Is the project benefits realization a headache for your PMO team? It has always been a troublesome agenda for all PMOs. In this article at Project Times, Jim Conroy discusses five ways your PMO can make benefits realization possible.
Everyday Benefits Realization and PMO
‘According to PwC, only 62% of programmes can demonstrate a relationship between project objectives, company strategy and the resulting benefits.’
To make it successful, you need to change your perception first:
- It is a continuous process with numerous subtasks and not a step to cover in a single day.
- You need to plan and ensure that the benefits are realized from each project.
- A reference point of expectations can help you benchmark performance. For instance, if a monthly statement takes a week to complete, how long will a daily report take?
- A clear workflow like that of Serra and Kunc, 2015 can enable you to understand the interdependent factors and areas. You can also achieve this by using PPM and EPPM tools.
Here are the five ways your PMO can make benefits realization an everyday affair:
Make It a Central Part of the PM Process
Your PMO should define the project success factors right in the planning stage. Have a framework that would provide a high-level view of how projects are fulfilling corporate objectives. Establish project governance and metrics for better reviews.
Engage the Stakeholders Everywhere Possible
To avoid distancing your PMO operations from the corporate goals, include stakeholders at all levels. Create a common communications forum with the help of PPM tools. All involved can discuss, record, share and measure project information directly. Inform the top management regarding the benefits realization your projects are enabling.
Create a Benefits Dependency Flowchart
The flowchart will provide better visibility to all stakeholders regarding their responsibilities. Their improved engagement will enable the PMO team to define higher strategic queries like what your project objectives are.
Find What Is Measurable
After detecting the areas that you can measure, apply metrics to them for accurate results. Ensure that all stakeholders agree to the measurement parameters. It removes future frictions and conflicts regarding benefits realization.
Share the Benefits Realization Plan Far and Wide
Keep transparency across the organization regarding your PMO’s project benefits realization strategy. While the plan can defer from department to department, relevant stakeholders should get a clear message.
To view the original article in full, visit the following link: https://www.projecttimes.com/articles/5-ways-to-improve-benefits-realisation-by-the-pmo.html