Benefits management

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Benefits management should:

  • define benefits and dis-benefits of the proposed work;
  • establish measurement mechanisms;
  • implement any change needed in order to realise benefits;
  • measure improvement and compare to the business case.
Indicators Level 2 attributes

 

As is the case with all references to benefits, dis-benefits are deemed to be covered as well.

The complexity of the benefits management function is a defining factor in deciding whether a piece of work is a project or a programme.

On projects where there is a simple relationship between a small number of outputs and a benefit, level 2 will be perfectly adequate.

At level 2, identification of new benefits during the life cycle may not be comprehensive.

Where there is a many-to-many relationship between multiple outputs and benefits the work will most likely be run as a programme and level 3 capability will be more appropriate.

Quantify

Benefits are quantified and documented. There is evidence supporting the estimates of benefit quantities.

Value

Financial benefits are valued and documentation shows the reasoning behind the valuations.

Plan benefits realisation

Plans for realising benefits exist and are updated throughout the life cycle.

Realise benefits

There is some measurement of pre-change metrics but this may be inconsistent.

Benefits reviews may be left to individual business-as-usual units.

 
Indicators Level 3 attributes
Quantify

Full benefit profiles are prepared for benefits.  These are reviewed throughout the life cycle.

New benefits profiles are produced throughout the life cycle as new benefits are identified.

There is a clear link between updated benefit profiles and the business case.

Value

Sophisticated techniques are used to value non-financial benefits and documentation shows the reasoning behind the valuations.

Plan benefits realisation

All benefits realisation activities are included in a separate benefits realisation plan or as a section of the main project or programme delivery plan.

These plans are regularly updated and interfaces maintained.

Realise benefits

Metrics affected by change are baselined before change is applied and tracked throughout the realisation period.

A full benefits review is conducted on completion and actual net benefit is compared to the original business case.

 

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Benefits management

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