Too many organizations today still measure the success of a project based only on the traditional project management standards of delivering On Time, On Budget and On Scope. While these criteria are valid measures of successful project management, they are less suitable when assessing a project’s true success: its contribution to the overall organization's performance. Indeed, the ulti-mate success of a project – whether cost savings, revenue increases or customer satisfaction improvements – may not be known until years after it has been successfully delivered.
An Introduction to Benefits Realization ManagementCraig Letavec
This presentation provides a practical overview of benefits realization management with a specific focus on practical steps to begin implementing benefits realization management as a business function.
Buyers have a new obsession. It is called 'benefits realization', or alternatively 'benefits delivery'. They have lost faith that promises made before the sale will actually materialize and are determined to intervene to ensure that they do. But if buyers are focused on benefits realization, then sellers must be too. In this article we will show you how you can use this important concept to boost your sales success.
A Balanced Scorecard approach of step-wise refinement
from Vision to Implementation of projects can be achieved
by integrating the Balanced Scorecard approach with
Project Selection Process. This will increase the quality of
the project portfolio and improve the confidence of
business sponsors that their Investment in projects will
return benefits that they perceive to be of value.
Narrated copy of "Project Portfolio Selection" presentation made to the PMI Symposium 2008 in Ottawa. Puts forward a scoring model for selecting projects which are best aligned against organizational strategies and goals.
Can be downloaded and listened to.
An Introduction to Benefits Realization ManagementCraig Letavec
This presentation provides a practical overview of benefits realization management with a specific focus on practical steps to begin implementing benefits realization management as a business function.
Buyers have a new obsession. It is called 'benefits realization', or alternatively 'benefits delivery'. They have lost faith that promises made before the sale will actually materialize and are determined to intervene to ensure that they do. But if buyers are focused on benefits realization, then sellers must be too. In this article we will show you how you can use this important concept to boost your sales success.
A Balanced Scorecard approach of step-wise refinement
from Vision to Implementation of projects can be achieved
by integrating the Balanced Scorecard approach with
Project Selection Process. This will increase the quality of
the project portfolio and improve the confidence of
business sponsors that their Investment in projects will
return benefits that they perceive to be of value.
Narrated copy of "Project Portfolio Selection" presentation made to the PMI Symposium 2008 in Ottawa. Puts forward a scoring model for selecting projects which are best aligned against organizational strategies and goals.
Can be downloaded and listened to.
Project prioritization becomes more strategici-nexus
Very few organizations have the luxury of committing to a range of projects without having an effective way of prioritizing these. One could argue that this issue is more likely to be experienced by organizations that are relatively immature in their operational excellence or strategy execution journey. We’re not necessarily finding that. As companies continue to look to cut waste, improve efficiencies and improve the effectiveness of their strategy processes, project prioritization has become a hot topic.
13 Reasons Why Your Organization Needs Project Portfolio Management BrightWork
When implemented effectively, project portfolio management helps to improve project management processes and methods, reducing project failures and improving customer satisfaction. Here are 13 reasons why your organization needs project portfolio management.
Outline of PPM, Project and Portfolio Management and it's use in Project Management disciplines
If you would like a copy of the slides, please email me
Benefits realization management - how to do it right - Wovex and Trevor Howes...Wovex Limited
Benefits realization management is important and hard to do it right.
Understand more about areas of importance and expand your ability to be more successful with benefits realization management.
Wovex is software for Value and Benefit Realization Management at https://www.wovex.com/
[Whitepaper] The Definitive Guide to Strategic Planning: Here’s What You Need...Flevy.com Best Practices
More Information:
https://flevy.com/browse/flevypro/best-practices-in-strategic-planning-2738
For many organizations, this is the time of the year is when Leadership will conduct the annual Strategic Planning process and plan the near-, mid- and long-term strategies.
This article breaks the full Strategic Planning and Execution processes into 3 sections:
Strategic Planning
Strategy Development
Strategy Execution
For each section, we will highlight important concepts core to the topic, as well as direct you to important resources for further understanding.
1. Strategic Planning
Per Wikipedia, we can define Strategic Planning as:
Strategic Planning is an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy. Strategic Planning became prominent in corporations during the 1960s and remains an important aspect of strategic management. It is executed by strategic planners or strategists, who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes.
Strategic Planning is a crucial process, but often poorly executed, leading to poor translation from Strategy to Execution.
In most organizations, executives complain that their Strategic Planning is overly bureaucratic, insufficiently insightful, and doesn’t accommodate today’s rapidly changing, digital markets. To combat these issues, there are a few best practices we should follow:
Explore Strategy across 3 time horizons.
Encourage productive and stimulating Strategic Dialogue.
Engage a broad, decentralized group of stakeholders.
Let’s dive a little deeper into each of these best practices.
