1. 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!)
1.1. 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.
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1.1.6. miroslaw_dabrowski
2. Map is under development, current state is an early ALPHA
3. Watch: The Launch of Managing Benefits
4. Roles
4.1. Senior Responsible Owner (SRO)
4.2. Directors of Change
4.3. Strategic Planners
4.4. Policy Leads
4.5. Change appraisers and evaluators
4.5.1. e.g.
4.5.1.1. Business Case Writers
4.5.1.2. Business Case Appraisers
4.6. Change implementers / enablers
4.6.1. e.g.
4.6.1.1. Portfolio Programme
4.6.1.2. Project Managers
4.6.1.3. Business Change Managers
4.7. Change support staff
4.7.1. e.g.
4.7.1.1. Portfolio, Programme and Project Office Staff, including Benefits Managers
4.8. Benefits Owner
5. Benefits Management Principles (7)
5.1. 1. Alight benefits with strategy
5.1.1. Contribute towards one or more organizational or strategic objectives
5.1.2. Service Profit Chain
5.1.3. Service Value Chain
5.2. 2. Start with the end in mind
5.2.1. Benefits-led change rather than benefits being used to justify a pre-selected solution
5.2.2. Activity-centred initiatives (Benefits to justify)
5.2.3. Benefit-led initiatives (Benefits rationale)
5.3. 3. Utilize successful delivery methods
5.3.1. Tailored delivery methods, such as PRINCE2®, MSP®, DSDM®, PMBOK®
5.3.2. Staged release
5.3.3. Stakeholder engagement
5.3.4. Forward-looking
5.4. 4. Integrate benefits with performance management
5.4.1. Benefits being integrated into the organization's operational and HR performance management system
5.4.2. Align with HR Performance Management System
5.5. 5. Manage benefits from a portfolio perspective
5.5.1. Consistent approach applied to all initiatives within change portfolio, benefits-led investment appraisal and portfolio prioritization
5.5.2. Consistent alignment
5.5.3. Good practice applied
5.5.4. Double counting minimized
5.5.5. Lessons learned
5.5.6. Benefits realization Optimization
5.6. 6. Apply effective governance
5.6.1. Clear accountability and responsibility for the enabling and business changes upon which benefits realization is dependent
5.6.2. Clear
5.6.3. Aligned
5.6.4. Consistent
5.6.5. Active
5.7. 7. Develop a value culture
5.7.1. Take benefits and benefits management seriously, focus on creating sustaining value
5.7.2. Treat as program
5.7.3. Behavioural change
5.7.3.1. Coordination
5.7.3.2. Commitment
5.7.3.3. Competencies
6. Themes (9)
6.1. 1. Principles themselves are integral to effective benefits management
6.2. 2. Practices should therefore be tailored to the local circumstances
6.3. 3. The 5 practices in the Benefits Management Cycle are broadly sequential but are characterized by iterative feedback loops
7. KSF of Effective Benefits Management (6)
7.1. Active
7.1.1. the focus is less on passive tracking against forecast and more on an active search for benefits based on ongoing participative stakeholder engagement.
7.2. Evidence-based
7.2.1. the practice of benefits management should be based on evidence about what works e.g. use the technique of reference class forecasting.
7.3. Transparent
7.3.1. based on open and honest reporting e.g. use the technique – clear line of sight reporting.
7.4. Benefits-led
7.4.1. the activities undertaken should be driven by the benefits sought.
7.5. Forward-looking
7.5.1. the focus is on learning and insight rather than backward looking tracking against forecast.
7.6. Managed across the full business change
7.6.1. from start up to beyond the closure of an initiative.
