Is Methods Benefit Realization Important?
Implementing improved PM methods can cut the cost of your projects and speed benefit realization. Adding the right competences in all stakeholder roles doubles your return. Helping your Enterprise to manage its portfolio of projects effectively compounds the benefits again. For those who measure benefits, the returns can be great.
Example: In the early 1990's a consultancy wished to improve their project management effectiveness. We evaluated methods, training, policies, prioritization and staffing practices, tools, and Management evaluation and incentive measurements. We involved their staff in selecting, tuning and rolling out all the needed changes.
At the end of three years, their project cost-per-measured-Scope-unit was 10% of their pre-improvement level - and they
were price leaders when they started. In other words, they cut their unit cost by 90%, through even smarter Project Management
practices. In the final Benefit Realization milestone, the leadership team identified how they could pursue the next 10x improvement.
Appropriate PM Process helped. In addition to the right processes, executed with competence, the tools, policies, and a compensation system that rewarded managers for results were part of the improvement. They always are. Of course, your mileage may vary.