{"id":203,"date":"2020-09-09T20:15:12","date_gmt":"2020-09-09T20:15:12","guid":{"rendered":"https:\/\/blog.andrewservania.com\/?p=203"},"modified":"2020-09-09T20:45:45","modified_gmt":"2020-09-09T20:45:45","slug":"something-called-benefits-realization-framework","status":"publish","type":"post","link":"https:\/\/blog.andrewservania.com\/index.php\/2020\/09\/09\/something-called-benefits-realization-framework\/","title":{"rendered":"Something called “Benefits Realization Framework”"},"content":{"rendered":"\n

For the past few days I read the following book:<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

This book gives guidance to project managers and organizations on how to manage things they wish to gain by executing a project. These “things” they wish to gain are called benefits<\/em> in terms of project management and they are managed through something called a Benefits Realization Management Framework or BRM in short.<\/p>\n\n\n\n

Nowadays, project management isn’t just about delivering the project on time, on budget and keeping everyone happy. That is not enough anymore.
Market and competition changes occur rapidly in this day and age and companies need to stay ahead and that’s where BRM comes into play.<\/p>\n\n\n\n

This framework is comprised of the following three stages:

1) Identify Benefits stage
2) Execute Benefits stage
3) Sustain Benefits stage<\/p>\n\n\n\n

The Identify Benefits stage focuses on determining whether projects can produce the intended business results.

The Execute Benefits stage focuses on minimizing risks and maximizing opportunities for gaining additional benefits.

The Sustain Benefits stage focuses on ensuring that existing projects continue to produce or create value.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Here’s an interesting source I found that helped me understand how the Benefits Realization Management Framework gives guidance: https:\/\/www.pmi.org\/-\/media\/pmi\/documents\/public\/pdf\/learning\/thought-leadership\/benefits-realization-management-framework.pdf?v=66856a2e-dc59-4bdd-830a-c95aad7e624c
This is a report that published by the Project Management Institute. The same organization that authored the book I read. The following YouTube video “dummifies” BRM enough for me to understand how it should work: https:\/\/www.youtube.com\/watch?v=thj6tTLcBfY&ab_channel=PMCLounge<\/p>\n\n\n\n

My opinion on all this is that I never expected that the managerial aspects of a project were so vast! I believe that the management of benefits alone is a large undertaking on its own but at the same time it is just a small cog in the whole project management realm! I find the stages to be rather self-explanatory but the execution of each stage involves a lot of project management household activities such as categorizing benefits all the way to applying many roles and many responsibilities to each role to be able to track and measure benefits!

I feel like I’m still in discovery mode and I haven’t touch the ground yet. I hope tomorrow’s lecture will give us more insights on how to digest all this material, which is completely new to me.<\/p>\n","protected":false},"excerpt":{"rendered":"

For the past few days I read the following book: This book gives guidance to project managers and organizations on how to manage things they wish to gain by executing a project. These “things” they wish to gain are called benefits in terms of project management and they are managed through something called a Benefits […]<\/p>\n","protected":false},"author":1,"featured_media":210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.andrewservania.com\/index.php\/wp-json\/wp\/v2\/posts\/203"}],"collection":[{"href":"https:\/\/blog.andrewservania.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.andrewservania.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.andrewservania.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.andrewservania.com\/index.php\/wp-json\/wp\/v2\/comments?post=203"}],"version-history":[{"count":7,"href":"https:\/\/blog.andrewservania.com\/index.php\/wp-json\/wp\/v2\/posts\/203\/revisions"}],"predecessor-version":[{"id":211,"href":"https:\/\/blog.andrewservania.com\/index.php\/wp-json\/wp\/v2\/posts\/203\/revisions\/211"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.andrewservania.com\/index.php\/wp-json\/wp\/v2\/media\/210"}],"wp:attachment":[{"href":"https:\/\/blog.andrewservania.com\/index.php\/wp-json\/wp\/v2\/media?parent=203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.andrewservania.com\/index.php\/wp-json\/wp\/v2\/categories?post=203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.andrewservania.com\/index.php\/wp-json\/wp\/v2\/tags?post=203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}