Benefits realisation management
A benefit can be seen as a positive and measurable impact of a business change activity.
Change also has the potential to have a negative impact on a project. Benefits management also includes the management of potential negative impacts.
It is important to understand the relationship between project outputs, outcomes and benefits, in order to ensure that the project and its stakeholders can clearly focus on ensuring benefits are defined, maintained and ultimately realised.
Benefits management includes the following key activities:
- Benefits management planning – The benefits management plan is developed, outlining how to identify, map, monitor and review benefits. It also establishes the approach to realising benefits.
- Benefits realisation plan – Details when benefits are expected to be realised from the preferred option, and who has what role in the realisation and reporting of benefits. The benefits realisation plan identifies when benefits are expected to occur.
- Benefits identification – Benefits identification and definition begins at the business case development stage of a project or program.
- Once the benefits are articulated, the KPIs measures are identified and specified; these provide the evidence that the benefits sought have been delivered.
- Benefit analysis – Provides the required information to underpin the benefit realisation plan, by reviewing the baselines and assumptions, defining feasible targets and highlight the risks associated with the realisation of the benefit.
- Benefit monitoring – Begins when the solution components are deployed into production and the reviewed/new business processes are in place. Benefits are overseen, monitored and regularly reported on.
- Benefits management plan.
- Benefits register.
Last updated: 16 April 2021
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