Q. This term is used for activities of managing benefits throughout the life of the project and ensure that benefits are derived from Project Outputs.
A. Benefits realization management or BRM incorporates the activities of managing benefits throughout the life of the project: Identify, Execute, and Sustain. Successful BRM consists of 3 main areas i.e.
• Identify benefits: to determine whether projects, programs, and portfolios can produce the intended business results.
• Execute benefits management: to minimize risks to future benefits and maximize the opportunity to gain additional benefits.
• Sustain benefits realization: to ensure that whatever the project or program produces continues to create value (post implementation).
Often times projects that are termed successful using traditional measures of success (i.e. scope, time, cost, quality etc.), fail to deliver the benefits for which they were undertaken. Very few organizations monitor and measure the benefits that projects and programs deliver. The success of a project or program lies in achieving the intended benefits (benefits realization).
[Source - Internet]