1952_Module 8 Benefits Realization - Read-Only.pdf

~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E! 1952 Leading Projects in Organizations Module 8: Benefits Realization ~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E!...

~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E! 1952 Leading Projects in Organizations Module 8: Benefits Realization ~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E! Module 8 - Section 1 Product Life-Cycle  Benefit Management for Products IC-1.2 Benefit management is a process that revolves around the product (service or result) ROI (Ret rn on Investment) NPS Portfolio (Net promoter Score) Priorit1zat1on of enterprise strategic obJect1ves Value stream real1zatlon ~-owth / ~Satisfaction / Product Benefits management and realization Objectives and Customer centric Key Results (OKP ~ Focused on deliverables Time Enabling products and portfolio to deliver Cost value to clients Scope NPS (Net promoter Score) - a market research metric that is based on a single survey question asking respondents to rate the likelihood that they would recommend a company, product, or a service to a friend or colleague.  Benefit Management ROI NPS OKR Return on Investment (ROD Measures to evaluate the returns of an investment or to com pare efficiency between different investments. ROI measures the return of an investment relative to the cost of the investment. The return on investment formula is: ROI = ((Gain from Investment- Cost of Investment)/ Cost of Investment) x 100. The calculation of net profit and cost of investment can be determined using present value which takes into account the time value of money. Source ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~  Benefit Management NPS OKR Net Promoter Score CNPS) Measures customer experience and predicts business growth by subtracting the percentage of Detractors from the percentage of Promoters, yielding the Net Promoter Score. The NPS can range from a low of -100 (if every customer is a Detractor) to a high of 100 (if every customer is a Promoter). Ca lculate your NPS using the answer to a key question, using a 0-10 scale: How likely is it that you would recommend [brand] to a friend or colleague? Respondents are grouped as Promoters (score 9-10), Passives (score 7-8), or Detracters (score 0-6 Source. ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ Benefit Management ROI NPS Objectives and Key Results (OKR) Objectives and Key Results (OKR) is a goal-setting framework that helps organizations define goals - or objectives - and then track the outcome. The framework is designed to help organizations establish far-reaching goals in days instead of months. OKR has been around since the 1970s. The concept was created by Andy Grove, but popularized by John Doerr, who was one of the earliest investors in Google. OKR quickly became an important focus for Google, and companies such as Linkedln, Twitter, Dropbox, Spotify, AirBnB and Uber have since followed suit. John Doerr's OKR formula is to set an objective, which is "what I want to have accomplished ," and the key results, which are "how I'm going to get it done." Thus, with OKR, a goal isn't just what you want to achieve; it must include a way to measure achievement. Source. ~ UN I VE RSITY OF TORONTO ~ SCIIOOL oo CONTINUI NG ST UD I L~  Proiects, Products, and Portfolios Portfolios in Project Management refer to a grouping of projects and programs Portfolios in Product Management refer to the value products deliver relative to the enterprise strategic objectives Projects enable the product strategy, by delivering the intrinsic value of a product ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~  What is a Product? Anything produced by labour or effort; the result of an act or a process: - Can be goods, services, or ideas (i.e. intellectual property) - Can be tangible and intangible - Can be classified by use, by brand , or by characteristics "Product Development is the process of converting uncertainty to knowledge" - Dantar P. Oosterwal ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~  Product Life-cycle A product life-cycle has a sequence of stages from the introduction of an idea, to growth, maturity, and eventually decline or retirement of the product The stages are in tight correlation with changes in the market situation, strategic decisions, benefit assessment, or simply changes to priorities The project life-cycle overlaps with the product life-cycle during introduction and growth stages, as the project helps deliver the product to the marketplace Not all products reach the final stage - decline or retire - some will continue to grow and transform ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ project cycle is a subsection of the product life cycle ~ Product Life-cycle vs. Project Life-cycle IC-1.3 A project life-cycle is part of the product life-cycle Projects deliver the objectives of a product ' I I I Idea ;:_. lntroduction l: ···.- -·............. ?~?.::'............... i Mature i Decline ! ! I: / Retire i i Proof of i Requirement i Test Pilot i ! Coore~ ! i Project Life-cycle : : tDhiU~Q;.@► ,....~~~.~~~·~···'· lnitia~i~·~····-········~'.~~-~'.~.~.1..~~~.c.~ti~.n.. 1...~.'.~~'.