benefit realisation management
The reason why we do projects is to deliver an outcome, new infrastructure, new airport, power plant or building, new oil or gas facility, or even an IT system.
If we don’t deliver these then we have failed… right? What if we were to deliver these but at twice the cost, years late – do we fail then?
Simple answer is maybe!!
Delivering the benefits from a project means delivering the business/benefits case – on time, to budget to agreed quality.
Benefits drop away – as soon as we deliver late, different scope, to a lower level of quality or if the costs rise. HPS can help you bank the benefits using your Oracle Primavera software.
Benefit Realisation Management is part of the end to end process of Portfolio Management. Individual projects within a programme or a portofio will need to deliver their scope of outcomes, on time and to budget if we are to bank the benefits at the portfolio level.
In its simplest form benefits realisation covers:
- setting the benefits strategy
- defining a benefits plan
- reviewing the benefit realisation
- realising the benefit
Typically projects and sometimes even programmes don’t deliver benefit as these are delivered by the portfolio of change.
The aim of the project, programme proposal is not just to get investment approved, it’s defining a solution to identify, manage and monitor the benefit that the investment will deliver.
We have seen that Portfolio Management and Benefits Management are intrinsically linked, so it seems sensible that systems that manage these are also linked.
The diagram above shows that linkage. HPS have experience in designing and implementing portfolio and benefits management processes, as well as configuring the Oracle Primavera solutions to support the process.
If you would like to find out more about the HPS Benefits Management process please call our team today.
HPS is able to offering training on all the Oracle Primavera tools, that help organisations to manage Portfolio Management.
Benefit Realisation and Portfolio Management are closely linked, and so are the software products that support Benefit Realisation Management. The Oracle tools that enable the Management of Benefits are:
- Oracle Cloud Portfolio (formerly Prime Portfolio)
- Oracle Primavera Portfolio Management
So the question I hear from you is how do we decide on which product do you use. Our simple answer is this.
Oracle Cloud Portfolio (formerly Prime Portfolio)
You would choose this option if you want
- a cloud solution, or SaaS
- potential for an integrated portfolio, project, resource and risk management solution
- a standard solution
Oracle Primavera Portfolio Management (OPPM)
You would choose this option if the you want
- a hosted or on-premise solution
- a fully configurable potentially customisable solution
- integration with on-premise ERP, HR solutions