Benefits Flashcards
What is the APM definition of a Benefit?
‘A positive and measurable impact of change.’
They are quantifiable and measurable improvements resulting from completion of deliverables that are accepted, utilised and perceived as positive by a stakeholder.
What is the APM definition of Benefits management?
The Identification, Definition, Planning, Tracking and Realisation of benefits.
What is the APM definition of Benefits realisation?
The practice of ensuring that benefits are derived from outputs and outcomes.
What happens in the Benefits Identification stage?
This is where the benefits are identified and prioritised. Stakeholder involvement is critical to this.
What happens in the Benefits Definition stage?
The benefits will be defined in detail including the realisation measures and outputs and outcomes that are relevant to the benefits.
What happens in the Benefits Planning stage?
A benefits realisation plan is created which would describe when measurements would be performed, when measurements would be reported on, and when realisation of benefits would be reviewed.
What happens in the Benefits Tracking stage?
Once a benefits realisation plan is created and before the project delivers, the measurements will start to be made to establish current levels of benefit to act as a reference point.
Tracking continues to record the performance levels in accordance with the benefits realisation plan as the project delivers and moves to business as usual.
What happens in the Benefits Realisation stage?
Benefits reviews are conducted once the outputs are delivered and in use by business as usual elements of the business (or the extended project lifecycle).
