APM PMQ BENEFITS MANAGEMENT — Projects and Benefits
The benefits are tangible or intangible effects of the project, that justify the time, money and resources that are spent on delivering a project. If there are no benefits then, ideally, there should be no project. If the benefits disappear, for whatever reason then the project should be stopped.The benefits should be monitored and maintained throughout the life-cycle of the project and efforts made to realise them once the project products have been delivered.
However, in many projects, this is overlooked and the projects continue when no benefits can be identified.
Benefits should be identified by the project sponsor in concept and used as a basis for the business case. Throughout the definition and implementation stages the benefits should be further refined and if possible expanded to re-enforce the business case as the project progresses.
Log On and Learn
Benefits Management – Implementation
In implementation, the benefits should be bench-marked so that there is a reference point that can be used as a comparison during the realization of the benefits. After closure, the project sponsor should ensure that the operating business environment takes on the benefits realization plan and does all in its power to ensure the benefits are realized.
Benefits should be measurable. They can be categorized as tangible and intangible. Hopefully, the main justification for the project will be made on tangible benefits that can be directly related to a financial measure. For example staff reductions, reduction in revenue spending on consumables and so forth.
Intangible benefits are more difficult to measure but should be included so that the whole benefits picture can be understood. They may well indicate areas where cultural change may be required within the organisation. This could represent considerable challenges to realize these benefits.
Benefits Management – DOAM Criteria
Each benefit identified must be carefully and precisely stated and it is useful to test the benefits against the “DOAM” criteria:
DESCRIPTION – What precisely is this benefit?OBSERVATION – What differences should be noticeable between pre- and post- project?
ATTRIBUTION – Where will this benefit arise?
MEASUREMENT – How will the achievement of the benefit be measured?
APM PMQ Certification
The APM works with the British Council to arrange exams at your continence in almost all the major cities around the world. Pass Your APMP Exam at First try – What are you waiting for?