Explore
The 3 time horizons we want to explore can be defined as short term (1-year timeframe), medium term (3–5 years timeframe), and long term (5+ years). Each horizon is uniquely considered and has different objectives.
Introduction to Project Portfolio Management (PPM)Kimmy Chen
Introduction to project portfolio management
PPM is generally defined as a strategic, mission driven, dynamic decision making process whereby a business list of active projects is constantly updated and revised [Cooper 2001].
Pillars of PPM
- Organization (Executive support, PMO, steering committees)
- Processes (Project feasibility to Project Acquisition)
- Technology (Repository, Document management, Knowledge management)
Benefits of PPM
- Right selection of projects
- Alignment with strategic goals
Project prioritization becomes more strategici-nexus
Very few organizations have the luxury of committing to a range of projects without having an effective way of prioritizing these. One could argue that this issue is more likely to be experienced by organizations that are relatively immature in their operational excellence or strategy execution journey. We’re not necessarily finding that. As companies continue to look to cut waste, improve efficiencies and improve the effectiveness of their strategy processes, project prioritization has become a hot topic.
13 Reasons Why Your Organization Needs Project Portfolio Management BrightWork
When implemented effectively, project portfolio management helps to improve project management processes and methods, reducing project failures and improving customer satisfaction. Here are 13 reasons why your organization needs project portfolio management.
Outline of PPM, Project and Portfolio Management and it's use in Project Management disciplines
If you would like a copy of the slides, please email me
Benefits realization management - how to do it right - Wovex and Trevor Howes...Wovex Limited
Benefits realization management is important and hard to do it right.
Understand more about areas of importance and expand your ability to be more successful with benefits realization management.
Wovex is software for Value and Benefit Realization Management at https://www.wovex.com/
[Whitepaper] The Definitive Guide to Strategic Planning: Here’s What You Need...Flevy.com Best Practices
More Information:
https://flevy.com/browse/flevypro/best-practices-in-strategic-planning-2738
For many organizations, this is the time of the year is when Leadership will conduct the annual Strategic Planning process and plan the near-, mid- and long-term strategies.
This article breaks the full Strategic Planning and Execution processes into 3 sections:
Strategic Planning
Strategy Development
Strategy Execution
For each section, we will highlight important concepts core to the topic, as well as direct you to important resources for further understanding.
1. Strategic Planning
Per Wikipedia, we can define Strategic Planning as:
Strategic Planning is an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy. Strategic Planning became prominent in corporations during the 1960s and remains an important aspect of strategic management. It is executed by strategic planners or strategists, who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes.
Strategic Planning is a crucial process, but often poorly executed, leading to poor translation from Strategy to Execution.
In most organizations, executives complain that their Strategic Planning is overly bureaucratic, insufficiently insightful, and doesn’t accommodate today’s rapidly changing, digital markets. To combat these issues, there are a few best practices we should follow:
Explore Strategy across 3 time horizons.
Encourage productive and stimulating Strategic Dialogue.
Engage a broad, decentralized group of stakeholders.
Let’s dive a little deeper into each of these best practices.
Explore
The 3 time horizons we want to explore can be defined as short term (1-year timeframe), medium term (3–5 years timeframe), and long term (5+ years). Each horizon is uniquely considered and has different objectives.
Introduction to Project Portfolio Management (PPM)Kimmy Chen
Introduction to project portfolio management
PPM is generally defined as a strategic, mission driven, dynamic decision making process whereby a business list of active projects is constantly updated and revised [Cooper 2001].
Pillars of PPM
- Organization (Executive support, PMO, steering committees)
- Processes (Project feasibility to Project Acquisition)
- Technology (Repository, Document management, Knowledge management)
Benefits of PPM
- Right selection of projects
- Alignment with strategic goals
Presentation by Daniel Sanches, Portuguese Court of Accounts, on The concept of performance audit and the experience of the Portuguese Court of Accounts, at the workshop organised by SIGMA for the Lebanese Court of Accounts on Introducing performance auditing in Supreme Audit Institutions, held in Beirut 28-29 June 2016.
Origins and evolution of HTML and XHTML by Tanvir Zafar.
HTML is the Basic web design language.
Learn more about HTML at http://howpk.com/introduction-to-html/
Energy Saving Corporation is committed to provide solar solution for every need. The range of products includes solar roof-top system, solar street lights, solar water heater, solar water pump and many others. The company offers customized solutions as per the need of individual or industry.
Terveydenhuollon etäpalvelut & teknologia-seminaarissa pidetty luento "Telelääketieteen käyttö ja tulevaisuuden näkymät", Arto Holopainen, Asiantuntija, Kuopio Innovation Oy.
