D9 Chia Guide Flashcards
(249 cards)
1
Q
What should a programme or project have to justify the investment?
A
At least one benefit that contributes to at least one organisational objective
However, some benefits may link to broader engagement activities.
2
Q
What are the principles to support a benefits-led approach to change?
A
- Develop a clear line of sight
- Start with the end in mind
- Do the right things
- Realisation of longer-term benefits
- Do the things right
- Enable a Benefits led culture
- Support Organisational Ownership
- Supports a Learning Culture
- Knowledge Sharing
These principles guide the management of outcomes and benefits.
3
Q
What is Benefits Realisation Management (BRM)?
A
The activity of identifying, optimising and tracking expected benefits from the change initiative
BRM ensures success is measured and recognizes the costs of change.
4
Q
What is a benefit defined as?
A
A measurable improvement resulting from change, considered advantageous by at least one stakeholder, contributing to an organisational objective
Disbenefits are the opposite.
5
Q
What criteria must benefits meet to be recognised, tracked, and reported?
A
- Linked to a Business Case approved by XXXX Organisation
- Contributes to strategic objectives
- Approved by the Senior Responsible Owner (SRO)
- Validated as robust and unique
- Risks to benefits realisation assessed
Emergent benefits must also be validated.
6
Q
What are the classifications of benefits by value type?
A
- Cash Releasing
- Non-Cash Releasing
- Public
- Quality
- Qualitative
Each classification has distinct characteristics related to financial and non-financial benefits.
7
Q
What dimensions of quality should expected benefits align with according to WHO?
A
- Safety/Quality
- Clinical Outcomes (Effective)
- Staff & Patient Experience (Acceptable/Patient-centred)
- Resource Sustainability (Efficient)
These dimensions guide the design and implementation of quality interventions in health systems.
8
Q
What is the cost of change defined as?
A
Limited duration costs incurred to enable the benefits to be realised from a change initiative
It excludes ongoing operational costs.
9
Q
What should benefit review activities be aligned with?
A
Programme/Project delivery timelines and planned milestone assurance
They should be objective and evidence-based.
10
Q
What risks should be monitored around the realisation of (dis)benefits?
A
- Delays
- Lower realisation levels
- Increased costs of realisation
The risk impact score assesses the degree and priority of these risks.
11
Q
How should the number of benefits to track be determined?
A
Based on programme size, stakeholder communication needs, budget for measurement, and organisation requirements
A manageable number of benefits is crucial for sustainability.
12
Q
Why is it important to monitor benefits beyond the initial effort or project?
A
To ensure the change is sustained and continues to be beneficial.
Ongoing monitoring helps in assessing long-term impacts and adjustments as needed.
13
Q
What factors determine how many benefits to track?
A
- Programme size
- Stakeholder communication needs
- Budget for measurement
- Organisation requirements
These factors help in setting realistic expectations and resource allocation.
14
Q
Which factors influence the selection of specific benefits to track?
A
- Realisation confidence
- Priority
- Ease and expense of measurement
- Spread of benefits across stakeholders
Assessing these factors ensures focused and effective tracking.
15
Q
What is the purpose of attributing benefits across projects/work packages?
A
To ensure investment in different elements is justified.
This helps in evaluating the effectiveness of resource allocation.
16
Q
What are the five key practices of benefits management?
A
- Identify & Quantify
- Value & Appraise
- Plan to Realise
- Optimise/Realise
- Evaluate
These practices guide the structured approach to managing benefits throughout a project.
17
Q
What is included in the Pre-Initiation phase of benefits management?
A
- Business Case (where applicable)
- Funding Agreement
- Project Definition
- Key Stakeholders
- High Level Benefits map
This phase sets the foundation for understanding potential benefits before project initiation.
18
Q
What is the responsibility of the Senior Responsible Owner (SRO)?
A
- Own the strategic objectives for the programme
- Own the Benefits Management Strategy
- Lead benefit reviews
- Overall accountability for the project/programme
The SRO plays a critical role in aligning project outcomes with strategic goals.
19
Q
What does the Benefit Owner do?
A
- Overall responsibility for benefit realisation
- Monitors delivery of change
- Tracks realisation of the benefit
This role ensures that benefits are not only planned but also effectively realized.
20
Q
What is the role of the Benefits Realisation Manager?
A
Provide advice and guidance on Benefits Realisation Management, validate benefits, and assist with strategy and plan creation.
This role supports other stakeholders in their responsibilities related to benefits management.
21
Q
What should be included in the Monitoring Areas for potential emergent benefits?
A
- Stakeholder Analysis
- Refined Benefits Map
Monitoring emergent benefits helps in adapting to new opportunities or challenges during the project lifecycle.
