Benefits Management: the Missing Knowledge Area

I want to argue why I believe Benefits Management is a missing knowledge area from so much of Project Management.

There's a whole load of potentially missing Knowledge Areas. Domains of knowledge, expertise, and practice that are not adequately covered by traditional Project Management methodologies like the PMI’s PMBOK Guide, the APM’s APMBoK, or PRINCE2.

Indeed, I wrote an article called:
‘Project Management Knowledge Areas: How Many Are There? [Not 10]’
https://onlinepmcourses.com/project-m...

But there is one that I rate as absolutely crucial. And I think it’s an embarrassment that we see so little evidence of it in Project Management thinking: Benefits Management

The idea of Benefits Management and the tools that we can use have been around since the mid-1990s.

At that time, we saw Benefits Management as an aspect of Program Management – not of Project Management.
• Projects deliver products
• Programs deliver benefits
That’s what we argued then. And I believed it was 100 percent true.

Now, things are different…
1. Firstly, the whole project management landscape has changed since the 1990s. We now have mature agile PM techniques and many projects are true hybrids of predictive and adaptive approaches.
There is naturally and rightly a focus on incremental delivery of benefits to the sponsoring organization.

2. And, second, the project-program divide is a topic for academic and intellectual discussion. The reality on the ground is that we need to deliver stuff to our clients, sponsors, and bosses. And that stuff only has value to the extent that it delivers benefits to them.

So, it’s time…
It’s time for Project Managers to focus on Project Benefits Management and Benefits Realization.
This will be a differentiator for the next few years.

Some Project Managers will focus delivery of stuff. And others will see that as a mere step towards realizing benefits. And, guess what? Which one of those project manager alternatives would you employ for your critical business project?

I have just launched a brand new course.
It’s called Project Benefits Management.
https://school.onlinepmcourses.com/p/...
The standard price is US$57 (+ any local taxes)

Until the end of February, there is a substantial launch discount.
Just use Coupon Code BENLAUNCH2021 at checkout for a $30 discount (Pay only $27)

And, if you’re watching this after February 2021, there is a coupon code for a generous discount for my YouTube followers.
Just use Coupon Code YTBENMGT30 at checkout for a 30% discount (Pay less than $40)

So, please subscribe for more videos with super offers.

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A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list.
https://kit.co/MikeClayton/what-a-pro...
Note that the links are affiliated.

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#Project #ProjectManagement #BenefitsManagement