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APM PMQ Corporate > 15 Benefits Management > Flashcards

15 Benefits Management Flashcards

A) Understand what is meant by Benefits Management B) Understand the importance of aligning benefits with strategic objectives and ways in which the benefits of a project can be communicated to stakeholders

1
Q

What is a Benefit?

A

A positive and measurable impact of change

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2
Q

What is Benefits Management?

A

Identification, definition, planning, tracking and realisation of benefits

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3
Q

What is Benefits Realisation?

A

Practice of ensuring that benefits are derived from outputs and outcomes

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4
Q

What is a tangible benefit?

A

A benefit that is quantifiable and measurable

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5
Q

Who is responsible for Benefits Realisation?

A

Project sponsor

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6
Q

Why should benefits planning involve benchmarking?

A

Provides a baseline against which changes can be assessed

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7
Q

What are the five stages of benefits management?

A
  1. Identification
  2. Definition
  3. Planning
  4. Tracking
  5. Realisation
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8
Q

Why should benefits be identified?

A

Unidentified benefits cannot be managed and therefore ROI can be missed

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9
Q

In what document are benefits defined and why?

A
  • Benefits Management Plan
  • Clear approach to management
  • Assigns responsibilities and roles
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10
Q

Why are benefits are tracked?

A

Informs when changes are needed to the scope or timescale and ensures outputs are supporting benefits

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11
Q

What are the six phases of a Benefits Management Lifecycle?

A
  1. Identify and Quantify
  2. Value and appraise
  3. Plan
  4. Realise
  5. Review Results
  6. Review
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12
Q

What activities occur during the Identify and Quantify phase?

A
  • Stakeholder identification and involvement
  • Benefit alignment to strategic objectives
  • Benefit mapping
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13
Q

What activities occur during the Value and Appraise phase?

A
  • Produce an OBC
  • Establish baseline measurements
  • Establish realistic benefit targets
  • Stakeholder analysis
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14
Q

What activities occur during the Planning phase?

A
  • Benefit and change description
  • Establishing responsibility for benefits realisation
  • Benefits categorisation and structuring
  • Establishing change success criteria
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15
Q

What activities occur during the Realisation phase?

A
  • Monitoring, tracking and reporting of benefits realisation
  • Optimising changes for maximum benefits realisation
  • Evaluating realised benefits
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16
Q

What activities occur during the Results Review phase?

A
  • Identifying additional benefits
  • Identifying the benefits possible through business changes
  • Identify the benefits possible from further investment
17
Q

What activities occur during the Review phase?

A
  • Assess Benefits Management Capability development
  • Identify how to improve the benefits management process
18
Q

How are benefits aligned to strategic objectives?

A
  • Business Case
  • Benefits mapping
  • Benefits identification and measurements
19
Q

What should the Business Case detail?

A

How the contribution of benefits will aim to achieve the operational, organisational or business strategy

20
Q
  1. What is the difference between End and Intermediate benefits?
A
  • End benefits occur when a strategic objective is achieved
  • Intermediate benefits occur on the way to realising an end benefit
21
Q

How should benefits be communicated to stakeholders?

A
  • Workshops
  • Emails/Intranet updates
  • Regular reports
22
Q

What should you consider during communication?

A
  • Tone and Language (What’s typical in the organisation)
  • Organisational Values / Mission objectives
  • Accepted/Default Method of communication in organisation
23
Q
  1. What does the achievement of intermediate benefits demonstrate?
A

Progress towards the end benefits

24
Q

What does DOAM stand for?

A
  • D - Described
  • O - Observed
  • A - Attribution
  • M - Measurement
25
Q

What are the success factors of Benefits Management?

A
  • Active
  • Evidence based
  • Transparent
  • Benefits led
  • Forward looking
  • Lifecycle Management
26
Q

What should a negative outcome be recorded as?

A

Dis-benefit

27
Q

What impact do benefits have on an organisation and what does this require?

A

Transformative impact - open discussion regarding benefits must be accommodated by the organisation

28
Q

Why is it important to get affected parts of the business involved in benefits management?

A

To ensure the necessary changes happen

29
Q

Give 2 characteristics of benefits management being introduced as a capability in an organisation

A

-Benchmarking against similar organisations
-Networking and knowledge sharing facilities

30
Q

What is a benefits framework and name 2 things included in it

A

Optional portfolio-level framework used to support benefits management across projects and programmes

-Benefits mapping
-Evaluation

31
Q
A

APM PMQ Corporate (36 decks)

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