What does the term "Benefits Realization" refer to in the Portfolio Management Lifecycle?

Benefits Realization refers to the process of measuring the success of program outcomes and ensuring that the intended benefits of a project or program align with strategic objectives. This involves assessing how effectively the outcomes contribute to overall business goals and whether they deliver the expected value to stakeholders. In the context of Portfolio Management, Benefits Realization is critical because it helps organizations understand the effectiveness of their investments and ensures that resources are directed towards initiatives that provide the most significant benefits.

By focusing on the measurement and tracking of how well a program achieves its projected benefits, organizations can make informed decisions about future investments, adjustments in strategy, and resource allocation. This aspect is central to demonstrating the value of projects and initiatives, allowing for continuous improvement and alignment with broader organizational objectives.