Benefits Realization Creating Value vs. Triple Constraint www.wmpmi.org

Benefits Realization Creating Value vs. Triple Constraint www.wmpmi.org

Benefits Realization Creating Value vs. Triple Constraint www.wmpmi.org Agenda Introductions Mission and Vision Strategic Objectives Realizing Benefits

Lets have a collaborative discussion Dont present, persuade! Mike Krouse PMP, CISA, CGEIT, CRISC, CRMA, FLMI Medical Informatics Engineering, CSO &

PMO STAR Financial Bank, ISO & PMO Lincoln Financial Group, IT Audit Manager and PMO Director PMI-NEIC Treasurer, President, PastPresident and Region 2 Liaison InfraGard, ISSA, ISACA, IIA

Who I am really Business Value Business value is a concept that is unique to each organization Value may be created through the effective management of ongoing operations

However, through the use of PPPM, organizations will possess the ability to employ reliable, established processes to meet strategic objectives and obtain greater business value from project investments 2013 Project Management Institute: A Guide to the Project Management Body of Knowledge (PMBOK Guide) Fifth Edition, Page 15

Business Value Chain Mission & Vision Strategic Objectives PPPM Business

Value Mission and Vision Statements Herman Miller Our new 10-year sustainability strategy, Earthright, begins with three principles: positive transparency, products as living things, and becoming greener together.

We have sharpened our goals around the smart use of resources, eco-inspired design, and becoming community driven. Most importantly, we are finding new ways to involve more employees, suppliers, and customers. Mission and Vision Statements At Gordon Food Service, Customer is King

and our purpose is to serve our customers with the highest-quality food service products and services. To do this, Gordon Food Service is guided by hard work, innovation, compassion, spirit, integrity of our people and a deep commitment to what we call our "Cornerstone Values." Mission and Vision Statements Delivering high-quality care and

ensuring the safety of our patients, employees and providers is integral to our mission at Spectrum Health: to improve the health of the communities we serve. Mission and Vision Statements Do your companies have mission and

vision statements? Do you know what they are? Strategic Objectives Examples Increase Market Share Strengthen Financial Resources Boost Productivity Optimize Innovation Enhance Community

Involvement Strategic Objectives A broadly defined objective that an organization must achieve to make its strategy succeed. Strategic objectives are used to

operationalize the mission statement and keep the organization on the path towards the vision statement. PPPM Success by Component Table 1-1. Comparative Overview of Project, Program, and Portfolio Management 2013 Project Management Institute: A Guide to the Project Management Body of Knowledge (PMBOK Guide) Fifth Edition,

Page 8 Project Management Controlled disruption for meaningful change Blasphemy Blasphemy

Uncle Buck Stephen A. Smith ESPN talk show host and analyst Blasphemy Realizing benefits is the pinnacle of a successful

project Benefits Realization PM Network Gary R Heerkens, MBA, CBM, PMP Lasting Measures (July 2012) Longer Lasting Measures (October 2012) Generating Value (December 2014)

Project Management Institute Generating Value Which is better? A project that runs on time and budget and meets it objectives OR A project that runs late and is over budget but overachieves on cost savings that have a change-for-life impact?

Lasting Measures Imagine you just invested some of your own money in a variety of personal investments based on criteria you developed. What is one of the first things you would do? Longer Lasting Measures

1.What benefits should be measured and tracked? 2.Who shouldnt and should do the measuring? 3.When should measurement take place? 4.What challenges exist in getting reliable data?

Process Groups Initiating Planning Monitorin g and Controllin g

Executing Closing Process Groups and Benefits Initiating Busine ss Case Planning

CBA Monitorin g and Controllin g Time Repo rt Chang e

Reques t Invoic es BR Templat e Executing Closing

BR Template We discussed the scenario of achieving outrageous benefits, but violating the triple constraint. Lets look at the other side of the coin

PMs need to track internal organizational changes and external influences that may erode expected benefits. If benefits are diminishing, should the project be shutdown even if complying with triple constraint? Improve Benefit Forecas ts

Process Groups and Benefit Feedback Initiating Planning Monitorin g and Controllin g

Executing Closing Benefit s Trackin Q&A

Blasphemy BR Resources During Project Business Case CBA Change Request Benefit Tracking Template PPM Tool Time Tracking General Ledger

Expense Tracking (HW, SW, Materials Business Case Benefits: Should align with strategic initiatives What are the expected benefits? For example, increased market share, trained employees, reduced headcount, competitive advantage, regulatory compliance, etc. The benefits must be stated so they

can be measured according to a Change Request Benefit Explain how this change request augments, creates or destroys business value. BR Resources After Project Turnover to Independent Group

PMO, Finance - ? General Ledger

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