Business Improvement initiatives are getting a lot of press these days: “..our projects saved over $10M in the first 12 months of deployment using BPM” . It seems logical for an organization to jump onto the process improvement bandwagon. Much is promised of business improvement efforts, and there are many capable consultants and companies willing to support a company’s BPM deployment that can last months to years. But how does an organization know that the business improvement efforts will really result in a quantifiable benefit to the business? Process improvement initiatives are not inexpensive to start or sustain over many years, and most executives require the clear identification of benefits to justify the expenditure of training resources and driving project work before approving a long-term initiative.
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Strategic Supply Chain Management : The use of Metrics To Drive Business Success from “The 5 Discipline For Top Performance in Strategic Supply Chain Management"
Strategic Supply chain management has a huge impact on our day to day business, and Good SCM strategic can directly improve our customer service and the bottom line of the company. Strategic supply chain is an iterative process that evaluates the cost- benefit trade-offs of operational components that involves leveraging the core competencies of the organization to achieve a defined high-level goal or objective. As a Master in Industrial Engineering Candidate, i am delighted to share with all of you some insights from my discussion with the Lecturer Bpk. Dr. Dadang Surjasa, S.Si, MT Dadang Surjasa, to make you even more understand about the impact of strategic SCM in a business, especially the use of Metrics to Drive your business success. I hope this information will be useful for the readers to gain more insights about supply chain management it self. Have a great day everyone!
Tricks of the Transformation Trade: Disruptive Disintermediation, Agility Age...UMT
A vast majority of U.S multinational firms – 93% in fact, according to a recent survey – are at some stage
of undergoing or preparing for business transformation initiatives. This is being driven by an unprecedented
confluence of changes in customer behavior, disruptive technology and domestic competition, among other
key triggers. It’s constantly “transform or wither” in today’s volatile global business, and
agility is the executive imperative of the day, albeit an elusive one. An organization’s long term success or failure
depends on its capacity to consistently identify opportunities and risks and renew itself faster than rivals do.
Business leaders need to be more efficient and effective at updating and implementing strategies than ever
before. If wielded correctly, an important weapon in their agility war chest is a new style of enterprise program
management office (PMO) that is more comprehensive than in the past.
Portfolio Agility– From Elusive Imperative to Practical Reality: Seven Dimens...UMT
More efficient and effective setting and implementing of strategy can be potentially achieved by leveraging a new style of PMO that is more comprehensive than in the past.
Agility is the elusive executive imperative of the day; long term success or failure depends on an organization’s skill at identifying and capturing opportunities faster than rivals do in this volatile and global business environment.
Bridging the gap between strategy and execution and facilitating better decisions and their deployment requires a non-ad-hoc, comprehensive roadmap to laying an enterprise-wide web of information sharing and structural change that is adopted at all levels of the company.
Ben Chamberlain, UMT360: PPM + Financial Intelligence = Greater ROIUMT
Ben Chamberlain, UMT360 gave this presentation at Microsoft and UMT event Project Portfolio Management Exchange at Microsoft San Francisco office on January 14, 2014.
Dianne Wyllie, Brocade: Transforming the Annual Planning ProcessUMT
Dianne Wyllie, Brocade gave this presentation at Microsoft and UMT event Project Portfolio Management Exchange at Microsoft San Francisco office on January 14, 2014.
Carl Souchereau, SNC Lavalin T&D: Both Sides of the FenceUMT
Carl Souchereau, Lavalin T&D gave this presentation at Microsoft and UMT event Project Portfolio Management Exchange at Microsoft San Francisco office on January 14, 2014.
Baird Miller, DOL: IT Portfolio Management in State GovernmentUMT
Baird Miller, DOL gave this presentation at Microsoft and UMT event Project Portfolio Management Exchange at Microsoft San Francisco office on January 14, 2014.
Transalta: How a Power Company Saved Time and Reduced Capital Expenses Throug...UMT
TransAlta Corporation, a Canadian power generation and wholesaling company, needed to better “compare apples to apples” when selecting its portfolio of capital projects across fuel types and investment streams.
Agile businesses stay competitive by quickly realigning IT investment, capital projects, and R&D pipeline portfolios to a constantly shifting environment. Learn about the importance of accelerating knowledge and experience (the kind Captain Sully used to land on the Hudson) in making the right portfolio decisions at the right time. Sy Aslan, a 30-year veteran of consulting management and PPM, discusses:
• Balancing the goals of effectiveness versus efficiency
• The roles of strategy, governance and knowledge in decision making
• Accelerating knowledge and experience with models that enhance and simplify analytics and judgment
UMT Federal Webinar Series Part 4: Communicating Investment StatusUMT
Develop a clearer picture of your investments by using data on commodity IT investments, duplicated efforts that could be consolidated, and misaligned functionality to ultimately maximize the return on investment. Review how an efficient communication model, along with the use of the IT Dashboard and PortfolioStat, can help to maximize the value of your IT investments.
learn how UMT 360’s powerful Integrated Portfolio Management techniques can help you establish a financial management framework to gain transparency and improve investment decisions across your project, program and asset portfolios.
