Project Benefits Checklist

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Understand the Project Benefits:

• They are the reasons why a project is established;

If we get the expected benefits, we satisfy the reason behind the project initiation and execution. 

• They are specific achievements that should be focused on when planning a project;

You need to study, describe and quantify the project benefits so precisely as only possible.

• They are what you really need to pursue by executing a project;

Project managers often get too concentrated at meeting projects’ scopes, budgets and schedules, while forgetting about real aims and needs underlying these formal specifications. 

Project Benefit Management:

• Identify and map the project benefits;

Write a description of the anticipated benefits and where within the project they will occur.   

• Quantify and measure the benefits to be objectively explained;

Benefits can be both financial and non-financial, and all of them should be translated in figures.

• Prioritise the benefits according to their value; 

It makes sense to concentrate at solutions to crucial problems and effectual accomplishments. 

• Anticipate realization of the benefits; 

Outline a way in which the targeted benefits can be achieved.

• Model and justify feasibility of the project benefits;

Approve feasibility of the benefits analytically, experimentally, or by a real-life example.

• Plan realization of the project benefits; 

Create a benefit realization workplan.

• Design and develop your Benefits Management Strategy;

  Elaborate your strategy to explain and regulate the following points:

  • The objective purpose of making investment into a change.
  • The way in which you are going to track the benefit realization.
  • The indicators you will control to keep the work on the right track;
  • The time when you are going to start, and when you expect to obtain specific results;
  • Who and how will take responsibility for benefit realization and measurement;
  • Provisions to retain strategic control until the long-term benefits are finally realised;
  • Transition management (a way in which human element of the change will be approached);
• Maintain the project benefits register;

List the outcomes (benefits) of the project, valued and explained in measurable terms, associated with project plan objectives and linked to the stakeholders (benefit owners).

• Review and evaluate realization according to your Benefits Management Strategy;

The strategy should explain what systems and processes are applied to monitor progress.

• Diagnose and examine potential for further benefits;
• Transit benefits to the owners (according to your Benefits Management Strategy):
  • Train and educate the staff to make sure they are able to use the newly obtained benefits.
  • Develop updated processes..

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