Managing Benefits™ study guide mind map

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Managing Benefits™ study guide mind map by Mind Map: Managing Benefits™ study guide mind map

1. Roles

1.1. Senior Responsible Owner (SRO)

1.2. Directors of Change

1.3. Strategic Planners

1.4. Policy Leads

1.5. Change appraisers and evaluators

1.5.1. e.g.

1.5.1.1. Business Case Writers

1.5.1.2. Business Case Appraisers

1.6. Change implementers / enablers

1.6.1. e.g.

1.6.1.1. Portfolio Programme

1.6.1.2. Project Managers

1.6.1.3. Business Change Managers

1.7. Change support staff

1.7.1. e.g.

1.7.1.1. Portfolio, Programme and Project Office Staff, including Benefits Managers

1.8. Benefits Owner

2. Benefits Management Principles (7)

2.1. 1. Alight benefits with strategy

2.1.1. Contribute towards one or more organizational or strategic objectives

2.1.2. Service Profit Chain

2.1.3. Service Value Chain

2.2. 2. Start with the end in mind

2.2.1. Benefits-led change rather than benefits being used to justify a pre-selected solution

2.2.2. Activity-centred initiatives (Benefits to justify)

2.2.3. Benefit-led initiatives (Benefits rationale)

2.3. 3. Utilize successful delivery methods

2.3.1. Tailored delivery methods, such as PRINCE2®, MSP®, DSDM®, PMBOK®

2.3.2. Staged release

2.3.3. Stakeholder engagement

2.3.4. Forward-looking

2.4. 4. Integrate benefits with performance management

2.4.1. Benefits being integrated into the organization's operational and HR performance management system

2.4.2. Align with HR Performance Management System

2.5. 5. Manage benefits from a portfolio perspective

2.5.1. Consistent approach applied to all initiatives within change portfolio, benefits-led investment appraisal and portfolio prioritization

2.5.2. Consistent alignment

2.5.3. Good practice applied

2.5.4. Double counting minimized

2.5.5. Lessons learned

2.5.6. Benefits realization Optimization

2.6. 6. Apply effective governance

2.6.1. Clear accountability and responsibility for the enabling and business changes upon which benefits realization is dependent

2.6.2. Clear

2.6.3. Aligned

2.6.4. Consistent

2.6.5. Active

2.7. 7. Develop a value culture

2.7.1. Take benefits and benefits management seriously, focus on creating sustaining value

2.7.2. Treat as program

2.7.3. Behavioural change

2.7.3.1. Coordination

2.7.3.2. Commitment

2.7.3.3. Competencies

3. Themes (9)

3.1. 1. Principles themselves are integral to effective benefits management

3.2. 2. Practices should therefore be tailored to the local circumstances

3.3. 3. The 5 practices in the Benefits Management Cycle are broadly sequential but are characterized by iterative feedback loops

4. KSF of Effective Benefits Management (6)

4.1. Active

4.1.1. the focus is less on passive tracking against forecast and more on an active search for benefits based on ongoing participative stakeholder engagement.

4.2. Evidence-based

4.2.1. the practice of benefits management should be based on evidence about what works e.g. use the technique of reference class forecasting.

4.3. Transparent

4.3.1. based on open and honest reporting e.g. use the technique – clear line of sight reporting.

4.4. Benefits-led

4.4.1. the activities undertaken should be driven by the benefits sought.

4.5. Forward-looking

4.5.1. the focus is on learning and insight rather than backward looking tracking against forecast.

4.6. Managed across the full business change

4.6.1. from start up to beyond the closure of an initiative.

5. The Benefits Management Model

5.1. consists of:

5.1.1. Principles

5.1.2. Practices

5.1.3. Themes

6. Benefits

6.1. Benefits should be the driver behind all change initiatives

6.2. Each benefits should be measured at least with one measure, preferably suite of measures (in order to create “rich picture” from multiple perspectives):

6.2.1. leading and lagging measures

6.2.2. proxy indicators

6.2.3. evidence events

6.2.4. case studies

6.2.5. surveys

6.2.6. stories

6.2.7. Value index

6.3. Benefits contribute towards organizational/strategic objectives (benefits are identifiable and quantifiable in terms that link to the drivers of the organizational/strategic objectives)

