Benefits Management

Question 1

5 elements of benefit management

Answer 1

Identification phase, produce list of high-level benefits in business case, provides justification for project in concept. Definition in definition, explain each benefit and what to expect. Analysed and weighed up against cost of achieving it and priorities list produced. Planning in definition phase, PM responsibility, formalise baseline targets, timelines and measurements (when realised and how). 4, Tracking throughout project to see if benefits still achievable. Identify any changes required to scope/timescales to achieve benefit. Realisation business realises benefits after adoption - sometimes can take years so need long-term management in place. Sponsor carry out benefit review to assess completion

Question 2

Benefit Management Life cycle

Answer 2

1. Identify and quantify (benefits aligned with strategic objectives, key stakeholders identified and involved). 2. Value and appraise in business case, have description, owner, measures and realisation timeline. Understand stakeholder interest. 3. Plan (describe each and success criteria agreed, document in plan). Realise benefit (monitor, track, optimise changes for maximum benefit realisation. Review results (of ben realisation. Additional bens identified, where further benefits can be delivered through additional changes) Review (overall process to see capability of ben management and how improved

Question 3

Other considerations

Answer 3

1. Someone needs to own and be accountable for each
2. Benefit management capability need to be developed by org (look at how to improve, training). 3. Portfolio-level benefits framework. 4. Transformative impact (culture of org needs to support) 5. Ownership (sponsor accountable) 6. Visibility introductioe ben management to org, have shared vision and objectives. 7. Benefit framework portfolio level doc to support management of benefits across portfolio, standardising process and definitions

Question 4

Alignment with strategic objectives

Answer 4

1. Business case (set out here, sponsor owns and takes responsibility for ben realisation). 2. Benefit mapping (to strategic objectives of organisation) 3. Benefits identification and measurement (benefits quantifiable, and traceable to ensure realisation) identify broader strategic aims

Question 5

Communicating benefits to stakeholders why

Answer 5

1. Demonstrate benefits and strategic relevence, build confidence in project outcomes, enhance stakeholder outcomes. Etc look at stakeholder management here

Question 6

How to communicate benefits to stakeholders

Answer 6

1. Dashboard. 2. Independent assessment to increase confidence. 3. Regular updates to maintain engagement. 4. Marketing materials for wider audience, can link to org strategic goals. 5. Post project benefit review - against what was expected