22
Q
What is the purpose of the End Stage/Project/Evaluation Report?
A
To evaluate the project outcomes and benefits realization post Go-Live.
This report is crucial for understanding the overall success and lessons learned from the project.
23
Q
What is the defining factor in project success?
A
Benefits realisation
Benefits realisation is the actual purpose of implementing projects.
24
Q
What is benefits management?
A
The process of tracking and estimating the value delivered by a project and measuring the value realised at intervals
It includes assessing value during and after project completion.
25
What risks are associated with executing projects without benefits management?
Investing in projects that do not deliver value and missing opportunities for ongoing organisational planning
## Footnote
Formal benefits management correlates with achieving strategic goals.
26
What percentage of respondents in the Project Management Institute report characterized their benefits realisation process maturity as 'high'?
35 percent
## Footnote
Less than half used standardised practices for benefits realisation management.
27
What distinction should be made in benefits management?
Between project outputs and project benefits
## Footnote
Project outputs are the created items, while project benefits measure changes resulting from the project.
28
What are project outputs?
Assets, controls, behaviours, conditions, or effects created by a project
29
What are project benefits?
Measures of changes resulting from a project, often quantified in monetary terms
## Footnote
They are underpinned by observable and measurable changes.
30
What is a key factor for building a business case?
Project benefits, not deliverables
## Footnote
The purpose of the project must align with the benefits it aims to deliver.
31
What is active project value management?
Ensuring benefits impacts drive project decision-making
## Footnote
It requires tracking how changes affect the project's ultimate value.
32
Is benefits management a 'set and forget' activity?
False
## Footnote
It requires continuous management throughout the project lifecycle.
33
What is the purpose of assigning a benefits owner?
To ensure accountability for benefits realisation post-project
## Footnote
The benefits owner should be engaged early in the project lifecycle.
34
What is recommended regarding projects impacting the same benefit area?
Limit the number of concurrent projects
## Footnote
This helps isolate the impact of individual projects on benefits.
35
What must be transitioned to operations post-project?
Benefits
## Footnote
This includes assigning an accountable owner and adjusting future budgets.
36
When are many project benefits typically realized?
After project closure
## Footnote
Active tracking of these benefits is crucial for evaluating project success.
37
What is the most challenging aspect of project and portfolio management according to a UK study?
Benefits realisation
38
True or False: Many organisations focus too much on project outputs.
True
39
What should be included in a clear benefits statement?
Specific benefit area, measure (KPI), measurement approach, current baseline, target change quantification, and owner
40
What is a common error after documenting expected benefits in a business case?
Forgetting about benefits realisation until project closure
41
What should be done if a project will no longer achieve expected benefits?
Consider closing out the project early
42
What can tracking benefits after project completion help with?
Knowledge management and informing future projects
43
What is the purpose of the Benefits Realisation Management Framework?
To provide a framework of best practice principles and concepts for managing programs across NSW Government agencies
## Footnote
The framework aims to support anyone unfamiliar with benefits realisation management.
44
What is a benefit in the context of benefits realisation management?
A measurable improvement resulting from an outcome perceived as an advantage by a stakeholder.
45
Why must benefits be aligned with the organisation's strategic goals?
To ensure that the outcomes and benefits help achieve the organisation's strategic goals.
46
What is required for benefits to be considered valid?
Benefits must be measurable and evidence-based.
47
Fill in the blank: Benefits can only be realised through _______.
[change]
48
Who should own the benefits in a benefits realisation management context?
Appropriate sponsors and managers, not the program/project manager.
49
What are intermediate benefits?
Benefits needed to realise end benefits and are just as important.
50
True or False: Benefits are static and do not require regular review.
False.
51
What is a critical implication of not aligning benefits with strategic goals?
The overall value of the benefits must be questioned.
52
What should be done to ensure that benefits are effectively managed?
Benefits management should be integrated with other organisational processes.
53
What should be prioritized when identifying benefits?
Benefits with the greatest likelihood of being realised.
54
Fill in the blank: Benefits management is at the heart of _______.
[Program Evaluation]
55
What does the benefits management cycle start with?
Identifying intended outcomes and benefits.
56
What is the risk of failing to formally assign accountability for benefits?
Benefits may not be fully realised.
57
What is the importance of a benefits map?
It helps identify the intended outcomes and benefits of a program.
58
What should be monitored to ensure benefits realisation is on track?
Intermediate benefits.
59
What should happen if benefits are not measured?
There will be insufficient evidence to justify the investment.
60
What is a dis-benefit?
An outcome perceived as a disadvantage by one or more stakeholders.
61
What is the role of digital capability in benefits management?
