Introduction to managing benefits

Introduction to Managing Benefits

The purpose of the APMG International Managing Benefits™ guidance and certification scheme is to provide managers and practitioners from multiple disciplines, working in a variety of organisations, with generally applicable guidance encompassing benefits management principles, practices and techniques. Training Bytesize are the only accredited company to offer either online or classroom options for training and certification.

Learning how to effectively manage benefits is core to every portfolio, programme and project, as it underpins the reason for change and why the investment was made in the first place.In this new post-recession world we live in, accountability is more important than ever, and delivery and realisation of Benefits is at the top of most senior executives list of priorities.The reason organisations invest in change is to realise benefits, yet it is estimated that around two thirds of projects fail to realise those benefits, because the benefits are not being correctly forecast, measured or managed to successful delivery.

We produced a range of short films so you can quickly and easily discover everything you need to know about Managing Benefits and decide if it’s the course for you.

1 – Introduction. A quick introduction to the free online Managing Benefits videos looking at hints and tips for implementing Managing Benefits in your organisation.

2 – Principles part 1. The principles provide us with the basis to successfully implement benefits management in our organisation and support the benefits management cycle.

3 – Principles part 2. The first principle identified in the Managing Benefits framework is that we need to ensure that benefits are aligned with strategy.

4 – Principles part 3. The fourth principle is the need to integrate benefits with performance management.

5 – Identify and quantify part 1. The Benefits Management Cycle forms the basis for the delivery of benefits at a programme or project level. It comprises five practices which describe the activities required to support the identification, planning, realisation and optimisation of benefits.

6 – Identify and quantify part 2. We can identify benefits firstly through Benefits Discovery Workshops. Membership of the workshop should include all affected stakeholders. The success of the workshop is dependent on a skilled facilitator.

7 – Identify and quantify part 3. In quantifying and forecasting benefits there are a number of factors that need to be considered. The first of these is recognising the potential for optimism bias or overconfidence in forecasting.

8 – Value and appraise part 1. The objective of the Value and Appraise practice is to ensure resources are allocated to those change initiatives that individually and collectively represent best value for money.

9 – Value and appraise part 2. Valuing benefits in monetary terms provides a level playing field or consistent basis upon which to undertake options analysis, investment appraisal and portfolio prioritisation.

10 – Value and appraise part 3. Having valued the benefits of an initiative in monetary terms, the next step is to appraise the initiative to determine whether the benefits exceed the costs required to realise the benefits, in other words is there a compelling case for investment?

11 – Realise part 1. The objective of the Realise practice is to optimise benefits realisation by actively managing planned benefits through to their realisation.

12 – Realise part 2. The first element in the Realise practice is Transition management.

13 – Realise part 3. The final element in the realise practice considers Optimising benefits realisation which focuses on ‘winning hearts and minds’.

14 – Review part 1. The objectives of the Review practice are to ensure, and assure, that the benefits to be realised are achievable.

15 – Review part 2. Managing Benefits recognises two types of review at start up. These include Independent review at start gate and Pre-mortems.

16 – Review part 3. Post-implementation reviews are important in supporting continuous improvement and learning within an organisation.

17 – Planning part 1. The third practice in the Benefits Management Cycle is Plan which covers the planning of the benefits realisation.

18 – Planning part 2. The plan practice includes seven main elements.

19 – Planning part 3. The fourth element is selecting appropriate benefits measures.

20 – Portfolio based benefits management part 1. Managing Benefits also considers applying a portfolio based approach to benefits management which allows benefits management to be considered across all initiatives within a change portfolio.

21 – Portfolio based benefits management part 2. The first key element in the portfolio-based approach to benefits management is the creation of benefits eligibility rules.

22 – Implementing and sustaining progress part 1. Managing Benefits recognises three approaches to implementing benefits management. These include big bang, evolutionary and ad-hoc.

23 – Implementing and sustaining progress part 2. Managing Benefits suggests that early consideration should be given to ten key steps for implementation of benefits management.

24 – Implementing and sustaining progress part 3. Managing Benefits recognises that sustaining progress can be a challenge but suggests there are a number of aspects which can support it. The first aspect is effective governance. Consideration should be given to the aspects of governance mentioned in our sixth principle including clear governance, aligned governance, consistent governance and active governance.

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