University of Arkansas, Fayetteville University of Arkansas, Fayetteville ScholarWorks@UARK ScholarWorks@UARK Operations Management Presentations Industrial Engineering 3-10-2021 Do your Projects Support your Strategy? Applying Benefits Do your Projects Support your Strategy? Applying Benefits Realization Management Realization Management Phil Jones University of Arkansas, Fayetteville Follow this and additional works at: https://scholarworks.uark.edu/opmapub Part of the Industrial Engineering Commons, Industrial Technology Commons, and the Systems Engineering Commons Citation Citation Jones, P. (2021). Do your Projects Support your Strategy? Applying Benefits Realization Management. Operations Management Presentations. Retrieved from https://scholarworks.uark.edu/opmapub/23 This Video is brought to you for free and open access by the Industrial Engineering at ScholarWorks@UARK. It has been accepted for inclusion in Operations Management Presentations by an authorized administrator of ScholarWorks@UARK. For more information, please contact [email protected].
Transcript
University of Arkansas, Fayetteville University of Arkansas, Fayetteville
Do your Projects Support your Strategy? Applying Benefits Do your Projects Support your Strategy? Applying Benefits
Realization Management Realization Management
Phil Jones University of Arkansas, Fayetteville
Follow this and additional works at: https://scholarworks.uark.edu/opmapub
Part of the Industrial Engineering Commons, Industrial Technology Commons, and the Systems
Engineering Commons
Citation Citation Jones, P. (2021). Do your Projects Support your Strategy? Applying Benefits Realization Management. Operations Management Presentations. Retrieved from https://scholarworks.uark.edu/opmapub/23
This Video is brought to you for free and open access by the Industrial Engineering at ScholarWorks@UARK. It has been accepted for inclusion in Operations Management Presentations by an authorized administrator of ScholarWorks@UARK. For more information, please contact [email protected].
ENGINEERING AND OPERATIONS MANAGEMENTLUNCH & LEARN WEBINAR SERIES
March 10, 2021
College of Engineering & Industrial Engineering Programs
• Master of Science– Operations Management– Engineering Management– Engineering
• Graduate Certificates– Project Management– Lean Six Sigma– Homeland Security
Welcome!Moderator: Karin Hickenbotham, Program Manager, MSOM
Please save all questions until the end of the presentation.
We ask all questions will be typed in the Chat Box at the end of the presentation.
This webinar is being recorded and will be posted on ScholarWorks@UARK in our Operations Management collection of presentations.
THANK YOU!
LET’S GET STARTED!
Do Your Projects Support Your Strategy?Applying Benefits Realization Management
College of EngineeringMaster of Science in Operations Management
Today’s PresenterPhil Jones, M.B.A.,CAPM®
MSOM InstructorPhil joined the MSOM program as an adjunct professor in 2012 and currently teaches Strategic Management, Project Management for Operations Managers, and Advanced Project Management. Phil's work career includes serving in various roles for twenty-five years in mining and heavy industrial manufacturing. For the past twelve years, Phil has worked in the engineering and construction industry, in project management and business development roles.
OBJECTIVES FOR TODAY
Create understanding.
Provide an outline of a process.
Equip you to evaluate and apply.
OBJECTIVES FOR TODAY
Prepare you to answer the following:
Define Benefits Realization (BRM).
What are the keys to successful implementation?
What could cause BRM to not effective?
CONNECTING STRATEGY &
PROJECT MANAGEMENT
“There is no logic in delivering a
great project if it is not the right
project for the organization.
There is even less logic in
delivering one that will fail at its
intended outcomes.”Chris Lawler, PfMP, Manager – Project Portfolio Office, Mater Health Services
BENEFITS REALIZATION
MANAGEMENT
Benefits Realization Management (BRM) aligns projects to a company’s overarching strategies.
BENEFITS REALIZATION
MANAGEMENTORIGINS
Logical Framework Approach
U.S. Agency for International Development, 1969
CONNECTING STRATEGY &
PROJECT MANAGEMENT
Rather than just measure projectoutcomes in terms of time, scope,and budget, BRM providesperspective and feedback onwhether a project is helping acompany achieve its ultimatestrategic objectives.
CONECTING STRATEGY &
PROJECT MANAGEMENT
Strategic Objectives
Required Project
Outcome & Outputs
InitiationPlanning
ExecutionMonitoring
Closing
Identify
Guide
Acco
mpl
ish
Outcome = valueOutput = target result
WHAT IS A PROJECT?
A temporary endeavor undertaken to create a unique product, service, or result.
Project Management Body of Knowledge; Project Management Institute
WHAT IS STRATEGY?
The set of decisions, commitments, and actions that lead to a competitive advantage.
Competing for Advantage; Hoskin, Hitt, Ireland, Harrison; 2nd Edition
WHAT STRATEGY IS
NOT
Mission and/or vision statement
Goals or objectives
Tactics
WHAT SHOULDDRIVE THE
DECISION TO UNDERTAKE A
PROJECT?
