Portfolio Management - Benefits and variance management

Portfolio Management - Benefits and variance management

This video covers the role of portfolio management beyond project delivery, as well as partnering with other organizational functions to ensure benefits realization is occurring. Learn also to identify shortfalls and capture unexpected benefits, as well as managing variances into portfolio actions.

Benefits realizations is the final,…most important, and, often,…most ignored part of portfolio management.…When a project is finished,…the deliverables are handed over…to the business area that will earn them…and project resources move onto something else.…It is then up to that business area…to deliver the benefits.…Benefits management is the process…of comparing the actual benefits achieved…with the expectations in the business case…and addressing any variances.…Precise measurement of benefit can be difficult,…and that's the main reason…benefits management is often ignored.…

However, difficulty is no excuse.…How benefits will be measured…should be defined and accepted in the business case,…then implemented when the project is complete.…It can as simple as changing the department's cost…or revenue projects of next period,…or as complex as detailed tracking…of individual features to individual dollars.…There are many ways to track benefits.…From a numerical or objective point of view,…you can use things like revenue,…