APM endorses Guide for Effective Benefits Management in Major Projects
APM has endorsed the latest publication from IPA, Guide for Effective Benefits Management in Major Projects which provides guidance on a benefits-led approach to project delivery.
As the centre of expertise for infrastructure and major projects and the home of the project delivery function across government, the IPA’s purpose is to continuously improve the way projects are delivered.
Sara Drake, chief executive officer, APM, said; “Like the IPA we believe in the importance of measuring performance, including the expected benefits of major projects, so we can learn the important lessons and continue to make continuous improvements over time. In endorsing this guidance and through the expert advice of our Benefits Management Specific Interest Group, this is another opportunity to raise the profile and benefits of professional project management within government.”
The guide has been written to help project teams develop their benefits management capability and ensure benefits activities mature at the same pace as other areas of project delivery. The document promotes a benefits-led approach to project delivery which should ensure decision making, planning and risk considers the impact on benefits realisation throughout the project life cycle.
Benefits management goes to the heart of delivering projects successfully. If appropriate time is dedicated to benefits early on then clear objectives are shaped and there is an agreed understanding of stakeholder wants and needs. Issues that are crucial to the success of projects, such as accounting for optimism bias during the early stages of development for example, can be tackled best by focusing on rigorous benefits management from the start, the guide suggests.
The guide provides structure and sets expectations for major projects teams undertaking benefits management:
- key activities to be undertaken for effective benefits management;
- principles and good practice to adopt to ensure benefits are managed and realised;
- how benefits management fits within IPA’s assurance process;
- how benefits management fits within the Green Book Business Case process;
- a suggested RACI (responsible, accountable, consulted and informed) matrix for the key roles involved in benefits management
- a glossary of terms;
- suggested benefits management cycle and practices.
Hear from Laura Geddes-Brock and Hannah Bullingham about IPA’s new Guide to Effective Benefits Management in Major Projects, which has been developed in consultation with APM.