The publication of BS 202002:2023 – Applying benefits management on portfolios, programmes and projects, last year has prompted an update to our Value and Benefits Realization page, including a link to the new Standard’s home page.
As we know, organizations invest resources in projects to derive benefits and create value. But those benefits don’t happen by themselves, they need to be managed. BS 202002:2023 is a new British standard on how to deliver the planned benefits of projects, programmes and portfolios to create value for the organization and its customers.
While the Standard is quite expensive to buy, all of the publications on the Mosaic ‘Value and Benefits’ page are free to download and use and cover:
– Value and Benefits Overview,
– Defining project success,
– Benefits Management,
– Value Management and Value Engineering, and
– Useful External Web-links & Resources.
See more at: https://mosaicprojects.com.au/PMKI-ORG-055.php
Pat Weaver
Lynda Bourne
Mosaicproject's Blog 
Pat, where do you or does PMKI have any empirical evidence that links the “success” or “failure” of the project to the “success” or “failure” of the Asset or “Product” of the project?
The example I use in my classes are the Sydney Opera House. By any project metrics, it was a disaster- Late, over budget, beset with quality problems. Yet the PHYSICAL ASSET has become the iconic image along with the Sydney Harbor Bridge, which has become the “brand image” of Sydney Harbor.
But there is no shortage of examples that support the argument that there may or may NOT be any correlation much less causation between the success or failure of the project and the subsequent success or failure of the Asset or “Product” created by the project. Can it happen? Yes, of course, but that is just as much due to serendipity and pure LUCK than it is to design. https://pmworldlibrary.net/wp-content/uploads/2021/06/pmwj106-Jun2021-Giammalvo-the-bigger-picture-commentary.pdf
This is starting to look like another “Certification and Training” SCAM built around the brain farts of more B-school graduates who are trying to repeat PMI’s “success” with their grossly over-sold and falsely marketed PMP. (See Lee Lambert’s TRUTH about the PMP https://www.linkedin.com/pulse/pmp-pmp-that-question-lee-r-lambert)
IF you want to see the REAL or TRUE relationship between projects “success” or “failure” and the “success” or “failure” of the Asset produced by the project, read Dennis J. Cohen and Robert J. Graham “The Project Manager’s MBA: How to Translate Project Decisions into Business Success 1st Edition” way back in 2000.
In ‘Defining project success’ we define three separate successes (not necessarily linked):
– Project management success (time/cost/scope)
– Technical success – works as intended
– Business success – the stakeholders value in the outcomes – this can change over time.
Sydney Opera House failed all three when it opened – a ‘white elephant’. The businesses success aspect changed over time but it took 10+ years for the building to be appreciated. Finally $70+million has fixed the technical issues and it is now a world class opera and concert auditorium.