Benefit Management Framework

Benefit Management Framework Development utilising the Investment Management Standard and Benefit Management Framework.

Ideas advisory can support an organisation to develop a Benefit Management Framework using the Investment Management Standard as a basis for ongoing benefit realisation measurement.

Many organisations that have implemented the Investment Management Standard begin to link many of their core guidance materials to the methodology. This is due to its simple approach for developing ideas quickly and can be quickly integrated into how an organisation plans, delivers and learns from the investments it makes on behalf of the community. It also encourages working collaboratively with its stakeholders to develop best practice frameworks, tools and processes to help embed this approach across the organisation.

A key first step is to develop a Benefit Management Framework to provide a line of sight from investment level indicators to benefits that the organisation aims to achieve and the associated government level outcomes. This provides a consistent approach to identifying, monitoring and evaluating the success of investments across an organisation.

To develop a Benefit Management Framework, we:

• facilitate a set of workshops intended to uncover core benefits and KPI’s that align with the core goals of the organisation and of government in accordance with the Department of Treasury and Finance’s Investment Management Standard benefit matrix
• work with an organisations key data custodians to begin uncovering further KPI’s and measures where they exist and indicate where further development of KPI’s and measures are required.
• support the organisation to develop an initial Benefit Management Framework for consultation within the organisation, wider government and if desired, the community
• support the organisation develop data requirements documentation that enable the organisation to finalise the Benefit Management Framework after consultation with stakeholders

To fast track the development of the Benefit Management framework we adapt elements from the Department of Treasury and Finance’s Investment Management Standard (free to reuse under a Creative Commons Attribution 4.0 international licence CCBY4.0) as well as the VicRoads Benefit Management Framework (requires individual permission, usually given). These are used as a reference tools to support the development of a bespoke Benefit Management Framework.

Note: we customise our support depending upon the skills and benefit maturity held within the organisation