What is Benefits Management? Project Management in Under 5

TL;DR

Benefits management ensures that projects deliver the promised benefits and justifies the investment of organizations.

Transcript

in this video I want to answer the question what is benefits management why do we do a project in the first place we do it because we want to gain some benefits but far too many projects fail to deliver the benefits that are promised and one of the reasons is because we don't manage those benefits when we manage delivery of products deliverables in... Read More

Key Insights

• 📽️ Benefits management focuses on managing the benefits rather than just project deliverables.
• 📽️ It ensures that the investment made by organizations in projects is justified.
• 📽️ Integrating benefits management with other project disciplines is essential for project success.
• ❓ Realized benefits create confidence, commitment, and enthusiasm, while unrealized benefits can hinder progress and morale.

Questions & Answers

Q: Why do many projects fail to deliver the benefits they promise?

Many projects fail to deliver promised benefits because they focus primarily on managing deliverables without adequately managing the benefits themselves. Without proper benefits management, the project may not prioritize and track the necessary actions for realizing those benefits.

Q: What are the steps involved in benefits management?

The five steps typically featured in a benefits management program include identifying and prioritizing potential benefits, developing an optimum mix of benefits within the business case, planning for delivering the benefits and assigning responsibilities, realizing and tracking the benefits throughout the project, and reviewing outcomes for further benefit opportunities.

Q: Why is integrating benefits management with other project disciplines important?

Integrating benefits management with other project disciplines ensures that a benefits-first approach is followed throughout the project. By considering benefits in business case development, stakeholder engagement, risk management, and change control, the project becomes more focused on delivering tangible benefits and aligning all activities towards that goal.

Q: How do realized benefits impact project success?

Realized benefits create momentum, confidence, commitment, enthusiasm, and morale for the project. When benefits are successfully achieved, it enhances the overall success of the project and brings positive outcomes for the organization. Conversely, unrealized benefits can hinder progress, depress morale, and provide excuses for project failure.

Summary & Key Takeaways

• Many projects fail to deliver promised benefits because they focus on managing deliverables rather than managing the benefits themselves.

• Benefits management provides a structured process for identifying, prioritizing, planning, realizing, tracking, and reviewing the benefits of a project.

• Integrating benefits management with other project disciplines, such as business case development and stakeholder engagement, is crucial for successful project outcomes.