8. The Benefits Management Model
8.1. consists of:
8.1.1. Principles
8.1.2. Practices
8.1.3. Themes
9. Benefits
9.1. Benefits should be the driver behind all change initiatives
9.2. Each benefits should be measured at least with one measure, preferably suite of measures (in order to create “rich picture” from multiple perspectives):
9.2.1. leading and lagging measures
9.2.2. proxy indicators
9.2.3. evidence events
9.2.4. case studies
9.2.5. surveys
9.2.6. stories
9.2.7. Value index
9.3. Benefits contribute towards organizational/strategic objectives (benefits are identifiable and quantifiable in terms that link to the drivers of the organizational/strategic objectives)
9.4. Benefits are measurable and observable
9.5. Benefits are tangible (easy to measure) or intangible (not so easy to measure)
9.6. Benefits are identifiable and quantifiable
9.7. Benefits should have baselines
9.8. Benefits should have priorities
9.9. Benefits are an advantage to stakeholders (internal en external to the organization)
9.9.1. Benefits can be same for each stakeholder (which is different in case of values)
9.10. Benefits are derived from change initiatives (formally constituted projects and programmes)
9.11. Benefits can be automatic (same service for lower costs) or (mostly) manual (deliberate management action)
9.12. Benefits types:
9.12.1. Emergent benefits
9.12.2. Unplanned benefits
9.12.3. Intermediate benefits
9.12.4. End benefits
9.13. 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
10. Benefits Management
10.1. Benefits management should be coordinated with, and wherever possible integrated into, the wider organization’s context
10.2. Benefits management seeks to optimize rather than maximize benefits realization
10.2.1. Maximization does not respects constraints, optimization is about doing the best that can be achieved within constraint
10.3. Benefits management is a process that runs across the full business change lifecycle
10.4. Do not treat benefits management as a separate discipline
10.5. Objectives:
10.5.1. Forecast benefits are complete
10.5.2. Forecast benefits are realized in practice
10.5.3. Forecast benefits represents VfM
10.5.4. Benefits are realized as early as possible and sustained as long as possible
10.5.5. Emergent or unplanned benefits are captured and leveraged
10.5.6. Realization of forecast benefits is maximized
10.5.7. Dis-benefits are minimized
10.6. Managing Benefits Guide can be seen as a manifesto towards change:
10.6.1. FROM (as is / current status):
10.6.1.1. „Conspiracy of optimism” in forecasting.
10.6.1.2. Passive tracking against forecasting.
10.6.1.3. Backward looking accountability.
10.6.2. TO (to be / desired state):
10.6.2.1. Realism in planning
10.6.2.2. Enthusiasm in delivery
10.7. Why do we need Benefits Management profession? (examples of unsuccessful outcomes)
10.7.1. Beer & Nohria (2000)
10.7.2. HM Treasury (2002)
10.7.2.1. "There is a demonstrated, systematic, tendency for project appraisers to be overly optimistic."
10.7.2.2. "This is a worldwide phenomenon that affects goth the private and public sectors ... appraisers tend to overstate benefits, and underestimate timigs and costs."
10.7.2.3. see Optimis Bias
10.7.2.3.1. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/191507/Optimism_bias.pdf
10.7.3. Gauld & Goldfinch (2006)
10.7.4. eGovernment Economics Project (2006)
10.7.5. Altschuler & Luberoff (2003)
10.7.6. Seldon & Colvin (2003)
10.7.7. Cameron & Green (2009)
10.7.8. Schaffer & Thomson (1992)
10.7.9. Ballhaus (2005)
10.7.10. Lovallo Kahneman (2003)
10.7.10.1. "Delusional optimism: we overemphasize projects' potential benefits and underestimate likely costs, spinning success scenarios while ignoring the possibility of mistakes."
10.7.11. NAO (2011)
10.7.12. Bent Flyvbjerg et al (2003, 2005)
10.7.12.1. "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."
