“A benefit is a result that a stakeholder perceives to be of value”.
Understanding the benefits helps us to confirm the viability (whether the initiative is worth doing) and helps understand the alignment of activity in delivering the vision.
Benefits Management involves identifying and agreeing the benefits and how they will be measured, monitored and managed throughout the project.
Benefit types can include: Cost / Time / Quality.
It is important for each benefit to be assigned an owner as the realisation of the benefit may not occur until after the initiative closes out. The Sponsor ensures ownership of the benefit.
Benefits Dependency Table
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Hints & Tips
- This is a simple and practical way to relate the objectives to the benefits and the outputs. This can also be represented in a network diagram.
- Identify and agree high level benefits (normally begin with words such as Improve, Increase, Reduce).
The Benefits Matrix is also known as the Benefits Realisation Plan and it captures how the benefits will be measured.
Agree with the stakeholders objective ways of measuring the benefits and evidencing realisation.
Templates available below:
Hints & Tips
- It is important that the baseline measurement is captured prior to the implementation of any improvements.
- Once the improvement(s) have been implemented, determine a suitable ongoing timescale to capture the post-improvement data using the same process as before.
- Repeat the process as often as required.
- Consider both qualitative and quantitative measures.