Integrating Value Management and Benefits Realization in Projects

This report provides an overview of project control as a process encompassing resources, procedures, and tools for planning, monitoring, and controlling project lifecycles. It highlights the importance of benefits realization in ensuring value from project outputs. The report discusses the differences in project control systems based on context, scale, and complexity, referencing cybernetic, post-performance, and go/no-go systems. It also explores how value management, focused on creating sustainable value, and benefits realization, which measures project value to the business, can be integrated into project control systems. The report emphasizes the need for experienced personnel, effective work plans, and a structured approach to identifying investment outcomes, benefit measures, and performance analysis to achieve project goals effectively. It concludes that integrating these aspects is crucial for project managers to ensure projects are completed effectively and align with business objectives.

Project Control and
Benefits Realization

Contents
INTRODUCTION.....................................................................................................................................3
Discussion...................................................................................................................................................3
CONCLUSION..........................................................................................................................................4
REFERENCES..........................................................................................................................................6

INTRODUCTION
Project control can be referred to as a process that comprises of the resources, procedures
as well as tools that will be utilized for the planning, monitoring as well as controlling of the
different phases of a project lifecycle. There are various factors that can contribute to the overall
success of a project and benefits realization can be referred to as a means to ensure that benefits
are derived from the outputs (Calzada, 2020). Project control systems differ from each other
depending on the project context, scale as well as complexity. It is important to develop a
benefits realization plan that outlines the activities which are necessary to ensure that the
different benefits of the project are realized on time. The respective report will discuss how
project control system may differ depending on the project context, scale and complexity as well
as how value management and benefit realization can be incorporated into a project control
system.
Discussion
A project control system can be referred to as the systems that are used for gathering
data, its management in order to guess as well as acknowledge the cost outcomes of a particular
project. In other words, a project control system can be referred to as a cost and schedule
approach that consists of different people, processes as well as tools that help in identifying as
well as communicating the performance of the project. There are different project control
systems that differ based on their context, scale as well as complexity. Cybernetic control and
post-performance control are the two types of project control systems that are used by the project
managers in order to complete a given project in an effective manner (Different types of Project
Control, 2021). The cybernetic control and post control project control system, which is also
known as post-performance controls it is direct towards improve the overall chances for the
future projects to meet their overall goals in an effective manner. go/no-go is another type of
project control system that that tests whether some of the specific preconditions have been met
for the performance time as well as cist of the project (Hill and et.al., 2021). It can be said that
one of the differences between the go/no-go as well as cybernetic project control focuses on
achieving the going project. Rather, the project control system is focused on improving the
overall chance of accomplishment.

On the other hand, based on project complexity, the project control systems can be of
different types such as directional, structural, temporal as well as technical. Project control
systems provide an effective approach to managing risk in an effective manner. apart from this,
value management is another aspect of a project and is concerned with creating a sustainable
value at either project, product or process level. In other words, it can be said that value
management is primarily concerned with improving a desirable balance between the needs as
well as wants of the different stakeholders of a project as well as the resources that are needed in
order to satisfy them. On the other hand, benefits realization provides a way through which
organizations can measure how different projects ass value to the business in an effective manner
(Marri, Azeem and Nadeem, 2021). It is important to incorporate the same into project control
system to ensure that the project is completed in an effective manner and that the goals as well as
objectives of the project that were already established, are achieved. In order to incorporate value
management in project control system, it is important to include members who have experience
in value management. Apart from this, an effective work plan should be included in the study.
As already mentioned, benefits realization is also one of the other important aspects of project
control systems. There are different ways in which it can be incorporated in the project control
system in order to achieve the goals as well as objectives of the project.
In order to incorporate benefits realization in project control system, initially, the
investment outcomes should be identified. Apart from this, the benefit measures for each
outcome should also be identified. It is important to determine the expected benefits at the start
of the project so that the project is carried out in a smooth manner. Next, practices should be
established and work should be performed as part of a team to achieve the expected benefits in
an effective manner. Apart from this, the performance of the project should be analyzed so that
the benefits can be achieved continually (Ogiela, Takizawa and Ogiela, 2020). Thus, these are
the important stages of benefits realization so that the goals as well as objectives of the project
are achieved in an effective manner. one of the other ways to incorporate benefits realization in
project control system is to collect current benefit measure data so that there is some quantitative
basis for the overall process of decision making (Osuizugbo and Ojelabi, 2020). Therefore, it can
be said that these are some of the ways in which both value management as well as benefits
realization can be implemented in the project control system. As a result, the business goals as
well as objectives are achieved.

CONCLUSION
From the above report, it can be concluded that projects control is a process that
comprises of different resources, procedures as well as tools for the purpose of planning,
monitoring as well as controlling. Apart from this, benefits realization is also one of the most
important aspect of project management and helps them project manager in measuring how
projects add value to the business. A business or a project can have various stakeholders such as
owner, customers, shareholders etc. that can influence or be influenced by the outcomes of the
project. Therefore, it can be said that it is important for the project manager to plan as well as
analyze the different aspects of the project to ensure that it is completed in an effective manner.
Also, there are different types of project control systems based on complexity and scale.

REFERENCES
Books & Journals
Calzada, I., 2020. Replicating smart cities: The city-to-City learning programme in the replicate
EC-H2020-SCC project. Smart Cities, 3(3), pp.978-1003.
Hill, C. and et.al., 2021. Hidden in plain sight: gender analysis of the environmental and social
impact assessment of the East African Crude Oil Pipeline. Impact Assessment and
Project Appraisal, 39(3), pp.229-239.
Marri, M.Y.K., Azeem, M. and Nadeem, S., 2021. The Effect of Inclusive Leadership on Project
Success: The Mediating Role of Psychological Safety and Job Meaningfulness. PalArch's
Journal of Archaeology of Egypt/Egyptology, 18(1), pp.4300-4325.
Ogiela, L., Takizawa, M. and Ogiela, U., 2020. Classification of cognitive algorithms for
managing services used in cloud computing. International Journal of Grid and Utility
Computing, 11(3), pp.378-387.
Osuizugbo, I.C. and Ojelabi, R.A., 2020. Building production management practice in the
construction industry in Nigeria. Engineering Management in Production and Services,
12(2).
Online
Different types of Project Control. 2021. [Online]. Available through:<
https://qsstudy.com/business-studies/different-types-project-control>.