Learning Objective 09 - Benefits Management Flashcards
(21 cards)
What is benefits management?
Monitoring of benefits realisation throughout a project
Includes identification, definition, planning, tracking, and realisation
What are the five elements of a benefits management plan?
- Identification
- Definition
- Planning
- Tracking
- Realisation
What is the purpose of identifying benefits in benefits management?
To manage them and show return on investment (ROI)
Requirements can be captured from sources such as the business case and stakeholders
What does the definition phase of benefits management entail?
Defines how benefits will be managed through transition into operational use and outlines roles and responsibilities
What is involved in the planning phase of benefits management?
Capturing baseline measurements, agreeing targets, and setting timelines and milestones for realising benefits
Why is tracking important in benefits management?
It informs when changes are needed to the scope or timescale and ensures outputs support stated benefits
What does realisation of benefits indicate?
Project outputs are embedded and operational changes are positive
May require long-term actions and monitoring for continued realisation
What is the benefits management life cycle?
An effective way to ensure that appropriate benefits are identified and continuously reviewed
What are the stages in the benefits management life cycle?
- Identify and Quantify
- Value and Appraise
- Plan
- Realise
- Review
What is the importance of aligning benefits with strategic objectives?
Ensures transparency and aligns benefits with the organisation’s operational or business strategy
What is a business case in the context of benefits management?
Defines how benefits will contribute to achieving operational, organisational, or business strategy
What role does benefits mapping play in benefits management?
Links project deliverables to specific benefits and aligns them with investment decisions
What should be considered when communicating benefits to stakeholders?
- Tone and language used
- Organisation’s values
- Accepted communication methods
What are intermediate benefits?
Steps towards achieving end benefits
Example: Improved employee engagement as a step towards constructing a new office
Fill in the blank: Benefits are quantifiable and measurable improvements resulting from _______ that are accepted, utilised and perceived as positive by stakeholders.
[completion of deliverables]
True or False: The accountability of benefits realisation sits with the project manager.
False
It sits with the project sponsor
What additional considerations may need to be addressed in the benefits management life cycle?
- Transformative impact
- Ownership
- Visibility
What is a benefits framework?
An optional portfolio-level document used to support the management of benefits across multiple projects and programmes
What is the purpose of a benefits realisation plan?
Outlines the actions required to ensure benefits are achieved post-project completion
Identify the correct combination of statements that describe benefits management: 1. Benefits realisation is the final phase of the project life cycle, and its main focus is on financial reporting. 2. Benefits baselines need to be established as soon as project outputs are delivered. 3. The cost of measuring a benefit should be considered as part of the benefits management process. 4. Benefits mapping is a technique used to link project deliverables to specific benefits. 5. Benefits tracking and adjustment should only occur during the project’s execution phase. 6. A benefits realisation plan outlines the actions required to ensure benefits are achieved post-project completion.
c. 3, 4 and 6
You are managing a project to implement a new software system for your organisation’s payroll department. You gather information from (a) ____ to help identify the benefits a new payroll system will deliver to the organisation. (b) ____.
a. the project sponsor
b. defining
