IN PROGRESS - Other Points to Cover

Question 2

An organization has adopted which benefits categories? (Hint: 3 Es)

Answer 2

• Economic i.e. doing things cheaper
• Efficiency i.e. doing more things with the same resources or doing the same
  things with less resources
• Effectiveness i.e. doing things better or to a higher standard

Question 3

Exercise 3. Which technique in list 2 is MOST
appropriate to address the bias or issue in list 1?

List 1
1. Anchoring and adjustment
2. Groupthink
3. Ignoring past performance
4. WYSIATI
5. Self-serving bias
6. Inconsistent approaches to
benefits categorization
7. Texas sharpshooter fallacy
8. Framing effect
9. Deterministic/single point
forecasts
10. Confirmation bias
11. Over-performance of pilot
sites
12. Superficial knowledge of
user/customer needs

List 2
A. Independent challenge pre-investment
B. Dog that didn’t bark test
C. Optimism bias adjustments
D. Ethnography
E. Monte Carlo Simulation
F. Summative review
G. Reference class forecasting
H. Including evidence against the case
I. Conversion ratios
J. Benefits eligibility rules
K. Post-investment review

Answer 3

Answers

1. Anchoring and adjustment C
2. Groupthink A
3. Ignoring past performance G
4. WYSIATI B
5. Self-serving bias K
6. Inconsistent approaches to J
   benefits categorization
7. Texas sharpshooter fallacy F
8. Framing effect A
9. Deterministic/single point E
   forecasts
10. Confirmation bias H
11. Over-performance of pilot I
    sites
12. Superficial knowledge of D
    user/customer needs

Question 4

Benefit categories can be categorized into what two sub-categories?

Answer 4

• Cashable, i.e. where there is a direct favourable impact on a revenue or
  expenditure budget.
• Non-cashable, i.e. where benefits may have an attributed financial value,
  but there is no direct budgetary impact.

Question 5

Identify appropriate applications of the benefits management
Principles for a given scenario, including the approaches and
techniques designed to:

1. Align benefits with strategy.
2. Apply benefits-led change (Start with the end in mind).
3. Ensure successful delivery.
4. Integrate benefits with the performance management system.
5. Apply effective governance.
6. Develop a value culture.

Answer 5

COME BACK TO THIS