It supports the management of benefits identification, planning, realisation, and evaluation.
62
Why is it important to keep the number of benefits monitored to a manageable number?
To avoid overly complicated and time-consuming reporting.
63
What is the implication of failing to regularly review benefits?
Benefits may be under or overstated.
64
What is the first phase of the Benefits Realisation Management Process?
Understand
## Footnote
This phase focuses on defining vision, objectives, and potential benefits.
65
What is the objective of the 'Plan' phase in the Benefits Realisation Management Process?
To prioritise the benefits and business change required to determine a plan for achieving the objectives
## Footnote
This includes establishing governance and confirming benefit ownership.
66
What key deliverables are produced in the 'Understand' phase?
The deliverables include:
* Benefits Realisation Strategy
* 3 Column Analysis
* First draft benefits map
* Benefits Distribution Matrix
## Footnote
These deliverables help articulate the vision and identify key stakeholders.
67
What are the key questions to consider during the 'Evaluate' phase?
Key questions include:
* Were the expected program outcomes realised?
* Do the benefit management deliverables provide sufficient evidence to evaluate the program?
* Has the transition to BAU been managed?
* Did the stakeholders realise the benefits they expected?
* Have lessons learned been captured and communicated?
## Footnote
This phase focuses on learning from program activities.
68
Fill in the blank: The second phase of the Benefits Realisation Management Process is called _______.
Plan
69
What is meant by 'Manage and Report' in the Benefits Realisation Management Process?
It involves measuring, analysing, and understanding program outcomes to proactively support the delivery of benefits
## Footnote
This phase ensures that progress is monitored and reported effectively.
70
What is a Benefits Register?
A tool used to track and manage benefits throughout the project lifecycle
## Footnote
It is critical for monitoring progress and ensuring accountability.
71
What is the purpose of a Benefits Distribution Matrix?
To map the distribution of benefits among stakeholders
## Footnote
This helps clarify who is responsible for which benefits.
72
True or False: The Benefits Realisation Management Framework is only applicable to project managers.
False
## Footnote
It is designed for a wide range of roles within NSW Government, not just project managers.
73
What does the 'Evaluate' phase aim to achieve?
To identify learnings from program activities to inform strategic decisions and priorities
## Footnote
This phase looks at the overall effectiveness of the program.
74
List the deliverables produced during the 'Evaluate' phase.
The deliverables include:
* Updated benefits register
* Updated benefits report
* Business case variation report
* Lessons learned report
## Footnote
These documents help summarize the findings and improvements.
75
What is the role of stakeholders in the Benefits Realisation Management Process?
Stakeholders are involved in defining benefits, articulating objectives, and ensuring alignment with the program outcomes
## Footnote
Their engagement is crucial for successful benefits realisation.
76
What should be included in a Benefits Plan?
A Benefits Plan should include:
* Benefit measures
* Benefit profiles
* Governance structure
* Benefit ownership
## Footnote
This plan serves as a roadmap for managing benefits.
77
What is a benefit in the context of benefits realisation?
A measurable improvement resulting from an outcome perceived as an advantage by a stakeholder
78
What are the objectives of Benefits Realisation Management (BRM)?
• Ensure benefits are clearly identified and linked to strategic outcomes
• Ensure business areas are committed to realising defined benefits
• Drive the process of realising benefits
• Use defined benefits as a roadmap for the program
• Provide alignment between the program and strategic objectives
79
What types of benefits are classified in benefits realisation?
• Financial
• Non-financial
80
What are some typical challenges encountered in Benefits Realisation?
• Ill-defined benefits
• Unclear program objectives
• Unclear strategic goals
• Inaccurate benefit measures data
• Unclear benefits ownership
81
What are the critical success factors for Benefits Realisation Management?
• Senior management leadership and commitment
• Active stakeholder participation
• Operational ownership of benefits
82
True or False: Benefits are the net positive changes resulting from outcomes.
True
83
What are the four phases of the Benefits Realisation Management Process?
• Understand
• Plan
• Manage and Report
• Evaluate
84
What is the focus of Phase 1: Understand in Benefits Realisation Management?
To understand why the program is needed and identify required outcomes
85
What does the Benefits Plan serve in the context of Benefits Realisation?
A key component in the development of business cases for new change programs
86
Fill in the blank: The _______ is used to ensure that potential benefits are captured and realised.
Benefits Register
87
What are some risks to Benefits Realisation Management?
• Incorrect benefits forecasts
• Unrealistic benefits estimates
• Delivery failure of initiatives
• Loss of focus on benefit realisation
88
What should a benefits plan outline?
How and when benefits will be monitored and realised
89
What is the purpose of establishing a governing body in Benefits Realisation Management?