Will the project create value for the organization?
(Because maximizing the value of an organization is the objective of strategic management)
IMPLEMENTING BRM
Have senior-level sponsorship.
IMPLEMENTING BRM
Creating a dedicated space for
dialogue between C-suite,
business unit owners, and project
managers is key!
IMPLEMENTING BRM
PMI; Boston Consulting Group, Economist Intelligence Unit
IMPLEMENTING BRM
The more the project manager
understands the purpose of a
project, the better she/he can
develop a project plan to meet the
objectives and deliver the value.
IMPLEMENTING BRM
Begin with a conversation about
the end results.
IMPLEMENTING BRM
Use a “pilot test” approach and
implement BRM incrementally.
IMPLEMENTING BRM
Project Management Institute 2019; Benefits Realization Management – A Practice Guide
Inbound Logistics Operations Outbound Logistics Marketing & Sales Service
State of Current Activities
The Value Chain: the value chain disaggregates a firm into its strategicallyrelevant activities in order to understand the existing and potential sources ofdifferentiation.
IMPLEMENTING BRM
Set the right project managers in place. Is a Project Management Office (PMO) needed?
IMPLEMENTING BRM
Establish the right conditions
(culture) for success, including
expectations for behavior.
“Culture eats strategy for breakfast every day.” – Peter F. Drucker
IMPLEMENTING BRM
Create a safe environment in
which issues can be raised.
Avoid “addicted to green!”
IMPLEMENTING BRM
Perspective
Objective (What will be
accomplished)
Measures (How will it be
measured)
Initiative (How will it be accomplished)
1Q 2Q 3Q 4Q
1.0
2.0
3.0
1.0
2.0
3.0
1.0 Ball-milling: In Control & Capable
Median Micron - ICC Control chart training and monitoring
2.0
3.0
1.0
2.0
3.0
Target
Financial
Customer
Internal Processes
Learning & Growth
“JUMPSTARTING” BRM
Select good project candidates.
Look for projects with the potential
to deliver a high level of value.
“JUMPSTARTING” BRM
Involve project managers
throughout all phases of the
project. Invest in their capabilities.
BARRIERS TO EFFECTIVE
IMPLEMENTATION
No clear strategies
Ineffective project management
Lack of C-level sponsorship & involvement
Not seeing the process through to the end
WHERE/HOW DOES BRM FIT IN
THE PMI FRAMEWORK?
The BRM plan is an input to the
Develop Project Charter
process during the Initiating
process group.
Benefits Register Business Case
BRM Strategy
Benefits Realization
Management Plan
Benefit Profiles
Project Management Institute 2019; Benefits Realization Management – A Practice Guide
RESULTS
Organizations with mature BRM
practices in place are:
1.6x as likely to achieve project objective(s)
3.0x as likely to achieve target ROI
PMI; Boston Consulting Group; Economist Intelligence Unit
RESULTS
The Strategic Impact of Projects – Identify Benefits to Drive Business Results; PMI
FOR FURTHER READING
Project Management Institute 2019; Benefits Realization Management – A Practice Guide
Boston Consulting Group 2016; Connecting Business Strategy and Project Management
Project Management Institute 2016; Benefits Realization Management Framework
Project Management Institute 2016; The Strategic Impact of Projects – Identify Benefits to Drive Business Results
• 100% Online (or live)• In-State Tuition for Everyone!• 10 Graduate Course Program (30 hours)
– Up to 4 prerequisite classes may be required• Five 8-week Sessions Per Year• Pair Master’s with Graduate Certificate with
no extra hours required• No GRE/GMAT required with 3.0 Bachelor's GPA• Total Program Cost is $12,000 to $15,000 (depending on prereqs
needed)
Graduate Certificates
Project Management – Designed to provide skills to become better project managers and prepare for PMP Certification
Homeland Security – Designed for industry and safety professionals to learn how to mitigate risk
Lean Six Sigma – Learn how to eliminate problems, remove waste and reduce variation to improve operations
Graduate Certificates
• Only 4 Classes!• Obtain as part of your Master’s Degree without
taking extra classes. Classes will double count!• Can also be completed as stand-alone program• 2.5 Undergraduate GPA required for admission• No GRE/GMAT• Transition to MSOM option with no GRE
Covid-19 Special Announcement:
Effective for Summer & Fall 2021 terms, at this time we are waiving the GRE for applicants with a 2.5-2.99 undergraduate GPA. Applicants with above a 3.0 GPA the GRE is automatically waived for any term.
Once GRE testing centers resume operations, the standard admissions requirements will go back into full effect.
Question and Answer with Phil!
Type your questions in the chat section of this
session.
NEXT WEBINAR:APRIL 14, 2021
Topic: Human Resources in Operations ManagementPresented by: Jeff Bean & Travis McNeal
• For information about our flexible degree program options, email Karin Hickenbotham [email protected]
• Visit operations-management.uark.edu
• Registered participants will receive an email with the video link to this webinar. We hope to see you online next month!