IT Financial Management Series - Part 3: Drive Financial Transparency Across ...UMT
This webinar is the third part of the IT financial management series. In this webinar, Charlie Curcio, IT CFO shares his experience in driving financial transparency across the infrastructure portfolio. On average, infrastructure represents more than half of the total IT spend and presents the biggest challenge in terms of financial transparency. In this webcast you will learn how IIPA techniques can help:
* Breakdown the infrastructure portfolio by key IT Services
* Understand the Cost of Ownership of each Service
* Derive unit rates for each Service
* Connect Applications and Services
* Develop a Bill of IT to chargeback IT spend
IT Financial Management Series - Part 2: Drive financial transparency across ...UMT
This webinar is the second part of the IT financial management series. In this webinar, Charlie Curcio, IT CFO shares his experience in driving financial transparency across the application portfolio.
IT Financial Management Series - Part 1: Defining a Model to Effectively Run ...UMT
"This is the first part of the IT financial management series. In this webinar, Charlie Curcio, IT CFO shares his experience in defining what it means to Run the Business of IT.
On average companies spend 5% of the total operating budget on IT, increasing pressure on executives to reduce costs, communicate value and align IT investments with business priorities to drive a competitive advantage.
Today, many high performing IT organizations are adopting Integrated IT Portfolio Analysis (IIPA) best practices to effectively Run the Business of IT. Developing a holistic data model and financial framework is key to driving transparency across disparate IT domains and providing accurate and reliable metrics to enhance decision making."
Microsoft recently announced the release of Microsoft Project 2013, the latest Project and Portfolio Management solution from Microsoft. This webinar covers the four stages of the UMT Project Portfolio Management Governance Lifecycle: Create, Select, Plan, and Manage.
The quest to define IT’s relationship with the business has gained new momentum over the last few years, primarily due to a more difficult economic climate driving the need for transparency in spending decisions. The momentum is manifested in a fundamental awareness, developed since the technology hype of the late 90’s, that IT organizations must be integrated more closely with the businesses they support. Management teams in many organizations are focused on defining a better Business-Technology partnership, which is shining the spotlight on a new discipline -- Project Portfolio Management (PPM).
Proven Paradigm for Creating Enterprise Project and Portfolio Management Adop...UMT
Capability Maturity Assessment is one of the tools consistently leveraged by Enterprise Project and Portfolio Manage-ment (EPM) practitioners in the creation of adoption roadmaps for organizations that are creating momentum for change with the objective of improving internal governance. Historically, the problem has been addressed in parallel at the Project, Program, or Portfolio levels, and in many cases the solutions devised have been independent of one anoth-er, potentially missing on integration aspects that could greatly improve overall results. In the past couple of years, new methodologies that attempt to encompass all three disciplines have been developed, including OPM3 from the PMI.
The Seven Habits of Highly Effective Portfolio Management ImplementationsUMT
Originally published in 2003, this white paper on portfolio management has stood the test of time and is still relevant in all 7 best practice areas. Although the 7 best practices remain the same, the field of portfolio management has evolved substantially. To follow are some key questions that have been answered in the last few years:
Where should I start: Process or Tools?
For IT portfolios, what is more important: APM or PPM?
Which is the right level to start: Project or Portfolio?
Has portfolio management become more widely accepted as a practice in the last three years?
Are there financial benefits to implementing portfolio management?
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
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Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
2. <2>
Introduction
Too many organizations today still measure the success of a project based only on the traditional project management standards of
delivering On Time, On Budget and On Scope. While these criteria are valid measures of successful project management, they are
less suitable when assessing a project’s true success: its contribution to the overall organization's performance. Indeed, the ulti-
mate success of a project – whether cost savings, revenue increases or customer satisfaction improvements – may not be known
until years after it has been successfully delivered.
The challenge senior IT and business managers face today, however, is not only to successfully manage the project throughout its
lifecycle, but to quantify upfront how a project’s success, or the benefits it generates, can be measured. Once these benefits have
been committed to, they need to be tracked throughout the post implementation phase in order to ensure that the project pro-
vides the greatest strategic value to the organization. By identifying and remaining cognizant of a project’s benefits, organizations
can make great strides towards ensuring they are maximizing its ultimate success.
Optimizing an organization's performance, however, needs to begin long before individual projects’ benefits are defined, their exe-
cution managed, and their delivery tracked. Rather, the organization's decision-makers must first ensure that they have chosen the
most appropriate projects for inclusion in the portfolio. Even the most successful project delivery will not help to optimize the or-
ganization's overall performance if the projects chosen for the portfolio are not aligned to the business strategy.
