maintain)

This schedule is maintained with the Project schedule and shows a schedule of Benefits related activities that will be undertaken throughout the project.

Deploying & Operating Phase:
Project Status Reports (contribute)

The benefit component of the project status report keeps a focus for the project on its contribution and progress towards benefits for realisation.

Benefits Metrics & Valuations (refresh)

This product refreshes the baseline in preparation for evaluating the step change that the project will introduce to the business.

Benefits Realisation Contract (update)

This product is updated with the changes to metrics, values and schedule information.