Benefits Realization Management

Benefits Identification: Identifying the potential benefits that the organization expects to gain from a project or program. These benefits should be directly tied to the organization's strategic goals and objectives. 

Benefits Planning: Developing a plan that outlines how the identified benefits will be achieved, measured, and tracked throughout the project or program lifecycle. This plan defines roles, responsibilities, metrics, and timelines for benefits realization. 

Benefit Metrics: Defining specific, measurable metrics and targets for each benefit. These metrics help assess the progress and success of benefits realization. 

Benefit Ownership: Assigning ownership and accountability for the realization of specific benefits to appropriate stakeholders within the organization. 

Monitoring and Tracking: Continuously monitoring and tracking progress toward the achievement of benefits throughout the project or program lifecycle. This involves comparing actual performance against the defined metrics and targets. 

Benefit Measurement: Measuring the actual performance of benefits after the project or program has been completed and implemented. This step validates whether the anticipated benefits were realized. 

Adjustments and Continuous Improvement: Analyzing any gaps between expected and actual benefits and taking corrective actions or adjustments as needed. Lessons learned from benefits realization are used to inform future projects and programs. 

Communication and Reporting: Providing regular updates to stakeholders on the progress of benefits realization and the impact of the project or program on the organization's strategic objectives.