The impact of project management (PM) and benefits management (BM) practices on project success: Towards developing a project benefits governance framework

Benefits management (BM) and project management (PM) are two interrelated approaches to the success of projects. The literature, however, still lacks empirical evidence of the value of applying BM practices. Hence, it is aimed to test the impact of BM practices on the success of investments in projects, taking into consideration the impact of PM practices on that success. Since the results, based on 200 valid responses, suggest that a significant proportion of organisations adopt PM and BM concurrently, SEM was used. PM practices were not only found to influence project management success but also to affect project investment success. However, BM is found to be less significant and to have less impact on project investment success. Nevertheless, the probability of project success is enhanced significantly when PM and BM practices are combined together. Therefore, a governance based framework is developed to uncover the interweaving relationship between the two practices. (C) 2015 Elsevier Ltd. APM and IPMA. All rights reserved.