The benefits quantification method: a practical approach to engaging stakeholders in the judgement of benefits realisation
conference contributionposted on 17.04.2012, 12:55 by Derek ThomsonDerek Thomson, Ammar P.F. Kaka, Laura Pronk, Chaham Alalouch
The Benefits Quantification Method (BQM) is a practical approach to engaging stakeholders in the definition and judgement of benefits sought from investments in healthcare infrastructure; most notably buildings. As many of these benefits are intangible and cannot be directly measured, the extent of their realisation must be judged by the stakeholders to whom they will accrue. This requires a participatory approach to defining investment project intent and monitoring performance in realising same. The BQM addresses this problem by operationalising utility theory to quantify the benefit realisation performance of an investment project. These quantifications, which represent stakeholders’ perceptions of the worth of benefits realisation are intended to inform a Benefits Realisation Management Process (BRMP) such as HaCIRIC’s BeReal. This paper summarises the theoretical underpinnings of the BQM and presents a hypothetical example of its use derived from insights gained during its development. The role of a BQM Facilitator in engaging stakeholders in the translation of programme-level, strategic benefits into the project-level, tactical benefits they seek is explained. The practicalities of translating abstract definitions of benefits into practical explanations of what stakeholders expect benefits realisation to “look like” when achieved are addressed. The need for rigour in eliciting the judgements of benefit worth that underpin the BQM’s ability to translate stakeholder observations of benefitgenerating investment qualities into meaningful quantifications of benefit worth is identified.
- Architecture, Building and Civil Engineering