Benefits reviews

As the purpose of a project is to deliver a transformation that injects value to the organisation, it is surprising how few organisations conduct postproject reviews to assess the success of their projects.

At best, a completed project will have succeeded in producing a deliverable of acceptable quality, on time and to budget. But these are not measures of true project success; all they determine is that the project finished. The organisation deserves evidence that the promised return on investment has been achieved.

In this respect, the mark of a mature project management culture is that it contains a benefits realisation phase in its project management life cycle, and conducts a benefits review during or at the end of this phase. Yet even when the benefits realisation phase is part of the systemised approach, the benefits review does not always take place automatically. Although many organisations recognise that benefits need time to accrue after a project is complete, a much smaller proportion actually measure them to confirm that they outweighed the investment made. This is strange, given that the point of a project is to deliver measurable value. However, it is understandable. Benefits are notoriously difficult to quantify. For instance, how can a commercial value be placed on increased customer satisfaction or improved morale? If a benefit cannot be valued, it is almost impossible to determine how much should be spent on delivering it. Benefits must be quantified at the outset and measured at the end of the benefits realisation phase if an organisation is to judge whether or not it made a worthwhile investment in the project.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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