To ensure activities for monitoring benefit realisation are progressed and major issues are identified
90
What is the outcome of the evaluation phase in Benefits Realisation Management?
Documenting program outcomes and identifying learnings to inform strategic decisions
91
What is the role of Benefit Owners in Benefits Realisation Management?
To lead the successful realisation of benefits
92
What is essential to understand before defining and declaring benefits?
The outcomes
93
What does Phase 3: Manage and Report focus on?
Monitoring progress towards planned outcomes and assessing deviations
94
What is the role of the Benefits Realisation Management Organisation Maturity?
To assess the capability of the organisation in managing benefits
95
What is the significance of establishing a benefits tracking tool?
To track the progressive achievement of benefits throughout the program
96
What should be included in a change control procedure related to benefits?
Assessment of impact on benefits
97
True or False: Benefits are only classified as financial.
False
98
What is the purpose of the Manage and Report phase in the program?
To measure, analyse and understand the program outcomes to proactively support delivery of benefits.
99
What does the Evaluate phase document?
The program outcomes and identifies learnings from program activities to inform strategic decisions and priorities.
100
How many key phases are there in the benefits realisation process?
Four key phases.
101
What is the first phase of Benefits Realisation?
Understand.
102
What is the main objective of the Understand phase?
To identify and define the problem the program is addressing and potential outcomes and benefits.
103
What technique is used to help stakeholders understand the current business problem?
Three-Column Analysis.
104
What does a benefits map display?
The cause-and-effect mechanisms showing how program inputs, activities, and outputs lead to certain outcomes for stakeholders.
105
What are the deliverables of the Understand phase?
* Benefits Realisation Strategy
* Three Column Analysis
* First draft Benefits Map
* Benefits Distribution Matrix
106
What should the Benefits Realisation Strategy include?
How benefits are aligned to the organisation's strategy and the approach to ensure benefits are not double-counted.
107
What is the purpose of the Benefits Distribution Matrix?
To identify how the benefits and potentially dis-benefits are distributed between the stakeholders.
108
What are the key questions the Understand phase aims to answer?
* Has the program vision, objectives and desired outcomes been articulated?
* Who will be impacted by the program?
* Have the stakeholders been identified?
* What are the benefits of the program?
109
What is the second phase of Benefits Realisation?
Plan.
110
What is the objective of the Plan phase?
To develop the initial findings from the Understand phase into a benefits plan.
111
What questions does the Plan phase aim to answer?
* What type of benefits will the program realise?
* Can benefits be measured? What are the measures and data sources?
* Who should be responsible for realising each benefit?
* Have the baseline data and targets been agreed with benefit owners?
* Are there any risks relating to either the forecasting of benefits or delivery failures?
112
What should be included in the Benefits Plan?
* Benefit measures
* Governance requirements
* Benefits register and profile
113
What is a benefit profile?
A view of a single benefit, showing all key attributes including measures, estimated value, and dependencies.
114
What is the significance of taking baseline measures?
To ensure that any early achievement of benefits, i.e., quick wins, are recognised and reported.
115
What is the purpose of the Benefits Register?
To track progress towards realisation targets for each benefit.
116
Fill in the blank: The benefits realisation strategy describes the _______ and the required direction for the organisation.
[end goal]
117
True or False: The Plan phase includes confirming benefit ownership.
True.
118
What is a benefits register?
A register which tracks progress towards realisation targets for each benefit.
119
What key information should a benefits register contain?
* Benefit name
* Benefit description
* Measurement metric
* Calculation methods
* Data source
* Current baseline measurement and target
* Timeframe for realisation
* Benefit ownership
120
When should reporting on benefits commence?
Reporting should commence as soon as the program delivery commences.
121
What are strategic benefits?
Benefits that are usually realised well beyond the program delivery life-cycle.
122
What is the purpose of the Manage and Report phase?
To establish ongoing monitoring and reporting upon benefits beyond the life of the program into the business operations of the organisation.
123
What are some key questions addressed in the Manage and Report phase?
* Have any quick wins been realised?
* Has progress been reviewed against the business case?
* Has anything changed that will impact the realisation of benefits?
124
What tasks are undertaken during the Manage and Report phase?
* Operationalise the benefits register
* Agree final targets with benefits owners
* Monitor program progress
* Review progress against business case/baseline
* Update the benefits plan and register
* Establish reporting on progress
* Handover reporting to BAU team
125
What type of report can be generated from the Manage and Report phase?
A benefits report, which can range from a simple benefits register to a comprehensive tracking tool.
126
What should benefit reports enable stakeholders to do?
