What are the most common models for program benefits realization?

The Standard Model for program benefits realization involves a structured approach to identify, plan, deliver, and measure the outcomes and benefits of a program. This model emphasizes the alignment of program objectives with the strategic goals of the organization. It starts with defining the benefits during the planning phase, then moves to executing the planned activities while continuously monitoring progress towards achieving the intended benefits. Key components include stakeholder engagement, benefits mapping, and setting up metrics for success. The focus is on ensuring that the program delivers tangible and measurable improvements, contributing to the overall success and value addition to the organization.

Initially, in the Benefits Identification stage, potential benefits targeted by the program are brainstormed and documented. Subsequently, in the Benefits Analysis and Planning phase, these identified benefits are scrutinized, their value estimated, and a strategy devised for their realization. Following this, the Benefits Delivery stage involves executing activities and initiatives aimed at realizing the planned benefits. Finally, in the Benefits Transition and Sustainment phase, efforts are made to seamlessly integrate the benefits into regular operations and ensure their longevity.

The standard model emphasizes defining and documenting benefits, establishing a benefits realization plan, assigning roles, monitoring and reporting on benefits, and ensuring their transfer and maintenance post-program closure. Challenges of this model include quantifying benefits, dealing with complexity and uncertainty in benefits realization, and addressing potential gaps between program and operational levels.

The Standard Model for program benefits realization, notably encapsulated by the PgMP methodology, emphasizes a structured approach. It involves identifying, quantifying, and delivering benefits aligned with organizational goals. This model advocates for a lifecycle that includes benefits identification, planning, delivery, and sustainment, ensuring that benefits are realized both during and after program execution. Key to this model is the alignment of program outputs with strategic objectives, facilitated by continuous stakeholder engagement and governance oversight. Regular monitoring and evaluation are conducted to measure the actual benefits achieved against the planned benefits, allowing for adjustments to maximize value delivery.

Common models for program benefits realization include Benefits Dependency Network (BDN), Logic Models, Balanced Scorecard, Cost-Benefit Analysis (CBA), and Social Return on Investment (SROI). They aid in understanding, tracking, and optimizing program benefits throughout the lifecycle.

The Benefits Dependency Network (BDN) Model is a strategic tool used in program benefits realization to visually map out the relationship between program investments, the changes required to achieve them, and the resulting benefits. This model helps in identifying and understanding the causal links between project outputs, the changes in organizational capabilities they should bring about, and how these changes enable the realization of business benefits. By creating a clear visualization of these dependencies, the BDN Model facilitates better planning, communication, and management of the expectations of stakeholders, ensuring a focused approach towards achieving the desired outcomes and maximizing the return on investment.

The BDN diagram typically visualizes cause-effect relationships from right to left, detailing investment objectives, benefits, business changes, enabling changes, and IT enablers. It helps identify investment outcomes, dependencies, and relationships on a single page, aiding in clear communication and alignment between project outcomes and business strategies

The top reason for using the Benefits Dependency Network (BDN) Model for program benefits realization is its ability to visually represent the complex interdependencies between various project components, activities, and outcomes. This model helps stakeholders understand how different elements contribute to achieving overall project objectives, facilitating more effective planning, monitoring, and decision-making throughout the project lifecycle.

The benefits dependency network model is providing organizations with a way to measure how projects and programs add true value to the enterprise.

The Benefits Realization Management (BRM) Framework Model is a comprehensive approach that guides organizations through the systematic planning, execution, and measurement of benefits from the beginning to the end of a program. This model emphasizes the importance of integrating benefits realization into the overall project management and strategic planning processes. It outlines a methodology for identifying benefits, aligning them with strategic objectives, planning how to achieve them, executing the plan, and then measuring and evaluating the outcome. The BRM Framework ensures that projects and programs are not only completed on time and within budget but also deliver the intended value and benefits to the organization.

One of the top reasons for using the Benefits Realization Management (BRM) framework model is its structured approach to ensuring that planned benefits are achieved. It provides a systematic process for identifying, tracking, and realizing benefits throughout the lifecycle of a program, which increases accountability, transparency, and ultimately, the success of the program.

The BRM Framework create to help organizations effectively manage and realize project benefits. It provides a set of questions and good practices that project, program, and portfolio management professionals and leaders can use to help guide the identification, analysis, delivery, and sustainment of benefits that align to the organization’s strategic goals and objectives.

The Outcome Mapping Model focuses on the behavioral changes and outcomes that result from the implementation of a program, rather than just the outputs or products. This model is particularly useful in complex or dynamic environments where the path to impact is not linear. It involves identifying and engaging with key stakeholders (referred to as boundary partners) to understand and influence their behaviors and relationships. Through regular monitoring and evaluation, the model tracks changes in these behaviors as indicators of progress towards the desired outcomes. Outcome Mapping facilitates adaptive management by acknowledging and responding to changes in the program's context, ensuring a more flexible approach to benefits realization.

One top reason people prefer the Outcome Mapping model for program benefits realization is its emphasis on behavior change and relationships. Unlike traditional models focused solely on outputs or outcomes, Outcome Mapping prioritizes understanding the complex interactions between stakeholders, fostering learning, and adapting strategies based on real-world feedback. This makes it particularly effective for programs where behavioral change and stakeholder engagement are key to success.

The Outcome in Program Management is all about planning, managing and achieving the intended outcomes of an initiative or a program in the public sector. It is all about having the same focus and discipline around attaining these outcomes as the domain of Program Management has around delivering the capability and the systems in an on-time and on-budget manner.

Other Notable Models The Balanced Scorecard: Tracks overall program performance across multiple perspectives (financial, customer, internal processes, learning and growth). Theory of Change: Provides a framework for understanding how complex social change initiatives function.

In program management, benefits realization involves more than just achieving project deliverables. Here are some additional aspects to consider: 1. Alignment with Strategic Objectives 2. Stakeholder Engagement 3. Measurement and Evaluation 4. Risk Management 5. Change Management 6. Sustainability 7. Governance and Accountability By considering these aspects of benefits realization, program managers can increase the likelihood of achieving desired outcomes and maximizing the value delivered by their programs.

6 Steps for Program management to the benefits realization: 1- Create a benefit management strategy. 2- Identify benefits and tie them back to project & programme objectives. 3- Plan when benefits will appear. 4- Realise the benefits. 5- Conduct a benefit review. 6- Identify new benefits and combine existing benefits.

1. Management of Benefits (MoB):Focuses on identifying, delivering, and sustaining benefits 2. Benefits Dependency Network (BDN):Illustrates the relationships between project deliverables and the associated benefits, 3. Balanced Scorecard (BSC):*Utilizes key performance indicators (KPIs) across financial, customer, internal processes, and learning/growth perspectives to measure and manage benefits realization. 4. Value Management Framework: Emphasizes value creation by aligning projects with organizational objectives, assessing risks, and ensuring continuous improvement 5. Benefits Realization Plan:Outlines the strategies and activities required to achieve and sustain benefits, including timelines, responsibilities, and performance metrics.

A few famous examples include: The London Olympics (2012) utilized a comprehensive benefits realization approach to track the impact of investments in infrastructure, tourism, and sports facilities. Key benefits included economic growth, job creation, and urban regeneration. Tracking mechanisms monitored progress against predefined indicators to ensure alignment with strategic objectives. SpaceX employs rigorous benefits realization tracking for its Falcon 9 rocket program. Beyond technical achievements, the program aims to reduce the cost of space exploration, promote reusability, and advance space travel capabilities. Tracking metrics include cost per launch/ payload capacity etc. driving continuous improvement and innovation.