What is Benefits Management?
Benefits management is the identification, definition, planning, tracking and realisation of business benefits.
A project is not successful unless it delivers positive benefit to the organisation. Whilst delivery of the project to scope, time and cost is important, project managers must always stay focused on the value the project will deliver. This helps avoid “the operation was a success, but the patient died” syndrome!
The Benefits Management process is embedded in the overall project process.
Benefits can be categorised as:
- Hard Benefits (quantifiable)
- Soft Benefits (non-quantifiable)
Quantifiable benefits means a monetary value can be placed against them. For example, a reduction in the cost of a yearly license fee, or an estimation of how much money the business will save or how much revenue will increase as a result of doing an initiative.
Non-quantifiable benefits means that we cannot easily put a monetary value against it. Some examples of this are an increase in employee morale, or an increase in team cohesiveness. While these are beneficial to the organisation they are difficult to quantify. This does not mean they cannot be measured!
- Benefits Management Process
- Benefits Measurement
- Benefits Planning
- Benefits Profile
- Kinds of Benefits
If you have any questions or need any assistance with planning your benefits or completing the benefits management plan, please contact the Project Journal team. We are here to help!