6.4. Benefits are measurable and observable

6.5. Benefits are tangible (easy to measure) or intangible (not so easy to measure)

6.6. Benefits are identifiable and quantifiable

6.7. Benefits should have baselines

6.8. Benefits should have priorities

6.9. Benefits are an advantage to stakeholders (internal en external to the organization)

6.9.1. Benefits can be same for each stakeholder (which is different in case of values)

6.10. Benefits are derived from change initiatives (formally constituted projects and programmes)

6.11. Benefits can be automatic (same service for lower costs) or (mostly) manual (deliberate management action)

6.12. Benefits types:

6.12.1. Emergent benefits

6.12.2. Unplanned benefits

6.12.3. Intermediate benefits

6.12.4. End benefits

6.13. Mostly chain of intermediate benefits is linked to the end benefits, but in many cases intermediate benefits don’t automatically lead to the end benefits

7. Benefits Management

7.1. Benefits management should be coordinated with, and wherever possible integrated into, the wider organization’s context

7.2. Benefits management seeks to optimize rather than maximize benefits realization

7.2.1. Maximization does not respects constraints, optimization is about doing the best that can be achieved within constraint

7.3. Benefits management is a process that runs across the full business change lifecycle

7.4. Do not treat benefits management as a separate discipline

7.5. Objectives:

7.5.1. Forecast benefits are complete

7.5.2. Forecast benefits are realized in practice

7.5.3. Forecast benefits represents VfM

7.5.4. Benefits are realized as early as possible and sustained as long as possible

7.5.5. Emergent or unplanned benefits are captured and leveraged

7.5.6. Realization of forecast benefits is maximized

7.5.7. Dis-benefits are minimized

7.6. Managing Benefits Guide can be seen as a manifesto towards change:

7.6.1. FROM (as is / current status):

7.6.1.1. „Conspiracy of optimism” in forecasting.

7.6.1.2. Passive tracking against forecasting.

7.6.1.3. Backward looking accountability.

7.6.2. TO (to be / desired state):

7.6.2.1. Realism in planning

7.6.2.2. Enthusiasm in delivery

7.7. Why do we need Benefits Management profession? (examples of unsuccessful outcomes)

7.7.1. Beer & Nohria (2000)

7.7.2. HM Treasury (2002)

7.7.2.1. "There is a demonstrated, systematic, tendency for project appraisers to be overly optimistic."

7.7.2.2. "This is a worldwide phenomenon that affects goth the private and public sectors ... appraisers tend to overstate benefits, and underestimate timigs and costs."

7.7.2.3. see Optimis Bias

7.7.2.3.1. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/191507/Optimism_bias.pdf

7.7.3. Gauld & Goldfinch (2006)

7.7.4. eGovernment Economics Project (2006)

7.7.5. Altschuler & Luberoff (2003)

7.7.6. Seldon & Colvin (2003)

7.7.7. Cameron & Green (2009)

7.7.8. Schaffer & Thomson (1992)

7.7.9. Ballhaus (2005)

7.7.10. Lovallo Kahneman (2003)

7.7.10.1. "Delusional optimism: we overemphasize projects' potential benefits and underestimate likely costs, spinning success scenarios while ignoring the possibility of mistakes."

7.7.11. NAO (2011)

7.7.12. Bent Flyvbjerg et al (2003, 2005)

7.7.12.1. "It is found with overwhelming statistical significance that the cost estimates used to decide whether such projects should be built are highly and systematically misleading."

7.7.13. Research in Australia by Capability Management (2006)

7.7.14. A study Moorhouse Consulting (2009)

7.8. Cognitive bias when overpredicting benefits

8. Techniques

8.1. 'In-flight' benefit reviews

8.2. Benefits Measurement Taxonomy

8.3. Benefits contracts

8.4. Benefits discovery workshops

8.5. Benefits mapping

8.6. Benefits quantification workshops

8.7. Booking the benefits

8.8. Champion-challenger model

8.9. Clear line of sight

8.10. Conversion ratios

8.11. Cost-benefit analysis

8.12. Cost-effectiveness analysis

8.13. Customer insight

8.14. Decision conferencing

8.15. Delphi techniques

8.16. Driver-based analysis

8.17. Health-check assessment

8.18. Investment logic mapping

8.19. Journey mapping

8.20. Management by exception

8.21. Multi-criteria analysis

8.22. One version of the truth

8.23. Optimism bias adjustments

8.24. P3M3

8.25. PESTLE analysis

8.26. Pair-wise comparisions

8.27. Pareto rule

8.28. Post-investment review

8.29. Pre-mortems

8.30. Real options analysis

8.31. Reference class forecasting

8.32. Rich picture

8.33. SWOT analysis

8.34. Scout and beacon approach

8.35. Sensitivity and scenario analysis

8.36. Stage / phase gate reviews and 'staged' release of funding

8.37. Stakeholder segmentation and analysis

8.38. Start gate

8.39. Stochastic forecasting (including Monte Carlo simulation and three-point estimating)

8.40. The 'dog that didn't bark' test

8.41. Willingness to pay and Willingness to accept

9. The Benefits Management Cycle

9.1. The Benefits Management Cycle consists of 5 practices

9.2. Practices (5)

9.2.1. Identify & Quantify

9.2.1.1. Goals

9.2.1.1.1. To lay the basis for informed options analysis, investment appraisal, and portfolio prioritization; and the management of benefits realization in due course.