~g I.......... J Transform ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 10  Product Life-cycle - Details Business owns the development side of the product through the stages of its life-cycle: - Idea: Business identifies the need for a new product, creates an idea to build - Introduction: Business builds branding , pricing, selling, and benefits - Growth: Business develops additional features and support services may be added ; sales increase - Maturity: Product is widely accepted , sales are at their peak Business enforces product differentiation ; features may be enhanced to differentiate the product from competitors - Decline: Business has different options: Maintain , Harvest or Discontinue Repeat the cycle when the decision is to grow or transform ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 11 maintain - do we keep making new updated models? harvest - reduce costs, not make as many discontinue - stop making/offering  Product Maturity Framework Reaching product maturity means having a process that helps the business scale its product development practice Optimized - Clear, functional product process - Clear role and decision Partially Defined making - Some/ informal product - Strategic product process management Ad Hoc - Clearer roles - Fully trained/ competent - No product process - Tactical/ not strategic - High value for role - Roles not defined - Minimal training - Reactive/fire drill driven - Minimal value for role - No training - No value for role ~ UNIVERSITY OF TORONTO Source: Product Maturity Scale - 280 Group ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 12  Product Focused Organizations Product focused organizations align with a culture where value is delivered to the customer Have two main focuses - discover and deliver: - Learn fast through discovery, but release with confidence through delivery cycles Create product teams who spend more time performing because they last beyond project timelines, so they do not adjourn Build strategies that include comprehensive practices around operations and maintenance of the products (mature, decline, retire, transform) Manage and approve budgets around value streams, not cost centers (see Module 7) ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 13  Steps to Build a Product Focused Organization Every organization should have a goal to build a well- respected brand, organizational culture, and amazing team around awesome products The long-term success comes with a strong product pipeline. Here are the four strategic steps Movable Ink used to build a great product focused organization: 1. Create a strong , clear, and flexible roadmap 2. Conduct user research and product discovery 3. Test, measure, and understand 4. Communicate regularly and transparently Movable. ~ UN I VE RSITY OF TORONTO Source: https llmoyable 1rik cam/ ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 16  1. Create a Strong, Clear and Flexible Roadmap Short-term roadmap - 12 months: - Assess current demands and priorities - Adjust as necessary Mid-term roadmap - 24 months: - Second horizon of priorities to evolve the current demands - Strategic in nature, may evolve as short-term priorities get delivered Long-term vision - 36 months and beyond: - 'North Star' to guide product development decisions that the organization makes ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 15 Remember this for business  2. Conduct User Research and Product Discovery Deciding the strategy is just the beginning, organizations need to: - Constantly validate their plans with users - Recognize the difference between new and repeat clients and their changing behaviour over time - Have the product team constantly ask these questions: What problem are we solving? For whom are we solving the problem? How does solving the problem fundamentally move our business forward? Does this fit into the long-term strategy? ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 16  3. Test, Measure, and Understand Foster a culture of idea discovery that could build potential value Product ideas that survive the vetting process are tested and measured Teams create early versions of the product with only the most viable features The early iterations get into the hands of trusted clients Feedback is gathered quickly so adjustments can be made Understand why a product test failed and why it succeeded ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 17 Put a viable product in trusted clients, that will give you important feedback  4. Communicate Regularly and Transparently Foster constant, consistent, and honest communication, both internally and externally: - Internally: All organization team members have access to communication , not only the product development team , but the customer support is synced with the product team , so they are ready and able to answer any questions - Externally: Keep customers in the loop when changes are coming or a change has been made Clearly communicate the added value of a new feature to them , to ease the experience ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 18 Give the status - are we on or off track  Proiect Managers - Serving the Organization For Project Managers, serving a product oriented organization means: - Align the project to the strategy of the organization - Focus the project team on the value of the product they produce through the project - Identify critical stakeholders who align with product value, as