* Make data-driven decisions about service improvements
* Make comparisons with other government services
* Provide transparency on service performance
127
True or False: Benefits are static and do not change during the lifecycle of a program.
False.
128
What is the focus of the Evaluate phase?
To evaluate whether the program achieved its intended outcomes.
129
What deliverables are reviewed in the Evaluate phase?
* Business case
* Benefits report
* Benefits plan
* Benefits register
* Benefits map
* Governance and risks
130
What is a business case variation report?
A report that compares the forecasted benefits in the business case with the findings of the evaluation phase.
131
What is a lessons learned report?
A report that identifies successes, challenges, or lessons learned throughout the benefits management process.
132
What are the governance principles for Benefits Realisation?
* Commitment and support at senior leadership level
* Clear and active program sponsorship and accountability
* Program management responsibility for benefits definition, measurement, and reporting
133
What does a RACI table define?
The roles involved and their level of accountability or participation in an activity.
Responsible Accountable Consulted Informed
134
Fill in the blank: The process of establishing benefits governance includes developing a detailed _______.
benefits plan.
135
What is the role of the program sponsor in the benefits realisation process?
To provide accountability and support for the program.
136
What aspects should be considered when establishing effective management and reporting?
* Ensure formalised measurement activities
* Embed benefits into existing reporting
* Capture anecdotal benefits from stakeholders
* Recognize that benefits can change
137
What is the significance of stakeholder engagement in benefit realisation?
It ensures agreement on outcomes and facilitates the identification of benefit owners.
138
What does C C I R A stand for in benefits realisation?
C = Consulted, C = Consulted, I = Informed, R = Responsible, A = Accountable
## Footnote
These letters represent roles in the benefits realisation process.
139
What is the role of the Benefits Realisation Manager?
Owns the Benefits Realisation Management (BRM) Guidelines and toolkit, supports stakeholders with implementation, provides objective challenge, ensures alignment with business cases, produces benefits registers, escalates issues
## Footnote
This role is crucial for managing benefits effectively.
140
What responsibilities do Benefit Owners have?
* Accept responsibility for realising assigned benefits
* Identify and map benefits
* Determine distribution of benefits among stakeholders
* Approve Benefit Profile(s)
* Measure and monitor progress
* Ensure financial budget planning includes outcomes
## Footnote
Benefit Owners play a key role in ensuring benefits are realised.
141
What is the purpose of benefit tracking and reporting?
To monitor and improve performance through continuous improvement initiatives
## Footnote
Effective tracking is essential for successful benefits realisation.
142
What does the BRAG status colour coding signify?
* Blue: Target achieved
* Green: Within narrow tolerance
* Amber: Wider deviation from target
* Red: Outside acceptable deviation levels
## Footnote
This coding helps in visual reporting for quick assessments.
143
What should be assessed when there is a change request?
How the change will impact intended benefits
## Footnote
This ensures that changes do not negatively affect benefits realisation.
144
What is the role of the Expenditure Review Committee (ERC)?
Oversee distribution of reform investment across departments and conduct strategic reviews of sector-wide reforms
## Footnote
This body ensures that investments are focused on delivering desired benefits.
145
What is a recommended reporting method for Agency Program Boards?
Visual reporting in the form of one-page dashboards
## Footnote
This method focuses attention on areas requiring direction or intervention.
146
True or False: The Program Manager is responsible for delivering initiatives that enable benefit realisation.
True
## Footnote
This role involves planning and ensuring corrective actions are taken.
147
Fill in the blank: The _____ should undertake regular assessments of their Agency’s benefits realisation management maturity level.
[Executive Program Management Office (EPMO)]
## Footnote
This assessment is crucial for improving benefits realisation.
148
What considerations should be taken into account when managing risks to benefits realisation?
* Identify potential risks during the Understand phase
* Use a program log to document risks
* Ensure consistency with the organization’s risk management process
* Define responsibilities for risk treatment
* Capture interdependencies with other programs
## Footnote
These considerations help in managing risks effectively.
149
What is the significance of conducting post-implementation reviews?
To inform corrective action and capture lessons learned for continuous improvement
## Footnote
This process is vital for refining future benefits realisation efforts.
150
What is the purpose of the Benefits Realisation Management Framework?
To provide a framework of best practice principles and concepts for managing programs across NSW Government agencies
## Footnote
It includes standardized approaches and guidance for stakeholders involved in benefits realisation.
151
What are the main parts of the Benefits Realisation Management Framework?
* Part 1: Principles
* Part 2: Process
* Part 3: Guidelines
* Part 4: Implementation
* Part 5: Glossary
## Footnote
Each part addresses different aspects of benefits management.
152
Who is the Benefits Realisation Management Framework aimed at?
