In the benefits value an appraisal stage the benefits are valued in monetary terms.
The investment appraisal it basically finds out if the benefit justifies the costs.
Once that's known is possible then to do an informed options analysis to choose the best option to achieve
the desired benefit.
Knowing exactly how much is going to cost then.
With that in mind we can move on to portfolio prioritization where the different portfolios are ranked
in terms of their investment and priority for the benefit.
So they are going to bring the program will be appraised in order to determine that that there is actually
a compelling case for the investment if you need any more information on this.
Your organization might have a business case assurance team and they'll be able to guide you through
this process.
It might also be worth checking out if your organization has a benefits eligibility framework which
will bring the business rules around how benefits are justified and delivered.
OK so let's have a look at the planning stage in the planning stage.
You're going to want to prioritize your benefits.
Now we can do this by making sure you've got them all by using the dependency map and then prioritizing
the most significant ones.
Remember the 80 20 principle here where 80 percent of the benefits are most likely going to come from
about 20 percent of the work effort you're going to want to select appropriate benefits metrics so that
you can effectively manage those benefits and make sure they're being realized you're going to want
to manage risks and look for any new emergent opportunities you're going to want to make sure that you
have effective stakeholder engagement and that you communicate with your stakeholders effectively and
you're going to want to check for any overlaps and dependent says with other projects and programs going
on elsewhere inside the organization because you don't want to duplicate any work or effort
securing the benefits planning stage you're going to need to convince people about the fact that the
benefit is actually needed and there's three steps to doing this.
Firstly you need to convince people that change is needed and necessary.
Secondly that the solution you are putting forward is an appropriate solution.
And thirdly that the outcome will be beneficial.
It's important to get people to abandon their old practices and their ingrained habits and to adopt
to change culture so that they embrace the change that's come in in the planning phase it's important
to make sure that you've got all of your stakeholders engaged and that you're communicating with them
effectively.
You'll want to use something known as the interest influence stakeholder matrix which will look at a
little bit further on in this course.
Okay.
Benefits realisation in this stage is where the bulk of the efforts actually happens is the planning
and management of transitioning from the old ways of working to the new whilst ensuring that continued
critical business operations stays stable.
So there are three main elements.
The first on being transitioning from the transition management from pre go live live to post go life
transition.
The second been tracking and reporting of benefits realization and the third winning hearts and minds
during this change process this diagram here shows you the Perrigo life go live post go live stages
and where the benefits start to get realized.
Notice the benefits don't start to get realized until they actually go live stage and they continue
to be realized throughout POSCO life.
So the transition plan is a responsibility of the program manager whilst ensuring that business continuity
continues as usual so the program manager is going to make sure that support arrangements are in place
where needed.
It's also important to communicate the change particularly as early as possible because late communication
will result in resistance so it's good to start thinking about how to communicate what message goes
out to who and to make sure that the communication is consistent and now this starts to happen as early
as possible probably in the pretty girl life stage.
And it's also worth thinking about how the change is going to occur.
The change might happen in one single change to operations or it might come in in a more incremental
manner through module changes.
The program manager must review the transition make sure they hold lessons learned meetings and document
any of the lessons learned.
Follow up any actions and requirements that get captured and throughout the transition.
Benefits should be measured and monitored and progress tracked for any signs of deviation.
Making sure that any emergent benefits are captured that the benefits are expected to be delivered are
getting delivered and then not deviating into and producing in any dis benefits.
The objectives of this stage are for benefits to be realized and that they are actually achievable and
continue to represent value for money.
The appropriate arrangements have been made for the benefits monitoring including audits surveys and
management and evaluation benefits realisation has to be effectively managed and lessons learned for
both the current programme and as a basis for future programmes are captured.
Remember it's important to inform stakeholders and the programme board of any progress in the benefits
realization that's happening and to identify any further potential for benefits.
It's important to assess the performance of the changed business operations against the original baseline
performance levels.
This way you know that the benefits are being realised.