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