A project benefits management framework should therefore be viewed
as an essential step towards improving the efficiency of a portfolio of
projects, and ensuring that the expected benefits are aligned with the
business strategy, and in fact, being realized. Such a framework natu-
rally complements, and should be integrated within, an overall project
portfolio management (PPM) approach, which views a portfolio of pro-
jects in the same way as a portfolio of investments. The ultimate, long
term objective of both is obviously to increase the portfolio owner’s
(whether an individual or organization) return on investment (ROI).
There are three main differences, however, between these portfolio
types, which explain why such a framework is so important:
1. In the short term, it is not always possible to measure a project’s
financial contribution; therefore additional measurable benefits
must be identified.
2. Whilst the performance of a financial portfolio can be measured at
any point in time, the success of a project, and its contribution to
the organization's strategy, can often only be measured long after
it has been delivered.
3. While the contribution of each security to the overall performance
of a financial portfolio can be readily identified, due to inter-
project dependencies and overlaps in scope, a measurable organi-
zation benefit is usually the outcome of several projects.
By applying the same units of measurement to both the organization's measurable objectives and the individual projects’ benefits,
the steps involved in implementing a benefits management framework create a visible link between the two. At a high level these
steps include:
(1) Formulating and prioritizing the organization's objectives, and defining their relevant key performance indicators (KPIs) and
targets; (2) Identifying each individual project’s benefits and determining which ones are best positioned to contribute to the ob-
jectives’ KPI target; (3) Rationalizing and optimizing the project portfolio to ensure the aggregated project benefits achieve the
objectives’ target KPI; (4) Sequencing the optimized project portfolio to generate the benefits realization timeline, taking into ac-
count resource constraints, dependencies and critical milestones; (5) Managing scope and timeline changes throughout the pro-
ject’s execution and evaluating their impact on the benefits and their delivery timeline; and (6) Monitoring the project benefits
Business’ Desired Objectives
AbilitytochoosetheRightProjects
100%
80% - Choosing the best projects X
75% - Achieving the desired benefits
60% - Business’ Realized Objectives
100%
Exhibit 1 – Doing the Right Projects Right
Recent findings indicate that organizations did not achieve
their targets because many projects were not aligned with the
business objectives, and of those that were, a high portion did
not realize their intended benefits. The Standish Group, 2001
3. <3>
realization phase, which usually stretches beyond the project’s “official” end date, to verify project success and ensure the organi-
zation's objectives are being achieved.
Step 1: Formulating the Organization's Objectives
An organization's first step towards optimizing the performance of its portfolio of projects is to identify and define its key objec-
tives. Objectives must to be specific in scope, action-oriented, able to serve as high level goals for an individual project, and should
ideally have been agreed upon through a consensus approach by as wide a group of senior managers and stakeholders as realisti-
cally possible. Objectives are typically categorized into three areas: demand management (e.g. sales effectiveness, increased reve-
nue), supply management (e.g. operational efficiency, customer responsiveness) or support services (e.g. infrastructure, regulatory
requirements). Most importantly, however, objectives need to be measurable: each one should have a set of one or more KPIs
which, along with their defined targets, will enable decision makers to monitor and control the successful delivery of the objectives
in real terms.
KPIs: Measuring Objectives in Real Terms
Defining the “right” KPIs is one of the most difficult tasks an organization faces when establishing a benefits management frame-
work. Effective KPIs must be relevant to their associated objective, specific, readily measurable by the organization, realistic and
achievable, and contain a time element. That a KPI must be relevant to the objective it is striving to measure may seem self-
evident, but this point still needs to be highlighted. It can often be convenient for an organization to employ an existing perfor-
mance metric to measure the impact on a recently defined objective. If the price of this convenience, however, is the undermining
of the accurate measurement of the achievement of the objective, then a new KPI should be chosen.
The KPI also needs to be specific enough so that it can measure the delivery of an individual objective, without being excessively
affected by external noise and unrelated events. For example, how can a KPI as broad as a customer satisfaction index measure the
direct impact of a specific project? Clearly this is when the science becomes less exacting, but it highlights the effort needed to en-
sure the KPIs are well defined.
That a KPI must be measurable is often overlooked in the early stages of such an exercise. It may seem obvious that the best meas-
ure of increased customer satisfaction should be a higher score on a customer satisfaction survey, however if no such metric is cur-
rently being tracked, that KPI may not be the most appropriate. A better KPI might be to measure the number of calls to a help line
over a specific period. A side effect of a PPM exercise, however, should not be a host of new projects whose sole purpose is to de-
velop processes to measure the success of other projects!
As with any goal, the target KPI must be realistic and achievable for it to be relevant. There is no point in setting up targets which
are beyond the organization's, or, for that matter, the market’s ability to fulfill.