Individuals interested in benefits realisation within NSW Government agencies, including program directors, change managers, project managers, business analysts, and PMO staff
## Footnote
It is designed to be accessible for various stakeholders.
153
What questions should be articulated before planning for benefits management?
* What is the problem being addressed by this program?
* What are the strategic outcomes of the program?
* What are the measurable benefits?
* When will we realise the benefits?
* Who owns the benefits?
## Footnote
These questions help clarify the purpose and expected outcomes of the investment.
154
What are critical success factors in benefits management?
* Senior management leadership and commitment
* Active stakeholder participation
* Operational ownership of benefits
* Up-to-date BRM profiles, plans, and tracking registers
* Data availability from digital services
## Footnote
These factors ensure effective benefits management practices.
155
What does benefits management maturity refer to?
The capability of an organisation to identify, define, and manage the value anticipated from an investment
## Footnote
It includes developing benefits plans, monitoring performance, and evaluating outcomes.
156
What are the five maturity levels in the P3M3® model?
* Level 1: Awareness of process
* Level 2: Repeatable process
* Level 3: Defined process
* Level 4: Managed process
* Level 5: Optimised process
## Footnote
Each level indicates the organisation's capability in managing benefits.
157
Fill in the blank: The P3M3® Maturity Model focuses on seven perspectives, including _______.
Benefits management
## Footnote
Other perspectives include governance, management control, risk management, stakeholder management, finance management, and resource management.
158
What is the purpose of the Managing Benefits Health-check Assessment?
To evaluate stakeholder perceptions of benefits management practices within their organisation through a survey
## Footnote
It allows stakeholders to quantify their scores and identify areas for improvement.
159
What are the three priorities of the NSW Government Digital Strategy?
* Customer experience
* Data
* Digital on the inside
## Footnote
These priorities guide the design and delivery of user-centric public policy and services.
160
True or False: The Benefits Realisation Management Framework is only for senior management.
False
## Footnote
The framework is designed for all stakeholders involved in benefits realisation within NSW Government agencies.
161
What should be considered before starting to adapt benefits management deliverables?
* Maturity of the benefit management practice
* Digital capability and software available
* Governance requirements
* Size, complexity, priority, and risk of the program
* Resources available
## Footnote
These considerations influence how benefits management is implemented.
162
What is the role of evaluation in benefits management?
To assess whether the program achieved its intended outcomes and to inform future benefits management practices
## Footnote
Evaluation can be part of the program evaluation phase or conducted independently.
163
What does the term 'embedded BRM' refer to in the context of benefits management?
The integration of benefits management with strategic objectives and organizational processes
## Footnote
This ensures that benefits management is a continuous focus within the organization.
164
How can an initial assessment of benefits management maturity be conducted?
By comparing the attributes defined at each of the five P3M3® maturity levels with the current capabilities of the program or organisation
## Footnote
This assessment helps identify the current maturity level and areas for improvement.
165
What is recommended for organisations regarding benefits management maturity levels?
Each organisation should decide which benefits management maturity level is optimal for its needs
166
What should be articulated in the process of benefits management?
Vision/objectives/key principles
167
What is a deliverable for Phase 1: Understand?
Benefits Realisation Strategy
168
What technique can be used to identify benefits with stakeholders?
3 column analysis
169
What should be developed to show the alignment between program need and intended benefits?
Benefits map
170
What is the purpose of the benefits distribution matrix?
To understand the impact of the program on different stakeholders
171
How should benefits be classified?
Into structured categories
172
What is the ideal number of measurable benefits to identify?
6–10
173
What should be aligned with measures for strategic objectives?
Benefits
174
What is a key consideration when valuing benefits?
Use standard discount rate and sensitivity analysis
175
What should be included in the benefits plan?
Integrate benefit profiles, benefit register, and benefit map
176
What is the minimum tool recommended for reporting benefits?
Benefits register
177
What should be prepared for the evaluation phase?
Maintain document versions on appropriate data storage
178
What is essential for effective governance in benefits management?
Benefits need to be owned by appropriate sponsors and managers
179
What should be developed to promote transformational change?
Program vision statement
180
What does the 'RACI' framework help with?
Review and agree on responsibilities for managing and realising benefits
181
What should be used to maintain consistent communication across program areas?
Familiar terminology and language
182
What are the NSW Digital Strategy priorities related to customer experience?
- Services are digital by default
- Services based on identified customer needs
- Collaboration across the sector
- Services are accessible and easy to use
183
What are the NSW Digital Strategy priorities related to data?
- Investment decisions informed by data insights
- Data is open and shared in a digital format
- Agencies open their data
- Data is published in real time
184
What are the NSW Digital Strategy priorities related to digital processes?
