Now that you know about the importance of change in the project’s life span, let’s talk about the completion of the Execution and into the next phase of the project lifecycle. In Focus HQ, we call this the Benefits Realisation stage.
Let’s understand why Benefits Realisation is important part of any project.
Organisations often undertake projects to realise strategic or business objectives. However, they often fail to monitor and track the achievement of these intended benefits. There are varied reasons for this:
No clear alignment of project benefits to the strategic objectives
Financial aspects are largely focused instead of other quantitative or qualitative benefits
Too much emphasis on project execution and delivery
No tool being in place or capable to managing and tracking delivery and benefits together
Now that Focus HQ is the fully integrated PPM and benefit management tool, we will show you how to successfully manage Benefit Realisation as part of the project lifecycle.
Now, why do we need to separate Benefit Realisation from Execution Stage?
It ensures the Execution stage is focused on implementation and solution delivery.
Solution delivery often requires different skills and expertise, and driven by technology or transformation implementation. It is also best to keep this period as short and focused as possible to contain implementation costs to a minimum.
Separating Benefit ownership from delivery ownership.
An example to illustrate this separation is implementation of an IT solution to improve operational efficiency. The IT department would own the solution delivery phase, while the lines of business (where the solution is implemented) will deliver the operational savings (recurring or once off, labor or non-labor savings).
Benefit tracking stage can be long after the solution implementation completes.
Benefits can be realized during or after the Execution stage completes. Sometimes benefits kick in at 6 or 12 months post implementation.
Focus HQ ensures proper closure of the Project Execution Stage before entering Benefits Realization. This will completion of pre-defined checklists to ensure, depending the governance requirements. For example, Focus HQ runs an automated checklist at the completion of the Execution Stage by performing the validation:
All project milestones and deliverables are completed
Project costs are finalized
Risks and issues are closed
Post Implementation Reviews are documented
Other completion requirements (such as commissioning report and formal acceptance into BAU etc) are complete
Once the automated validation is complete, the Project Manager can submit the request for moving from Execution to Benefits Realisation stage.
As the project enters Benefits Realisation stage, only benefits in the Benefits Module requires updating (plan, forecast, actual) until the end of the benefit validation period. This process is normally managed by the Benefit Owners and Validators.
You can check the video below on how we can move our Execution project to the next stage.
Feel free to explore the criteria for moving your Execution project to the Benefits Realisation stage. Follow the video instructions on how to do so.
If you have any other questions, you can reach out to us via the Focus HQ Help or send us an email to firstname.lastname@example.org. We’ll be happy to guide you in navigating through these and provide other valuable support links when needed.