The final requisite characteristic of a KPI is that it contains a time element. In simple terms, the KPI must measure not only how
well the organization is doing in terms of achieving its objectives, but it must also provide the time dimension for achieving these
objectives.
Prioritizing the Organization's Objectives
Once the objectives have been agreed and the KPI’s defined, and accepting that for a given period (e.g., 12 or 18 months) not all
objectives may carry the same importance, a prioritization exercise must next occur. For example, after analyzing market condi-
tions, an organization may wish to focus its efforts (and initiate projects) to reduce its cost-base, rather than to increase its reve-
nues.
“Portfolio management takes a holistic view of a company's overall IT strategy. Both IT and business leaders vet
project proposals by matching them with the company's strategic objectives.”
CIO.com, Portfolio Management - How to do it Right
4. <4>
The prioritization process is therefore used to determine the relative importance of the objectives and to generate a normalized
weights vector. UMT uses the Pairwise Comparison method, which ranks the objectives in pairs against one another, in order to
generate these values.
Such an exercise also has the additional advantage of creating transparency and achieving consensus among decision makers, by
forcing them to choose and explain their priorities. In some instances, however, the resulting discussion might be heavily depend-
ent on the organizational culture and level of openness.
Step 2: Identifying Project Benefits and Prioritizing the Portfolio
The KPIs described in the previous section are necessarily closely linked to project benefits. Whereas a KPI measures progress to-
wards achieving an objective, a benefit is the measurable, positive outcome of a project that a KPI is measuring. Certainly projects
will also provide benefits that are not measured by one of the KPIs, but when analyzing projects from a portfolio view, in the con-
text of an organization's objectives, we should only be concerned with the benefits that can be measured by these KPIs.
The challenge is therefore to create a mechanism that will link, using the same units of measurement, the individual project’s bene-
fits to the objectives’ KPIs. Such a framework will not only enable the organization to pinpoint potential gaps in its portfolio (where
the consolidated projects’ benefits do not add up to the objectives’ target KPI), but will also provide a way of prioritizing the entire
project portfolio against its objectives.
Linking Projects to Objectives
Similar to agreeing on the relative weighting of objectives, a consensus approach should be used to ensure that all the key stake-
holders agree on the contribution each project makes towards achieving each objective. Therefore, once each proposed project
has been defined – including an estimate of cost (both by resource-type and monetary measure), scope, schedule, dependency,
and other potential characteristics specific to the organization – it must then be appraised based on the contribution, if any, that its
benefits make towards the achievement of each objective. Examples for project benefits are “reducing headcount in the ac-
counting department by two (2) FTEs”, or “reduce error rate in transaction processing by 10%”.
In creating such a mechanism, it is necessary to establish KPI bands, or threshold levels, that will enable project sponsors to deter-
mine how strongly their project supports each one of the objectives and their KPIs. UMT uses a structured approach, usually as part
of a redesigned portfolio planning or project approval process, for defining these bands and assessing the contribution of each pro-
ject. The KPI threshold levels are translated into numerical bands (usually 5), where “Extreme” might mean that a project will con-
tribute 10%-12% of the target KPI, “Strong” 8%-10%, etc. The definition of these bands usually depends on the number of projects
that can show a link to a given KPI.
Evaluate the Relative Importance of Each
Business Objective
Exhibit 2 - Prioritizing the Organization's Objectives
Review and Agree on the Business Objectives and
Priorities
5. <4>
Prioritizing Projects: The Project’s ‘Strategic Value’
Once each project has been evaluated against the objectives and their KPIs, it can be assigned a “Strategic Value”. This value repre-
sents the level of support a project is expected to provide to the organization's objectives, and is calculated using (a) the weights of
the relevant objectives the project is supporting and (b) the “strength” of this support (i.e., Extreme, Strong, etc.). The strategic
value may then be used as a proxy for the priority of the project within the organization's portfolio.
It is important to note that, when using this approach within a project portfolio management framework, such a methodical pro-
cess generally identifies project benefits that contribute to the achievement of as many of the organization's objectives as possible.
However, when organizations endeavor to conduct ad hoc project benefits management exercises independently from a PPM
framework, they often focus exclusively on financial benefits at the expense of ignoring others that also contribute to the overall
performance of the organization. It is generally accepted that over the long term, the primary justification for a project is its finan-
cial impact on the bottom line; however, since in the short term this impact is not always visible, other measurable project benefit
types must be considered. These may include non-financial (e.g. quality of service, workforce motivation and satisfaction, and man-
datory or legal requirements), or indirect ones (e.g. strategic fit, risk reduction, and internal management efficiency). Analyzing
project benefits within the context of a portfolio, therefore, serves as a powerful tool for organizations determined to optimize
their performance.
