Developing Your Benefits Realization Plan

Developing Your Benefits Realization Plan

By J. LeRoy Ward | Executive Vice President of Enterprise Solutions, IIL 

Is it possible to deliver a project on time, on budget, and to scope and still have an unsuccessful project?

Now more than ever, the answer is yes – because today’s projects are all about benefits and value.

A benefit is an outcome or a result from actions, behaviors, products or services that are important or advantageous to specific individuals or groups, such as stakeholders. The value of the project is what the benefits are worth to someone, typically in monetary terms. And managing those benefits, meaning making sure they’re delivered, is called benefits realization management.

The Benefits Realization Plan (BRP) is an instrumental part of benefits realization management. What’s that and what does it include? Let’s take a look.

The Business Realization Plan (BRP):

  • Documents all the activities the team is going to complete to achieve the planned benefits
  • Provides a timeline for when the benefits are going to be delivered, and outlines who’s responsible for getting the job done
  • Most importantly, it describes how those benefits are going to be sustained over the long run

Some suggested topics you should include in the plan:

  • The purpose of the project
  • The benefits to be delivered
  • How each benefit will be measured
  • Roles and responsibilities of key stakeholders
  • The schedule for delivering the benefits
  • Any changes to systems and processes
  • How the benefits will be transitioned and sustained by the organization

Right about now you might be thinking, isn’t project management loaded with enough plans? Do I really have to prepare yet another plan?

The answer is yes, but the good news is, it doesn’t have to be as bureaucratic or time-consuming as it sounds.

To give you a head start, here are my five tips for developing the BRP.

Tip No. 1
Use the business case as a point of departure. It contains a lot of useful information about the need and justification for the project.

Tip No. 2
Interview your key stakeholders. Make sure you understand what they’re expecting when the project is done. After all, they’re the folks who decide whether the project was successful or not.

Tip No. 3
Gather as many good ideas and suggestions as you can about the whole benefits process by tapping into the minds of your stakeholders using techniques like brainstorming sessions, focus groups, and other approaches. People want to help and be engaged. Give them every opportunity to do so.

Tip No. 4
Do everything humanly, and inhumanly, possible to get the sponsor involved. PMI research shows that an actively engaged sponsor is the top driver of project success.

Tip No. 5
Make sure you put the benefits in writing and get the appropriate people to approve them. It’s not YOUR project, it’s THEIR Project; it’s their benefits.

I’ll be further exploring this topic (and sharing more tips!) in my IPM Day keynote, “The New Normal in Project Management: It’s All About the Benefits.”  I hope you’ll join me.

The IPM Day 2019 Online Conference opens Thursday, November 7.

Register Here >>

About the Author
J. LeRoy Ward (PMP, PgMP, PfMP, CSM, CSPO) is IIL’s Executive Vice President of Enterprise Solutions and a recognized thought leader, consultant and adviser in project, program and portfolio management. With more than 39 years of experience in the field, his insights, perspectives and advice have been sought by hundreds of companies and government agencies around the world.