Benefits Management Flashcards
(13 cards)
What is benefits management?
Projects initiate change, to make change acceptable, and show value, benefits must be clearly presented.
What are the elements of a benefits management plan? (BMP)
Identification; Definition; Planning; Tracking; Realisation
What are the steps of the benefits management life cycle?
- Identify & quantify
- Value & Appraise
- Plan
- Realise
- Review results
- Review
What are the topics to consider when looking at benefits?
Transformative Impact
Ownership
Visibility
Benefits management capability
Benefits framework
3 activities/items for aligning benefits with strategic objectives?
Business case.
Benefits mapping.
Benefits identification and measurement.
It is very important to communicate project benefits to all stakeholders. What are methods of communication?
Workshops, roadshows, meetings, AGMs, emails, intranet updates, yammer, MS teams, report
It is very important to communicate project benefits to all stakeholders. What are communication styles?
Tone/language, authenticity with company branding and values and mission statement of company. Are there any accepted company-wide communcation methods?
What are benefits?
Quantifiable & measurable improvements resulting from completion of deliverables that are accepted, utilised and perceived as positive by stakeholders.
What is the purpose of step 1 of the benefits management process: Identification?
If benefits are not identified, they cannot be managed.
Ensures the project is worthwhile and justified by identifying benefits.
What is the purpose of step 2 of the benefits management process: Definition?
Makes sure the benefits are clearly understood.
Allows the PM to identify what benefits are realistic.
Defines how the benefits will be measured/tracked.
Defines roles and responsibilities for benefits.
What is the purpose of step 3 of the benefits management process: Planning?
Captures baseline measurements and agree targets.
Sets the timeline for delivering the benefits.
Allows impact of any changes in the project on benefits to be assessed.
What is the purpose of step 4 of the benefits management process: Tracking?
Helps to identify if any changes are needed in the project to ensure outputs still deliver benefits.
What is the purpose of step 5 of the benefits management process: Realisation?
Makes sure business embeds/realises the benefits.
Long-term management may be needed as benefits often realised post-project.
Makes sure business doesn’t fall back on ‘old way of doing things’ and accepts changes.