Step 3: Rationalizing and Optimizing the Project Portfolio
Having agreed on the organization's definition of performance, and having assessed how each project in the portfolio individually
contributes to this performance, the next challenge is to rationalize and optimize the project portfolio.
Rationalizing the portfolio is necessary in order to ensure it does not contain multiple projects that are conspicuously superfluous,
or others that are clearly mutually exclusive. Potential overlaps between projects should be exposed; for example, projects from
different business units may appear to achieve the same benefit, in the same functional area, by using different approaches. These
overlaps and duplications should be highlighted as alternatives or removed. This step obviously requires detailed knowledge and
understanding of the projects and their benefits.
Assess Each Project’s Contribution to the Overall
Target KPI
Prioritized Project List Based on
“Strategic Value”
Exhibit 3 – Linking Projects to Objectives
“Rather than trying to calculate specific returns on each project, some companies are saving millions
of dollars each year through a portfolio approach to IT spending.”
Computerworld, Stabilizing Your Risk
6. <4>
Once potential duplications have been dealt with, each category of benefits should be consolidated to evaluate whether the target
KPIs can be achieved. If gaps are identified, then decision must be made to either amend the scope of existing proposed projects or
propose new projects, in an effort to create a portfolio of projects that has the potential to achieve each objectives target level of
KPI.
Although the organization will strive to achieve all its target KPIs, in reality, this is not always achievable from an operational per-
spective. A portfolio optimization step will therefore be required, which will take into consideration the usual constraints faced by
IT managers: money, resources and their types, time, level of risk, etc. In a perfect world, with no constraints, the entire rational-
ized portfolio would be implemented, but in the real world, and especially in these economically challenging times, difficult deci-
sions need to be made in order to create the optimal project portfolio that delivers the maximum strategic value.
UMT uses various algorithms to create an optimal portfolio of projects that yields the greatest strategic value, no matter what con-
straints are applied. It is important to remember, however, that this optimized portfolio does not necessarily “select” the projects
with the individual highest strategic value, but rather it proposes the overall portfolio with the highest aggregate strategic value. It
also does not necessarily select projects with the greatest ROI, or net contribution to increased revenues – traditional characteris-
tics of approved projects – unless of course a heavily weighted objective’s KPI is increased revenue or ROI.
Once a project has earned its place in the optimized portfolio, following the prioritization and optimization steps, this phase’s final
step is for each project’s benefit realization schedule to be formally signed-off and committed.
The importance of this step can not be overstated, as it sets forth the commitments made by the project owners and managers
regarding the project’s delivery. This is also when the project’s benefits realization schedule – the manifestation of what the KPIs
will be measuring – is proposed, approved and therefore committed. The benefits realization schedule is what will be tracked dur-
ing a project’s execution and post-implementation phases to measure whether the benefits proposed during the approval phase
are indeed being achieved.
In the context of most organizations' traditional project lifecycle, this would often happen during the project approval process,
when a formal assessment is made to determine whether a project should be funded. While the level of documentation will vary
depending on the culture of the organization and the type of project, the underlying deliverable usually takes the form of a busi-
ness case, outlining both project costs and benefits.
Step 4: Sequencing the Optimal Portfolio
Once the optimal project portfolio has been selected, the next challenge is to create a roadmap for delivering the selected projects,
which, in turn, will define the overall benefit realization roadmap. Ideally, all selected projects could be fully staffed and kicked off
immediately. In reality, however, an organization's supply of resource types rarely matches the demand. Furthermore, additional
complications result from inter-project dependencies, external dependencies, critical milestones, etc.
A project sequencing analysis needs to be undertaken, therefore, to understand the resource gaps and the tradeoffs an organiza-
tion faces between different alternatives. For example, the costs of staffing up all projects based on the original timeline – where-
by expensive contractors or permanent staff may be hired during some busy project phases, which are then followed by extended
periods of resource underutilization - should be measured against the alternative of smoothing internal resource utilization volatili-
ty. This latter scenario may result, however, a delay to some projects, which will cause their specific benefits to be delayed; the
consequential knock-on effect will result in a delay in the achievement of the organization's overall target KPIs.
UMT uses dedicated software tools to enable IT managers to run “what-if” scenarios either to optimize the scheduling of projects
while keeping resource-type surpluses and shortages as flat as possible, or alternatively to keep a rigid schedule but identify clearly
expected resource gaps.
“More sophisticated analytical tools are offered by vendors such as United Management
Technologies… providing actionable measurements of variables such as cost, risk and resources to
help IT organizations maximize their IT Investments.”
