How to Do Project Benefits Management

[@Onlinepmcourses]

If you are not actively managing benefits on your projects then, quite simply, you are short-changing your employer, client, or sponsor. So start today. This video introduces you to the 'How'. For more detail, check-out our course (discount coupon codes in the video description)

[@Onlinepmcourses]

🛠

[@me_but_me7]

​@@Onlinepmcourses😅😢😢😅

[@WorDouglas8]

Very Good and I agree - this should be a body of knowledge!

[@Onlinepmcourses]

Of course, the PMI's PMBOK Guide has changed so much. The 7th edition came out with no 'Knowledge Areas' but a new focus on Value. So, I am happy with that.

[@JakedownUnder_0]

🎯 Key Takeaways for quick navigation: 00:00 🎯 Benefits management is often overlooked in project management but is highly important. 01:08 📝 The seven-step process for project benefits management includes creating a strategy, identifying and analyzing benefits, optimizing the benefits portfolio, and more. 03:53 📊 Benefits realization plans are essential to document how project deliverables will translate into benefits. 04:20 🔍 Tracking and monitoring benefits' progress is crucial to ensure they align with the original plan. 05:20 🌱 Benefits management extends beyond the project's life cycle to grow and sustain benefits from the created assets. Made with HARPA AI

[@Onlinepmcourses]

That's great. There are already chapter markers

[@MelissaIBoyd]

Well done. Thanks for teaching.

[@Onlinepmcourses]

Hey Melissa! Thank you.

[@Dwavard]

Another great explainer from Mike :-)

[@Onlinepmcourses]

Thanks again!

[@WHITEBOARDPROJECTMANAGEMENT]

Thanks for sharing the info

[@Onlinepmcourses]

You're welcome

[@rajeshm6703]

I am looking forward to attending your course in the near future

[@Onlinepmcourses]

Rajesh - it will be a pleasure to work with you.

[@MelissaIBoyd]

Well done

[@Onlinepmcourses]

Thanks, Melissa.

[@gpgarzarella2360]

Hi. Useful material, thanks. Do you have an view on how benefits management should be applied to research projects where the anticipated benefits are perhaps less clearly defined and harder to measure than for other types of projects such as construction projects and system implementations? Seems like there should still be some benefits tracking but perhaps not to the same level of detail? Keen to hear your thoughts please.

[@Onlinepmcourses]

Aha, research. That's a whole other thing. When asked what the value of Electricity could possibly be, Michael Faraday answered "what's the use of a newborn baby?" I don't think a Benefits Management approach like this one is quite right for pure research. R&D maybe; product development yes. At best, you'd need to take some form of probabilistic approach. For me, the key is stage-gate processes that allow reviewers to assess the quality of the research (not necessarily the discoveries to date) to determine if the next stage is warranted. But the danger is that older, more experienced researchers often have a status quo bias and are less likely to see the benefits of some speculative research, or the likelihood of finding something that goes against a prevailing paradigm. So there is a need for some clever thinking. to make this work here. And it's a bit above my pay grade. However, the truth is, many national research funding bodies constantly get it wrong (in both directions). It's a wicked problem. And, by the way, I do understand the research context, having done academic science research (Physics PhD) and industrial science research for GEC in my time. Great question, GP, thank you. I just wish I had a better answer for you!

[@elycetyler1942]

@@Onlinepmcoursesgreat answer, thank you!

[@Onlinepmcourses]

@@elycetyler1942 My pleasure!