Benefits Management for Projects: How to Make a Benefits Management Plan

Benefits Management for Projects: How to Make a Benefits Management Plan

Benefits management is the method of investing time and resources to drive positive change in a project. It involves identifying, planning, measuring and tracking benefits from the beginning of the project to the end, which can apply to organizational change, process, project benefits or strategy planning. According to the Project Management Institute (PMI), only a small number of organizations are achieving their targeted benefits. Benefits management is the link that connects the delivery of a successful project with change management. Benefits management is used to ensure that change management is driven by benefits.

It identifies whether projects can produce the business results they were designed to deliver and maximizes the opportunity to achieve more benefits. Benefits should be accounted for at the beginning of a project and followed through to its end. Benefits are usually realized during the delivery phase, but can add costs to the project as it moves towards closure.