7. OKRs and Benefits Realization

Transcript

One of the more complex areas in project management that we often struggle to understand is benefits realization.

This typically takes the format of a workshop with the project team, sponsor, and key stakeholders. We could think of project benefits rolling up and supporting objectives and key results – benefits realization being at the individual project level and feeding up where OKRs sit at the program or the portfolio level, more associated with strategy.

However, we should also understand that OKRs are not a substitute for benefits realization, but they do work hand in hand in assisting organizations in how project benefits contribute to organizational strategic objectives.

OKRs can definitely add value for planning benefits and tracking the results. We could roll out benefits at the individual project level or functional level into groupings that could be associated more with a strategic object.

What is very important in understanding the relationship between benefits realization, and OKRs is that a benefits realization plan is still required. By aligning project benefits with organizational strategy, we ensure the impact of the project is focused in the right direction.

We can cascade OKRs down and look to achieve the key results by delivering benefits associated with different projects.