Introduction

For organizations to maximize the business value of their projects, they need more than just execution efficiency—they need a structured approach that aligns with strategic objectives. Without a well-defined framework, projects risk failing to deliver their expected benefits despite meeting deadlines and budget constraints.

To ensure projects are designed for success, Project Management: A Benefit Realisation Approach by Ofer Zwikael and John R. Smyrk introduces a structured model that breaks projects into four key phases: Initiation, Planning, Execution, and Outcomes Realization. This approach ensures that projects do not stop at delivering outputs but go further to achieve intended business outcomes.

The Four Phases of a Well-Structured Project

Unlike traditional models that primarily focus on execution and delivery, this structure incorporates benefit realization, ensuring projects achieve their intended business impact.

Initiation: Laying the Foundation for Success

Objective: Define the project’s purpose, scope, and intended outcomes.

Key Activities:

  • Identify the business need and strategic alignment.
  • Define the project’s scope, target outcomes, and success criteria.
  • Conduct feasibility analysis and secure funding.
  • Establish a project governance model, assigning roles (Project Owner, Manager, Sponsor).
  • Why it matters: Poorly initiated projects often result in scope creep, misaligned expectations, and lack of stakeholder buy-in. A strong initiation phase ensures clarity and direction from the start.

Planning: Designing the blueprint for Execution

Objective: Develop a detailed roadmap that outlines tasks, timelines, resources, and risk management strategies to achieve the project’s goals efficiently.

Key Activities:

  • Develop a Work Breakdown Structure (WBS) to define tasks and responsibilities.
  • Create timelines and schedules (e.g., Gantt Charts, milestone tracking).
  • Allocate resources, budgets, and risk mitigation plans.
  • Establish communication strategies for stakeholder engagement.
  • Why it matters: Without robust planning, projects can quickly go off track, leading to budget overruns, missed deadlines, and execution failures.

Execution: Designing Project Outputs

Objective: Implement the project plan and ensure smooth execution.

Key Activities:

  • Assign teams and track task completion.
  • Monitor progress and control risks.
  • Manage stakeholder expectations and resolve issues proactively.
  • Ensure alignment with scope, quality, and cost controls.
  • Why it matters: Many organizations stop tracking projects once execution is completed. However, delivering outputs does not equal success—what matters is whether the project achieves business outcomes.

Outcomes Realization: Ensuring Business Benefits are Achieved

Objective: Ensure that project deliverables translate into measurable business value.

Key Activities:

  • Monitor and measure the impact of project outputs.
  • Ensure adoption and utilization of project deliverables.
  • Conduct post-project evaluations and lessons learned sessions.
  • Adjust business processes to maximize benefits.
  • Why it matters: Traditional project management ends at execution, but without structured benefit realization tracking, organizations risk investing in projects that deliver no tangible value.

Why This Framework Matters for Senior Executives & Project Managers

For executives and PMO leaders, adopting a structured project lifecycle ensures:

  • Alignment with business strategy – Every project contributes to long-term goals.
  • Optimized resource utilization – Ensuring projects deliver maximum ROI.
  • Clear accountability and governance – Preventing project failures due to leadership gaps.
  • Measurable success metrics – Moving beyond outputs to focus on business impact.

For senior project managers, this approach:

  • Provides a structured way to manage risks and stakeholder expectations.
  • Helps track not just progress, but also value realization.
  • Strengthens project governance by clearly defining roles and responsibilities.

Conclusion

A well-structured project does not end with execution—it ensures that outputs are transformed into tangible business outcomes. By following these four phases—Initiation, Planning, Execution, and Outcomes Realization—organizations can significantly improve their project success rates and drive long-term business value.

In the next post, we will explore Project and Program Governance, focusing on how organizations can establish effective governance models to ensure project success. Stay tuned!