9.2.1.2. Key techniques

9.2.1.2.1. Benefits discovery workshops

9.2.1.2.2. Benefits mapping

9.2.1.2.3. Benefits quantification workshops

9.2.1.2.4. Customer insight

9.2.1.2.5. Delphi techniques

9.2.1.2.6. Driver-based analysis

9.2.1.2.7. Investment logic mapping

9.2.1.2.8. Optimism bias adjustments

9.2.1.2.9. PESTLE analysis

9.2.1.2.10. Reference class forecasting

9.2.1.2.11. SWOT

9.2.1.2.12. Stochastic forecasting (including Monte Carlo simulation and three-point estimating)

9.2.2. Value & Appraise

9.2.2.1. Goals

9.2.2.1.1. To ensure resources are allocated to those change initiatives that individually and collectively represent best value for money.

9.2.2.2. Key techniques

9.2.2.2.1. Conversion ratios

9.2.2.2.2. Cost-benefit analysis

9.2.2.2.3. Cost-effectiveness analysis

9.2.2.2.4. Multi-criteria analysis

9.2.2.2.5. Real options analysis

9.2.2.2.6. Sensitivity and scenario analysis

9.2.2.2.7. Willingness to pay and Willingness to accept

9.2.3. Plan

9.2.3.1. Goal

9.2.3.1.1. Ensuring accountability and transparency for:

9.2.3.2. Key techniques

9.2.3.2.1. Benefits Measurement Taxonomy

9.2.3.2.2. Pair-wise comparisions

9.2.3.2.3. Pareto rule

9.2.3.2.4. Scout and beacon approach

9.2.3.2.5. Stakeholder segmentation and analysis

9.2.3.2.6. The 'dog that didn't bark' test

9.2.4. Realize

9.2.4.1. Goals

9.2.4.1.1. To optimize benefits realization by actively:

9.2.4.2. Key techniques

9.2.4.2.1. Benefits contracts

9.2.4.2.2. Booking the benefits

9.2.4.2.3. Management by exception

9.2.4.2.4. One version of the truth

9.2.4.2.5. Rich picture

9.2.5. Review

9.2.5.1. Goals

9.2.5.1.1. The benefits to be realized are achievable and continue to represent value for money.

9.2.5.1.2. Appropriate arrangements have been made for benefits monitoring, management and evaluation

9.2.5.1.3. Benefits realization is being effectively managed

9.2.5.1.4. Lessons are learned for both the current initiative and as a basis for more effective benefits management practices generally.

9.2.5.2. Key techniques

9.2.5.2.1. 'In-flight' benefit reviews

9.2.5.2.2. Post-implementation review

9.2.5.2.3. Post-investment review

9.2.5.2.4. Pre-mortems

9.2.5.2.5. Stage/phase gate reviews and 'staged' release of funding

9.2.5.2.6. Start gate

9.2.6. Practices are broadly sequential but are characterized by iterative feedback cycle.

9.2.7. Key techniques used across the benefits management cycle

9.2.7.1. Health-check assessment

9.2.7.2. Journey mapping

9.2.7.3. Clear line of sight

9.2.7.4. Decision conferencing

9.2.7.5. P3M3

9.2.7.6. Champion-challenger model

10. Interactive Glossary

10.1. Interactive Managing Benefits™ Glossary

11. This freeware, non-commercial mind map (aligned with the newest version of Managing Benefits™) was carefully hand crafted with passion and love for learning and constant improvement as well for promotion the Managing Benefits™ standard and as a learning tool for candidates wanting to gain Managing Benefits™ qualification. (please share, like and give feedback - your feedback and comments are my main motivation for further elaboration. THX!)

11.1. Questions / issues / errors? What do you think about my work? Your comments are highly appreciated. Please don't hesitate to contact me for :-) Mirosław Dąbrowski, Poland/Warsaw.

11.1.1. http://www.linkedin.com/in/miroslawdabrowski

11.1.2. https://www.google.com/+MiroslawDabrowski

11.1.3. https://play.spotify.com/user/miroslawdabrowski/

11.1.4. http://www.miroslawdabrowski.com

11.1.5. https://twitter.com/mirodabrowski

11.1.6. miroslaw_dabrowski

12. Map is under development, current state is an early ALPHA

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