Introduction:
Organisational strategic objectives are often described in an aspirational way with KPIs indicating their achievement. However, to deliver against these, a benefits management framework is needed to illustrate how to measure projects and programs’ contribution to objectives so that KPIs can be understood. Therefore, a well-structured and pragmatic benefits management framework is a way to ensure that the right projects get the right investment of resources. Additionally, with benefits for an initiative understood, project teams and stakeholders can understand ‘why’ they are delivering and for what organisational achievement.
Problem:
A public sector organisation, with a pre-existing and poorly adopted benefits management framework identified the principal challenge was its non-prescriptive and high-level nature, which posed significant issues in some business areas.
The branch commissioned myP3 to perform a deep-dive review of the framework’s gaps compared with the more specific standard; APMG Managing Benefits®. The review report identified that certain types of projects could not manage their benefits effectively using the framework and prompted a series of recommendations to address gaps.
The branch subsequently identified a need to define compatible adjustments to the existing framework while remaining compliant with its intent.
Objective:
myP3’s objective was to address the identified gaps in the high-level framework with a supplementary set of methods and tools detail to better prescribe its implementation, adoption, and optimise usability.
There was a need for an increased focus on benefits and value as part of the early stages of initiatives; to lay the foundations for contribution to strategic objectives, and against which benefits could be successfully realised through and beyond delivery.
The outputs also had to be proven to work effectively. Therefore, another objective was to back-solve and test the enhanced method’s application to existing ‘in-flight’ projects and programs.
Overview:
Leveraging our previous knowledge attained during the earlier Deep Dive Review, myP3 was able to launch immediately into delivery. myP3 developed a comprehensive Benefits Management Methodology inclusive of Business Rules to describe key alignments to the existing framework principles. Components of the method also included process maps and descriptions, and templates for Benefits Appraisal and a Benefits Management Plan.
To support the method, myP3 specified enhancements for the Project Portfolio Management (PPM) solution’s Benefits Register to capture more comprehensive benefit data as inputs to new Benefits Reporting Dashboards. These dashboards covered Benefits Performance, Profile, Strategy and Investment Logic Map, and a Benefits Roadmap. myP3 developed interim template-style tools to both demonstrate strawmen and to capture new data as it was identified for exemplars.
Based on the supplementary method, myP3 produced a series of proforma Benefit Profiles and supporting information for likely benefits that could be harvested from the types of projects implemented by the branch. This was performed to enable fast-tracking of benefits identification as many of the projects in the forward pipeline were similar to those executed previously within this segment of the portfolio.
After reviewing the operating arrangements for existing benefits management team members, a Benefits Team Charter with a revised team structure and Positions Descriptions were produced. Combined, these artefacts described the central benefits function, the services, responsibilities, and value offerings for the business.
myP3 provided a temporary resource to gradually transition all in-scope initiatives to leverage the new method for identification and management of benefits. Each initiative received a Benefits Map, Benefit Profile(s), Benefit Appraisal workbook and Benefits Baseline. This process was completed over several months in conjunction with a light-touch to education and uplift of benefits management knowledge within the branch.
Outcome:
Benefits management practices are now clearly understood by those that need to participate in the process.
Benefits are now consistently identified, defined and documented for all initiatives resulting in the branch achieving standardisation to a common level.
Greater confidence in the appropriateness and accuracy of benefits identified for initiatives within the portfolio.