2.3 Benefits Management

Question 1

Definition and considerations of Benefits Management

Answer 1

• Understanding organisational benefits of a project and systematic managing of them until realisation
• Transformative impact
• Ownership
• Visibility (benefits aligned with objectives)
• Capability (benefits should be attainable)
• Framework (include benefit mapping, guidelines, management, evaluation, categorisation)

Question 2

Definition of Benefits

Answer 2

Quantifiable and measurable positive impacts of a change introduced by the acceptance and utilisation of project outputs

Question 3

Stages of the Benefit Management Process

Answer 3

1. Identification
2. Definition
3. Planning
4. Tracking
5. Realisation

Question 4

The Identification stage in the Benefits Management Process

Answer 4

• Produce list of qualitative statements of benefits
• Use list for justification, measurement, and management

Question 5

The Definition stage in the Benefit Management Process

Answer 5

• DOAM approach
• Description
• Observe the difference
• Attribution where it will occur
• Measure a baseline

Question 6

The Planning stage of the Benefit Management Process

Answer 6

• Show the nature of the benefits
• List dependencies on outputs
• List when benefits will be realised
• List what resources are required
• List targets against baseline

Question 7

The Tracking stage of the Benefit Management Process

Answer 7

• Establish measures of progress against expectations
• Make adjustments to maintain business case justification

Question 8

The Realisation stage of the Benefit Management Process

Answer 8

• Adoption phase to realise benefits
• Benefit reviews run by sponsor
• Show project success with actual return on investment

Question 9

Definition and considerations of strategic objective alignment

Answer 9

• Ensures the project is relevant and contributing to organisational success
• Business case - sponsor ensures benefits are aligned with objectives
• Benefit mapping - understand the relationship between benefits and objectives
• Benefits identification and measurement - show specific measures of project success and contribution towards objectives

Question 10

Types of communication when communicating benefits to stakeholders

Answer 10

• Direct communication (meetings, workshops, focus groups)
• Indirect visual tool (display KPIs, live insights into project performance)
• Independent assessment (external, independent audit)
• Indirect (regular updates and reports)
• Marketing materials (press releases, mainstream media, social media)
• Formal reviews (benefits review)