Benefits Management Approach

Purpose
A Benefits Management Approach defines the benefits management actions and benefits reviews that will be put in place to ensure that the project's outcomes are achieved and confirm that the project's benefits are realized.

If the project is part of a programme, the Benefits Management Approach may be contained within the programme’s Benefits Realization Plan and executed at the programme level. Post-project, the Benefits Management Approach is maintained and executed by corporate, programme management or the customer.

Composition
A Benefits Management Approach includes the following:

• The scope of the Benefits Management Approach covering what benefits are to be managed and measured
• Who is accountable for the expected benefits
• What management actions are required in order to ensure that the project’s outcomes are achieved
• How to measure achievement of expected benefits, and when they can be measured
• What resources are needed
• Baseline measures from which the improvements will be calculated
• How the performance of the project’s product will be reviewed.

Derivation
The Benefits Management Approach is derived from the following:

• Business Case
• Project Product Description (and the acceptance criteria in particular)
• The programme's Benefits Management Approach and Benefits Realization Plan (when the project is part of a programme)
• The corporate, programme management or customer performance monitoring function (such as a centre of excellence), if one exists
   

Format & Presentation
A Benefits Management Approach can take a number of formats, including:

• a document, spreadsheet or presentation slides
• an entry in a project management tool

Quality Criteria
The following quality criteria apply to a Benefits Management Approach:

• It covers all benefits stated in the business case.
• The benefits are measurable and baseline measures have been recorded.
• It describes suitable timing for measurement of benefits, together with reasons for the timing.
• It identifies the skills or individuals who will be needed to carry out the measurements.
• The effort and cost to undertake the benefits reviews are realistic when compared with the value of the anticipated benefits.
• Consideration is given to whether dis-benefits should be measured and reviewed.

Extract PRINCE2 6th Edition. Copyright© AXELOS Limited 2017. Used under permission of AXELOS Limited. All rights reserved.  You can purchase your own full copy here