D.9 Value management and benefit realisation Flashcards
Select appropriate value management and benefit realisation strategies to support delivery of successful outcomes.
What are the three fundamental concepts addressed in this competency?
Value management, benefits realisation, and outcomes.
Define ‘outcomes’ in the context of this competency.
The result or consequences of an action or series of actions.
How is ‘benefits’ defined?
The advantages that accrue from something.
What are ‘disbenefits’?
The disadvantages that accrue from something.
What does ‘benefits realisation’ entail?
The process of identifying, executing, and measuring benefits.
How is ‘value’ represented?
The ratio of benefit to cost.
What is the focus of ‘value management’?
Achieving stakeholders’ needs and expectations with the least possible resources.
List the three important ways to categorize benefits and dis-benefits.
- By source
- Impact versus likelihood
- Stakeholder impacts
What is an example of a benefit from health informatics projects?
Increased access to services (e.g., through telemedicine).
What is an example of a disbenefit in health informatics?
Failure to empower some groups with special needs.
What are the phases of the NSW Government Benefits Realisation Management Framework?
- Understand
- Plan
- Managing and reporting
- Evaluation
What is Bradley’s first step in benefits realisation?
Set the vision and objectives.
What is the purpose of the Benefits Dependency Map (BDM)?
To map the relationships between objectives, benefits, changes, and enablers.
True or False: Benefits can only be realised through change.
True.
What challenges arise in benefits realisation?
- Poor definition of benefits
- Poor leadership and management
- Treating a business case as a one-off
- Recognition of only monetised benefits
- Multiple initiatives claiming the same benefits
How can value be increased according to value management principles?
- Economising on resource usage
- Increasing benefits generated without increasing resources
- Optimising the mix of benefits across stakeholders
- Increasing overall benefits while ensuring they exceed resource usage
What are the three overarching phases of value management?
- Value planning
- Value engineering
- Value analysis
What does ‘value analysis’ focus on?
Analyzing or auditing a project’s performance against predetermined objectives.
Fill in the blank: ‘Value management’ first surfaced at _______.
General Electric.
What is the key principle of value management regarding stakeholder value?
Stakeholder value judgements vary, and value management reconciles differing priorities.
What is a potential disbenefit of improved decision-making in health informatics?
Decision-making errors due to assumptions of data quality.
What is the significance of stakeholder impacts in benefits?
Different uptake and adoption strategies will be necessary for each group.
What is a common source of problems in benefits realisation?
Treating a business case as a one-off rather than as an ongoing accountability document.