well as strategy priorities - Communicate to the team the vision of the project in relationship to the value produced - Educate the project team on the big picture of the product life- cycle , and how the work produced during the project is a pillar to the post- phase of project closure ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 19  @} Product Life-cycle - Exercise 12tJ1 - The @Work Program has the following benefits: Benefit Description Reduced rental costs Reduced rental costs due to less office space and $500,000 moving out of downtown Higher staff retention Improved staff retention due to more flexible working $1 ,000 ,000 hours and ability to work from home Motivated team Increased productivity through improved motivation with $500,000 better benefits and new equipment Which 3 product features are important for JKLM from the @Work Program to achieve these benefits? - Online employee survey - Staff reduction - Reduced office size from 16 square metres to 9 - A coordinated office colour scheme - New la tops - Cloud based file storage - 'Hotel' workspaces ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 20 A reduction in office size means a reduction in rental costs. Cloud-based storage means employees can work from home and thus have higher retention, and new laptops can motivate the team Q Product Life-cycle - Questions IC-3.1 IC-3.2 1. What are the two main focuses of a Product Organization? a. Deliver and Document b. Discover and Deliveri c. Discover and Reinvent d. Deliver and Reinvent 2. What is the first step in creating a Product Driven Organization? a. Create a strong , clear, and flexible roadmap b. Build a communication plan and update the organization c. Create an environment for collaboration and delivery d. Conduct user research and product discovery ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 21 ~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E! Module 8 - Section 2 Benefits Management  Benefit Management Model A benefit is the improvement you get as a result of a change Benefit management is the process of ensuring benefits are identified, defined, linked to strategic outcomes/ products, and delivered ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 25 create a benefit management strategy  Q Benefit Management Statistics The main reason why Benefit Management fails is lack of governance Why is Benefits Management so hard to do? Accountability for benefits is misplaced 1 No defined governance around benefits 36.6% Benefits are not standard or comparable Benefits are not verifiable - 7.3% Unrealistic business cases 14.6% ~ UNIVERSITY OF TORONTO Source· https·/ / Y:iY:£:li.121!!i 2!:i ll!::i!!'."ing£!hQ!ll h!-1!:i:!l!!:r"'hii;il"'!::ri!::"'l~n!::fil:i-r!::~:lii5!!iQD ~ SCIIOO L oo CONTI NU ING STUDIL~ 26 no plan/strategy  Benefits Management for Projects, Programs, and Portfolios ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 25  Tracking Benefits Benefit tracking is one process step of benefit management Benefit tracking involves the process of recording all the positive or negative impacts of the project once it is completed More often than not, projects are complete and the benefit tracking process is not mature enough to ensure ongoing tracking Benefits are tracked against the results they produce - relative to users, features, or services ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 26  Benefits Management for Programs Program Definition Program Benefits Program Program Program Closure Delivery Formulation Preparation Program Benefits Management Identify and Derive and Monitor Consol idate Monitor qualify pri components co perfor business oritize Maintain benefits ordinated mance of benefit co reg ister be benefi s mponents Report benefits nefits ts Derive benefits Transfer the Ensure continued metri ong realizati cs oing on of benefits Establish benefits res realizati ponsibility on plan. and 0 ~ UNIVERSITY OF TOR.ONTO mO~IAQact Management lnstrtute, Th_e Standard for Program Management - Fourth Edition , ProJect Management iV SCIIOOL ~ CONT INUI NG STUD~ L! MajJ''b~rll§fif§" inffi" 4-1. Page 46 29 Q Business Management - Questions IC-3.3 IC-3.4 1. What is the main reason why benefits are so hard to manage? a. No credibility on stakeholders b. No defined governance around benefits c. Unrealistic business cases d. Poor business assessment 2. What is the first step in managing benefits? b. Review benefits c. Identify benefits d. Track benefits e. Refine benefits ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 28 ~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E!  