Computerworld, Balancing the IT Portfolio
7. <4>
Step 5: Managing Changes throughout the Project’s Execution
While a project is being executed, there are a number of activities that must take place to ensure the portfolio’s project benefits
will indeed be realized. Firstly, each project’s approved benefits realization schedule – which was committed when the business
case was approved – must be validated at regular intervals, usually during the course of project status reporting. Regular, timely,
and effective project status reporting is a vital tool to provide early warning of an under-performing project, the effect of which
may likely impact the benefits realization schedule. More importantly, however, the impact of changes to the project must be fully
taken into consideration.
While conventional program management change control is a trademark of any well-managed program, it is commonplace for
scant attention to be paid to assessing how changes may impact project benefits. This is a significant oversight, however, since the
true success of a project cannot be measured without ensuring its proposed and signed-off benefits have been realized. Since a
project’s signed-off, expected benefits will be directly impacted by any changes to scope or timing, any changes to these two
parameters during execution need to be assessed through a formal change control process to identify the knock-on effect to the
overall benefits realization schedule.
Furthermore, if significant changes to a project do occur during the execution phase, and these have measurable impacts on the
benefits realization schedule – both magnitude of benefit achieved and timing of realization – corrective action should be consid-
ered by the project owner and stakeholders. If necessary, a decision to cancel the project may need to be made if it is determined
that organizational resources could be better deployed in such a way to maximize strategic value.
Finally, while changes to a project’s scope and timeline are generally within the organization's control, external events certainly are
not. If significant external events occur, they may have an impact on the organization's objectives, priorities and target KPIs and a
similar assessment of the project(s), within the context of the portfolio, should be conducted in order to determine what corrective
action may need to be made to ensure the expected benefits and their delivery timeframe are maintained. The assessment should
also take into account new projects that may need to be integrated into the current portfolio.
Step 6: Monitoring the Project Benefits Realization Phase
For most organizations, once a project has been implemented and the project team has been dismantled and redeployed across
new initiatives, the project is considered effectively closed. Many organizations wisely conduct a post-implementation review to
ensure all mistakes and shortcomings experienced during the project are documented and presumably avoided in the future, but
effectively no more attention is paid to the project.
This approach is a mistake. The success of a project, and hence its strategic value and contribution to overall organizational perfor-
mance, can only be truly declared once it has reached its Goal Achieved Status: the state when all the benefits identified in the
business case have been achieved. Only at this point, when the relevant KPIs indicate that the expected impact on the objectives
has been met, can a project be considered successfully completed.
Indeed, for many organizations it may be hard to identify the specific contribution a project has on the organization's performance.
Ideally, in order to track the project benefits during the post-implementation benefits realization phase, an organization should
have in place a process to clearly define the benefits and a process to collect the benefits data and report on them regularly both
by individual project, as well as for the overall portfolio, which in effect provides a scorecard of the organization's performance.
This final step in the benefits management framework provides a powerful report card view of the organization's actual perfor-
mance today, against the one that was proposed in the past when the original decisions were made. As such, difficult and often
contentious project investment decisions made in the past can be re-visited in the future and definitively evaluated for their judi-
ciousness. Good decisions are validated, while bad decisions are identified so that corrective action may be taken to ensure they
are not repeated.
8. Conclusion
The bad news is that any organization committed to optimizing its performance faces a myriad of options and will always be
forced to make difficult decisions. The good news, however, is that a holistic approach and a structured decision-making frame-
work help eliminate the bad options and illuminate the right decisions.
A framework for project portfolio management in general, and benefits management more specifically, brightens senior man-
agement’s decision-making spotlight and focuses it on the portfolio that delivers the mix of project benefits that brings the great-
est strategic value to the organization.
Key points to achieving success include:
A delivered project – even though it may be on time, on scope, and even under-budget - does not equal a successful pro-
ject.
Doing the right projects is as important doing the projects right.
Strategic value, not ROI or NPV, is the currency of organizational performance.
The only relevant project benefits are the ones that contribute to achieving organizational objectives.
Decisions to select, change or kill a project must be made at the portfolio level; this is the only view that can see the im-
pact on the organization's performance.
Rationalizing a portfolio can help save a lot of money by identifying duplications and overlaps; in parallel, this process also
highlights gaps which may result the organization's objectives not being achieved.
A project’s benefits realization schedule is fickle: it needs to continually be revisited and validated because any little
change to the project will upset it.
The Go Live date signals the start of the benefits realization phase, not the end of the project.
Even a failed project can have some benefits; the same mistakes shouldn’t be made again.
References:
1. The Standish Group. (2001) CHAOS Report. West Yarmouth, MA
2. CIO.com (May 2003), Portfolio Management – How to do it Right, Todd Datz
3. Computerworld (May 2001); Stabilizing Your Risk, Robert L. Scheier
4. Computerworld (Feb. 2003 ) Balancing the IT Portfolio, Thomas Hoffman
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