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Project Benefits

Autumn Newsletter

Harvest

We call this time of year Autumn or Fall, however our ancestors referred to it as Harvest time.

Harvest timing is a critical decision, one that balances weather and crop maturity.  An early harvest may result in poor crop yield and quality, but a late harvest increases the risk of bad weather.  So timing is critical.  We are fortunate enough not to have the weather as a critical element when we are delivering projects (unless they are event projects) but we do all like to reap the benefits of our projects and harvest a good crop.

So how do we harvest/reap the best out of our projects?  


Firstly you must define the benefits of your project before you start.  The benefits of any project should be clearly outlined in your project charter. The benefits relate to the value the project will bring to the business. 
 
Define the benefits by;
 
1. User Requirements.
2. Return on Investment.
3. Deliverables around benefits.
4. Life after the project.

1. User Requirements.   Start with a clear user requirements document - who wants want.  Make sure you consult everyone from senior management to customers and end users to team members.  Widen the net to include all stakeholders even if they do not appear to be important to you and your team, they may be.  Hold a meeting, ensure you have gathered all the requirements and get them agreed.  This agreement will help you to manage expectations as the project progresses. 

2. Return on Investment. This is your performance measure to evaluate the efficiency of your investment/project.  Don't just count the dollar signs.  The gain could include perceived value.  If you deliver this project on time and within budget the motivation and morale of the team will be immense.  Do include your team's time when calculating costs. Make the ROI more than just money.

3. Plan deliverables and milestones around benefits.  If there are clear monetary benefits to be gained in the project, record, track and mark with milestones dates.  Keep everyone informed and hold information/benefit meetings.  These meetings will help you get enthusiasm from team members and end users. 

4. Life after the project.  Write down the future scene, gaze into a crystal ball and imagine the benefits realized. Paint a picture of what life will be like when the project is delivered on time and to budget.

We can all reap the benefits of our projects if we determine what they are at the start.

 

 

 

 

 
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