The Value Proposition Economics value is a measure of the benefit that can be gained from goods or services A value proposition is a business statement an organization uses to summarize why a consumer should buy or use a product or service Has a bold headline that communicates the delivered benefit to the customer Can follow different formats, as long as it is unique to the organization and to the consumers it is servicing Is easy to understand and demonstrate specific results ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 33  Value Proposition Canvas - Example lie~ @-work IC-2.2 Value Proposition: Work at Home Customer Segment: JKLM staff Gain Creators Gains ~ Cloud access lllllllil8III' Flexibility Attend Laptops meetings Train ing No commute Product & Services Customer Jobs Communication New No space Access Apps furniture apps Social High-speed internet Pain Relievers ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 34  Value Proposition Product Customer Gain Creators Gains Cloud Access No Commute Product & Services Training Flexibility Customer Jobs Communication Apps Attend Meetings Laptops Pain Relievers Pains Access Apps High-speed Internet No Space New Furniture Social Interaction Slow Internet Laptops 1s the product provided to fulfil the customer job to Access apps Training is a gain creator to fulfil the customer gains of Flexibility and No commute be able to use the apps effectively New furniture is a pain reliever to address the customer pains of No Space and CONTINUE Social Interaction High-speed Internet is a pain reliever to address the customer pain of Slow Internet Info from previous slide  Value Proposition Canvas - Practice Value Proposition Customer Gain Creators Product & Services Customer Jobs Pain Relievers ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 33  Characteristics of Value Proposition 1. Embedded in a great business model 2. Focused on what matters most to the customers 3. Focused on unresolved pains 4. Targets a few jobs, pains, and gains, extremely well 5. Goes beyond functional work and addresses emotional and social work 6. Aligned with how customers measure success 7. Focused on jobs, pains, and gains that people will pay a lot of money for 8. Differentiated from competition 9. Outperforms competition substantially on at least one dimension 10. Difficult to copy ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 34  Value Delivery The manner in which a product is designed so that it gives maximum value to the customer using it The value delivered to customers can be in the form of: - Products - Benefits - Attributes - Services Anything that creates value for the customer is part of business growth Value delivery is directly responsible for the success of the business ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 35  Value Delivery for Customer Benefit A product is defined by the value it creates to the customer it serves Value Product Customer Value comes directly from the product it represents and transforms into a benefit once it reaches its intended purpose It is proven that customers satisfaction rises if they find value in the product they are using ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 36  Ultimate Goal of Product Value The ultimate goal of Product Value is to achieve the Vision and Business objectives As much as product value aligns with the customer, it also needs to align with the organization that creates it Product value assumes elimination of waste Waste reduction is the approach of achieving what really matters - value to customers through a flawless value creation process ~UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 37 Needs to be well designed to create efficiency II~~ Value Delivery- Example Benefit Description Value Reduced Reduced rental costs due to Increased profits which rental costs less office space and moving allow for investment in out of downtown strategic objectives Higher staff Improved staff retention due Improved staff retention retention to more flexible working shows improved staff hours and ability to work from satisfaction home Motivated Increased productivity Motivated team improves team through improved motivation delivery efficiency with better and more flexible working hours ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 38 ~ Value Delivery- Exercise IC-2.3 Project Apollo requires the Product Value Proposition team to develop the Z-wave Characteristics: product with the following 1. ocused on real-time data benefits: 3. Targets few jobs, pains, and gains, extremely well rocess owned bY. A olla 4. Differentiated from Pick two value etition characteristics for each 5. es real-time u~dates ofi benefit to build the value h dat proposition around ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 39 Q Value Delivery - Questions IC-3.5 IC-3.6 1. Who is the ultimate beneficiary of value delivery? a. Project b. Project Manager c. Project Sponsor d. Custome 2. What is the ultimate goal of product value? a. To satisfy the business line and senior management b. To get the customer engaged and to buy more products c. To achieve the vision and business objectives of the organization d. To get the project on track and the team happy ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 40 ~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E! Module 8 - Section 4 Benefits Realization  Benefit Management vs Realization Benefit management includes benefit realization as one of its main process steps Benefit realization is the actual recovery of any improvements (quantified or qualified), once changes have been implemented Benefit realization is monitored closely by the business to ensure that it satisfies the specifications included in the original business case benefit analysis ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 42 when are you going to realize these benefits?  