10.7.13. Research in Australia by Capability Management (2006)
10.7.14. A study Moorhouse Consulting (2009)
10.8. Cognitive bias when overpredicting benefits
11. Techniques
11.1. 'In-flight' benefit reviews
11.2. Benefits Measurement Taxonomy
11.3. Benefits contracts
11.4. Benefits discovery workshops
11.5. Benefits mapping
11.6. Benefits quantification workshops
11.7. Booking the benefits
11.8. Champion-challenger model
11.9. Clear line of sight
11.10. Conversion ratios
11.11. Cost-benefit analysis
11.12. Cost-effectiveness analysis
11.13. Customer insight
11.14. Decision conferencing
11.15. Delphi techniques
11.16. Driver-based analysis
11.17. Health-check assessment
11.18. Investment logic mapping
11.19. Journey mapping
11.20. Management by exception
11.21. Multi-criteria analysis
11.22. One version of the truth
11.23. Optimism bias adjustments
11.24. P3M3
11.25. PESTLE analysis
11.26. Pair-wise comparisions
11.27. Pareto rule
11.28. Post-investment review
11.29. Pre-mortems
11.30. Real options analysis
11.31. Reference class forecasting
11.32. Rich picture
11.33. SWOT analysis
11.34. Scout and beacon approach
11.35. Sensitivity and scenario analysis
11.36. Stage / phase gate reviews and 'staged' release of funding
11.37. Stakeholder segmentation and analysis
11.38. Start gate
11.39. Stochastic forecasting (including Monte Carlo simulation and three-point estimating)
11.40. The 'dog that didn't bark' test
11.41. Willingness to pay and Willingness to accept
12. The Benefits Management Cycle
12.1. The Benefits Management Cycle consists of 5 practices
12.2. Practices (5)
12.2.1. Identify & Quantify
12.2.1.1. Goals
12.2.1.1.1. To lay the basis for informed options analysis, investment appraisal, and portfolio prioritization; and the management of benefits realization in due course.
12.2.1.2. Key techniques
12.2.1.2.1. Benefits discovery workshops
12.2.1.2.2. Benefits mapping
12.2.1.2.3. Benefits quantification workshops
12.2.1.2.4. Customer insight
12.2.1.2.5. Delphi techniques
12.2.1.2.6. Driver-based analysis
12.2.1.2.7. Investment logic mapping
12.2.1.2.8. Optimism bias adjustments
12.2.1.2.9. PESTLE analysis
12.2.1.2.10. Reference class forecasting
12.2.1.2.11. SWOT
12.2.1.2.12. Stochastic forecasting (including Monte Carlo simulation and three-point estimating)
12.2.2. Value & Appraise
12.2.2.1. Goals
12.2.2.1.1. To ensure resources are allocated to those change initiatives that individually and collectively represent best value for money.
12.2.2.2. Key techniques
12.2.2.2.1. Conversion ratios
12.2.2.2.2. Cost-benefit analysis
12.2.2.2.3. Cost-effectiveness analysis
12.2.2.2.4. Multi-criteria analysis
12.2.2.2.5. Real options analysis
12.2.2.2.6. Sensitivity and scenario analysis
12.2.2.2.7. Willingness to pay and Willingness to accept
12.2.3. Plan
12.2.3.1. Goal
12.2.3.1.1. Ensuring accountability and transparency for:
12.2.3.2. Key techniques
12.2.3.2.1. Benefits Measurement Taxonomy
12.2.3.2.2. Pair-wise comparisions
12.2.3.2.3. Pareto rule
12.2.3.2.4. Scout and beacon approach
12.2.3.2.5. Stakeholder segmentation and analysis
12.2.3.2.6. The 'dog that didn't bark' test
12.2.4. Realize
12.2.4.1. Goals
12.2.4.1.1. To optimize benefits realization by actively:
12.2.4.2. Key techniques
12.2.4.2.1. Benefits contracts
12.2.4.2.2. Booking the benefits
12.2.4.2.3. Management by exception
12.2.4.2.4. One version of the truth
12.2.4.2.5. Rich picture
12.2.5. Review
12.2.5.1. Goals
12.2.5.1.1. The benefits to be realized are achievable and continue to represent value for money.
12.2.5.1.2. Appropriate arrangements have been made for benefits monitoring, management and evaluation
12.2.5.1.3. Benefits realization is being effectively managed
12.2.5.1.4. Lessons are learned for both the current initiative and as a basis for more effective benefits management practices generally.
12.2.5.2. Key techniques
12.2.5.2.1. 'In-flight' benefit reviews
12.2.5.2.2. Post-implementation review
12.2.5.2.3. Post-investment review
12.2.5.2.4. Pre-mortems
12.2.5.2.5. Stage/phase gate reviews and 'staged' release of funding
12.2.5.2.6. Start gate
12.2.6. Practices are broadly sequential but are characterized by iterative feedback cycle.
12.2.7. Key techniques used across the benefits management cycle
12.2.7.1. Health-check assessment
12.2.7.2. Journey mapping
12.2.7.3. Clear line of sight
12.2.7.4. Decision conferencing
12.2.7.5. P3M3
12.2.7.6. Champion-challenger model