BRM

4 Objectives of Benefits Mgmt

Describe SMART with examples

4 Factors that can diminish Benefits Realisation

Provide a means of extending "traditional" success criteria of measuring outputs to a broader view of success

Reduce project risks through Benefits Management process

Compare benefits of prj against an agreed baseline

Proactively identify and address factors diminishing benefits

Business Need or change in strategic Direction

Market/Consumer Demand

Changes to Ext Environment

Obsolescence/New Alternatives

Achievable - are the objectives you set achievable and attainable e.g. Is the objective achievable in the time frame? Do you have the resources, man-power, finances?

Realistic - can you realistically achieve the objectives with the resources you have e.g. Is the 30% objective over 36 months realistic or will macro economic forecasts make this impossible

Measurable - should be able to measure whether you are meeting the objectives or not e.g. A 30% reduction over 36 months means each month arrears target can be measured against a specific goal

Time - when do you want to achieve the objective e.g. in this example 36 months is the time period

Specific - objectives should specify what they want to achieve e.g. reduce arrears by 30% market share in 36 months

Regulatory changes

Consumer Sentiment

Projects designed to capture market
share when org strategy shifts to consolidation

Building houses in property crash

Developing a standard phone
following the launch of smart phones

Creating cassette or video tapes