Benefits Realization Plan It identifies a timeline and tools for achieving the planned benefits Project ResE!onsibili!Y Define needs Develop I -+- Execute I Perform 7 Achieve and choose project project concept project plan deliverable evaluation project goals Planning lmRlementation Develop Follow-up on Project handover to Measure benefit business realization plan realization plan product benefits -+ monitor I I J Product/ Business ResE!onsibili!Y ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 43 payback analysis creating a timeline of when you will realize the benefits PMI Benefits Realization Management Framework Benefits realization management (BRM) provides an organization with a way of measuring how projects and programs add true value to the enterprise: - Identify benefits : To determine whether projects, programs, and portfolios can produce the intended business results - Execute benefits: To minimize risks to future benefits and maximize opportunity to gain additional benefits - Sustain benefits: To ensure that whatever the project or program produces continues to create value 44  - Confirming that key Ut1l1z1ng the appropriate tools, stakeholders, sponsors, and such as benefits realization customers have reviewed and roadmap and benefits approved the benefits breakdown structure realization roadmap Developing meaningfu l Recognizing , quantifying , and metrics and key performance understanding timing and life Position the indicators (KPls) to measure span of business benefits intended business the actual delivery of benefits results as criteria for determining the best project/ program Incorporating benefits delivery Establishing processes for investment (timing and dependencies) monitoring and controlling into the benefits realization progress against the benefits roadmap real1zat1on plan Ensuring the communication plan includes the steps necessary to report benefits progress to stakeholders ~ m ~ti~6~! ~6~T~t 5 ~~~~~ 1 "f~ 0 Source: Benefits Reallza hon Management, PMI, Thought Leadership Series httP'i 1tMi"'f~h"p/5!>ri!"'itt?rnr firMrtllizi'll'90 f/www pmj org/l!'i!rning/!hrn ghJ- 45 W how are you communicating about the benefits  Execute Benefits Ensuring the project or Ensuring key stakeholders program remains aligned with and beneficiaries have the organization 's strategic reviewed and acted in obJect1ves accordance with benefit de e de c es Incorporating the impact of Evaluating risks and KPls the benefit into risk related financial , compliance , management, issue quality, and client sat1sfact1on Prepare to capture management, and change and realize both control intended and unintended Recording progress and benefits Ut11izmg communication and reporting to key stakeholders stakeholder engagement as per communication plan process Incorporating the identified benefit realization dependencies, components, and any governance ~ ~ ~ti~6~!5~6~T~t1~~~~~0"f~ Source: Benefits Reallza hon Management, PMI, Thought Leadership Series httP'i f/www pmj org/l!'i!rning/!hrn ghJ- 46 1rmr~h-P'5!Wr'itt?rnrfirMrtllizi'll'nn maybe there are surprise benefits  Sustain Benefits Planning for operational Monitoring the continued changes to cont1n ue and su1tab1l1ty of the new capability monitor benefit performance and other change factors Responding to customer Implementing any changes inputs on the needs for based on defined level of support assistance or tolerance and taking Deliver continuous improvements in performance corrective action value from outputs or functionality and outcomes once they transitioned to Performing a benefit the business Sharing 1nformat1on about assessment which includes how the deliverables are verifying the benefits have contributing to business been delivered and are being success Facil1tat1ng continuous improvement through ongoing knowledge sharing or transfer, including lessons learned ~ UNIVERSITY OF TORONTO ~ SCIIOOL oo CONTI NUI NG ST UDIL~ Source: Benefits Reallza hon Management, PMI, Thought Leadership Series httP'i ltMk:r~hiQ(5!W!"'ittx:nrfiVi-Crtllizi'll'90 f/www pmj org/l!'i!rning/!hrn ghJ- 47 to maintain value - how do we do this? II~~ Benefit Realization - Example ,~rn,rna Value 2-year Goal Tracking / Action Z-wave New product Z-Wave 4 sales at Year 1 - minimum product developed for sales $250 ,000 for a 2 sales at $125,000 each JKLM to sell total of Year 2 - rest of sales at $1 ,000 ,000 $250 ,000 each Profits Increased profits Profit $750 ,000 at the Project closure document which allow for end of the will include benefit investment in project in profit, tracking report for strategic assume Finance of $750,000 objectives $250 ,000 for profit cost of sales Saturn A reference Reference Saturn issues Joint case preparation reference customer shows press release with customer; being recognized and participates presentation issued to as an industry in a joint potential customers leader presentation ~ SCIIOOL oo CONTINUI NG ST UD I L! 48 Q Benefit Realization - Questions IC-3.7 IC-3.8 1. What is the purpose of Benefit Realization? a. Defines the structure of benefits and how they relate to costs b. Helps the business manage benefits overall c. Identifies a timeline and tools for achieving planned benefits d. Creates an environment for customer satisfaction 2. What is the outcome of the Sustain phase in Benefit Realization? a. iT o deliver continuous value b. To share results with the business c. To monitor how benefits are realized d. To communicate to the business ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 49