Benefits Management Flashcards
(11 cards)
What is a benefit?
A benefit must be quantifiable and measurable.
Benefits can be tangible (money saved) or intangible (improved customer satisfaction).
What is the first element of a benefits management plan?
Identification
Identification of benefits comes from the business case and stakeholders in concept phase.
What is the second element of a benefits management plan?
Definition
The project manager is responsible for defining how benefits will be managed and measured (including regularity of reporting).
What is the third element of a benefits management plan?
Planning
The plan captures baseline measurements, targets, milestones, etc.
What is the fourth element of a benefits management plan?
Tracking
Tracking occurs during the deployment phase. Tracking assures ongoing project viability and assesses requirement for change.
What is the final element of a benefits management plan?
Realisation
Project outputs are embedded into BAU. It is the responsibility of the sponsor to realise project benefits (unless in an extended lifecycle).
Why must benefits align with strategic objectives?
- Assesses and tracks impact of project change on business performance
- Provides motivation for project team
- Improves stakeholder perception of the project
When should stakeholders be engaged on project benefits?
Throughout the project lifecycle.
Why must benefits be communicated to stakeholders?
Involvement and consultation of stakeholders is important to understand mapping between project solutions and organisational strategic drivers.
What should be communicated to stakeholders on benefits?
- What expected benefits are
- How these align to organisational strategy
- How benefits will be measured, monitored, managed, and reported
What are the key considerations for communicating benefits to stakeholders?
- Frequency
- Style
- Tone