- Government processes designed around user needs
- Streamlined processes within clusters
- Automation of routine tasks
185
What is the purpose of the Benefits Realisation Management Framework?
To provide a framework of best practice principles and concepts for managing programs across NSW Government agencies
## Footnote
It includes a standard approach for benefits realisation management, consistent terminology, and guidance for program sponsors and business benefit owners.
186
Who is the intended audience for the Benefits Realisation Management Framework?
Those interested in benefits realisation within NSW Government agencies, including program directors, change managers, project managers, business analysts, and PMO staff
## Footnote
The Framework aims to be accessible to strategy groups, operational business areas, and individual practitioners.
187
What does a Baseline Measure represent?
A measure of the 'as-is' or 'before' state prior to implementing a change
## Footnote
It allows for comparison of benefits measurement at a point in time against the position before new capabilities or outcomes.
188
Define 'Benefit' in the context of the framework.
A measurable improvement resulting from an outcome perceived as an advantage by one or more stakeholders, contributing to organizational objectives
## Footnote
Benefits can be financial or non-financial.
189
What are the sub-categories of Benefit Classification?
* Financial (cashable and non-cashable)
* Non-financial (improved performance, social, economic, environmental benefits, enhanced user experience)
## Footnote
For more details, refer to Part 3: Guidelines.
190
What does a Benefit Distribution Matrix do?
Maps stakeholders to each benefit to understand who may be advantaged or disadvantaged by the program.
191
What is a Benefit Map?
Links benefits to primary investment objectives, outlining cause and effect relationships
## Footnote
Examples include MSP Benefits Map and Benefits Dependency Network.
192
Who is responsible for the realisation of a benefit?
Benefit Owner.
193
What is the role of a Benefit Realisation Manager?
Facilitates the realisation of benefits, including profiling, planning, and tracking benefits across the cluster.
194
What is Benefits Realisation Management (BRM)?
The process of organizing and managing to achieve potential benefits arising from investment in change
## Footnote
It is a continuous process throughout the project lifecycle.
195
What does a Benefits Plan (BP) define?
Defines the benefits of the overall program and the responsibilities for their realisation, measurement, reporting, and evaluating.
196
What is included in a Benefits Register (BR)?
* Quantitative and qualitative benefits
* Calculation method
* Key trigger points and phasing
* Target dates for realisation
* KPI benchmarks
* Identification of benefit owner and manager.
197
What is the purpose of a Benefit Realisation Strategy?
Identifies how benefits align with the organization's strategy and communicates expectations
## Footnote
It assesses the impact of unexpected changes.
198
What is a Cashable Benefit?
Changes that directly reduce an organization’s budget through savings or additional revenue.
199
What is Cost Benefit Analysis?
An appraisal technique that estimates costs and benefits of a project or program in monetary terms.
200
Describe a Dis-benefit.
A measurable decline resulting from an outcome perceived as negative by stakeholders, reducing organizational objectives.
201
What is the difference between Effectiveness and Efficiency?
* Effectiveness: Degree to which benefits are achieved without reference to costs
* Efficiency: Achieving benefits faster or with less effort.
202
What is an Enabler?
Something developed or acquired from outside the environment where benefits will be realised, e.g., a new IT system.
203
What is the definition of Net Benefit?
The value where the cost of delivering the capability is deducted from the gross benefit value.
204
What is an Intermediate Benefit?
Benefits occurring between early changes and the realization of end benefits.
205
What does Internal Rate of Return (IRR) signify?
The annual percentage return from an initiative where total cash inflows equal total cash outflows.
206
List the types of Key Performance Indicators (KPIs).
* Quantitative variables
* Qualitative variables
## Footnote
KPIs measure intended changes and observe progress.
207
What is a Target Measure?
The agreed result that demonstrates a benefit has been realised, determined from a baseline measure.
208
What is the purpose of the Three-Column Analysis?
To understand and agree on the current business problem, necessary changes, and benefits with stakeholders.
209
What are the principal policy documents referenced in the framework?
* Business Case Guidelines
* Guide to Cost Benefit Analysis
* Government Digital Strategy
* ICT Assurance Framework.
210
What is cost estimation bias?
The tendency to underestimate the time, resources, and risks involved in completing a project, leading to budget overruns and missed deadlines.
## Footnote
Cost estimation bias can have serious consequences such as reduced quality and stakeholder dissatisfaction.
211
What is optimism bias?
The tendency to be overly optimistic about a project's outcomes, ignoring potential problems or uncertainties.
## Footnote
It can result from cognitive biases like confirmation bias, anchoring bias, or availability heuristic.
212
What is strategic misrepresentation?
