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4 Examples of Benefits Realization

 , November 22, 2016
Benefits realization is when actual results meet the goals of a strategy. Each initiative of change has two levels of success: delivery and benefits realization. If you successfully deliver a new project to schedule, requirements and budget the project may still be viewed as a failure if benefits aren't realized. The following are illustrative examples.

Product Development

A new product is developed to specifications, schedule and cost but doesn't sell well resulting in business losses.

Information Technology

A technology transformation project is based on the business case that it will make core business processes more efficient. When the technology launches, processes become more unstable and key operating metrics worsen.

Infrastructure

A high speed rail project is overbudget and late. However, the benefits of the system exceed initial projections with billions of trips logged and a stellar safety record. As a result, the project is perceived as a resounding success.

Customer Experience

An airline launches a culture transformation project in customer service to shift to a customer advocate model whereby staff fight for the customer as opposed to fighting for the company. The initiative faces resistance and takes years longer than projected. Benefits eventually are achieved as the firm gains large improvements in customer satisfaction and brand value.
Overview: Benefits Realization
TypeBusiness Strategy
Strategy Planning
Change Management
Project Management
DefinitionThe actual business results of a change.
Common InterpretationA project that is meets its schedule, budget and requirements commitments isn't successful if benefits fail to materialize.
A project that is late and overbudget may still be a success from a business perspective if benefits materialize or exceed expectations.
Related ConceptsProject Failure
Business Case
Project Management
Business Strategy

Project Management

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Acceptance Criteria
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