A benefits management plan is a document that explains how a project will give the stakeholders the expected benefits and results. It is an important part of managing a project because it helps make sure that the project fits with the business’s overall goals and gives the expected value.
Usually, the following parts make up a benefits management plan:
Benefits Identification: This section lists the expected benefits and outcomes of the project, including both quantitative and qualitative measures. The benefits should be clear, measurable, doable, important, and limited by time (SMART).
Benefits ownership: This section lists the stakeholders who will be in charge of making sure the project’s benefits and results happen. It may also explain what their roles and responsibilities are and how the benefits will be measured and kept track of.
Benefits realisation plan: This section explains how the benefits will be delivered and tracked, including the specific activities, timelines, and milestones. It should also list the resources that will be needed to get the benefits, as well as any risks or challenges that might come up.
Tracking and reporting on benefits: This section describes the metrics and reporting requirements for keeping track of how the benefits and outcomes are developing. It might have dashboards, scorecards, or other ways to report on the project’s performance so that stakeholders can get a clear picture of how the project is doing.
Benefits review and evaluation: This section explains how the project’s benefits and results can be looked at and judged. It should have a way to find and fix any problems or gaps, as well as a way to update the benefits management plan as needed.
The benefits management plan is a living document that should be updated as the project’s scope, schedule, or budget changes. By making and using a benefits management plan, project managers can make sure that the project is in line with the business’s overall goals and gives stakeholders what they expect.
Usage
It is used in stakeholder management