The deliberate manipulation or distortion of cost estimates to influence decision-making or secure project approval.
## Footnote
Motivations can include political, economic, or social factors.
213
How does organizational culture influence cost estimation?
It shapes values, norms, and practices that affect the quality and accuracy of cost estimates, potentially leading to unrealistic or inaccurate estimates.
## Footnote
Examples include a culture of overcommitting or avoiding conflicts.
214
What are the impacts of cost estimation bias on project performance?
* Reduced efficiency and effectiveness
* Increased uncertainty and risk
* Damaged trust and reputation
215
What is the planning fallacy?
The tendency to underestimate the time and resources required to complete a task, particularly for novel or complex tasks.
## Footnote
It is a cognitive bias that affects project cost estimation.
216
What role do cognitive biases play in cost estimation bias?
They distort perception and influence decision-making, leading to overly optimistic evaluations of project scope, schedule, quality, and cost.
217
What are some motivational factors that lead to optimism bias?
* Self-serving bias
* Wishful thinking
* Strategic misrepresentation
218
What is reference class forecasting?
A method of estimating project costs based on the actual outcomes of similar past projects rather than on the current project's characteristics.
219
What is Monte Carlo simulation?
A technique that generates multiple scenarios of project costs based on the probability distributions of input variables.
## Footnote
It helps account for uncertainty and variability in project cost estimation.
220
What is the Delphi method?
A technique for eliciting and aggregating expert opinions on project costs through rounds of anonymous feedback and revision.
221
What are some examples of optimism bias in software development?
* Planning fallacy leading to underestimated coding time
* The Denver International Airport baggage handling system case study
222
What are some examples of optimism bias in construction?
* Underestimating costs and time in complex projects
* The Sydney Opera House case study
223
What are some examples of optimism bias in healthcare?
* Overestimating benefits of new medical interventions
* The Human Genome Project case study
224
How does optimism bias affect project quality and stakeholder satisfaction?
* Leads to budget overruns and schedule delays
* Results in poor quality deliverables
* Reduces learning and innovation
225
Fill in the blank: Optimism bias can lead to _______ in project cost estimation.
[underestimation]
226
True or False: Strategic misrepresentation is always unintentional.
False
227
What is optimism bias?
A cognitive tendency that leads people to underestimate the time, cost, and risks of future projects, and overestimate the benefits and chances of success.
228
How does optimism bias affect project performance?
It can hinder learning and innovation, make individuals less receptive to new information, and lead to a failure to admit mistakes.
229
What is reference class forecasting?
A method that uses historical data from similar past projects to create a statistical distribution of possible outcomes for the current project.
230
What are some common methods of cost estimation?
* Bottom-up
* Top-down
* Parametric
* Analogical
231
What are contingency reserves?
Funds set aside to cover unexpected costs or changes that may occur during the project.
232
What is scenario analysis?
A technique that involves creating and evaluating different scenarios that may affect the project and estimating the costs and impacts of each scenario.
233
What are the benefits of overcoming optimism bias?
* More accurate and reliable estimates
* Improved risk management
* Enhanced stakeholder satisfaction
234
What challenges may arise when overcoming optimism bias?
* Resistance and conflict
* Complexity and uncertainty
* Trade-offs and opportunity costs
235
What is the importance of using historical data in cost estimation?
It provides a more realistic and objective basis for cost estimation by reflecting past project performance.
236
What role does stakeholder engagement play in overcoming optimism bias?
Involvement of stakeholders helps communicate the rationale for revised estimates and fosters a culture of learning.
237
Fill in the blank: Optimism bias can lead to __________ expectations, poor planning, and project failure.
unrealistic
238
True or False: Overcoming optimism bias guarantees accurate project cost estimates.
False
239
What is a risk register?
A document that records the sources, impacts, and probabilities of various risks affecting a project.
240
What is the Delphi technique?
A method for collecting anonymous feedback from a panel of experts to validate and improve estimates.
241
What is the significance of conducting post-mortem analyses?
It helps identify lessons learned and areas for improvement for future projects.
242
What is the impact of data availability on reference class forecasting?
The effectiveness depends on the availability and quality of historical and current data.
243
What are the potential impacts of overcoming optimism bias on project value?
It may lower project attractiveness, feasibility, or profitability.
244
Fill in the blank: A learning culture fosters continuous improvement and __________ from past experiences.
learning
245
What cognitive biases can affect project cost estimation besides optimism bias?
* Anchoring
* Availability
* Confirmation
* Hindsight
* Escalation of commitment
246
UK Benefits Cycle Diagram
247
NSW Benefits Cycle Diagram
248
Three-Column Analysis
249
Process Flow for NSW Benefits Realisation Strategy
