ABSTRACT
Benefits are realized from projects and programmes. Therefore, one might legitimately ask why benefits need to be considered at the portfolio level. Research in the UK and Australia found a generally low maturity level of portfolio management of projects and programmes – with benefits management being the lowest scoring area. Regular stage-gate or-phase gate reviews should be undertaken on all initiatives included in the portfolio. These are undertaken by, or on behalf of, the portfolio governance bodies. The benefits of a portfolio approach include, 'increased realization of forecast benefits and the identification and realization of unplanned benefits to create additional value'. Benefits management is an emerging discipline and, as such, organizations often struggle to apply it to their projects and programmes. Managing benefits effectively requires a shift from a delivery-centric culture, where the focus is on delivering capability to time, cost and quality standards, to a value-centric culture, where the primary focus is on realizing benefits.
