5 Components of Benefits Management Plan for Projects
The Project Benefits Management Plan for projects is a document that describes how and when the benefits of the project will be delivered. It also describes the mechanism that should be in place to measure these benefits.
A projected benefit is defined as an outcome of actions, behaviours, products service or results that provide value to the sponsoring organisation as well as to the project’s intended beneficiaries.
Development of the benefits management plan begins early in the project lifecycle with the definition of the target benefit to be realized.
It also describes the key elements of the benefits and may include but is not limited in documenting the following:
#1 Target benefits
One of the components of this document is the listing of the tangible and intangible benefits that will be realised from the implementation of the project. It will also express the financial value or benefits of realising the project objectives.
#2 Strategic Alignment
The benefits management plan will also highlight some of the ways that the benefits to be derived from the project aligns with the strategic goals of the organisation to do all the needful in order to realise the project objectives.
#3 Timeline
Another important aspect of this vital document is provided. Of timeline for realising the benefits by phase as well as the long, and short term goals that the project set out to realise.
#4 Benefit owners
The benefits management plan as one of the pre-initiating document for a project will also highlight the accountable person to monitor, records and report realised benefits throughout the timeframe established by the plan. It has to highlight the deliverables of the project.
#5 Metrics
Another vital aspect of this document is that it will state the metrics, otherwise known as Key Performance Indicators for the project. This will be used to measure the key deliverables for the project in order to decide whether the project objectives are realised or not.
#6 Assumptions
Another aspect of a benefits management plan for projects is the list of assumptions that were made in the course of preparing the document.
They are factors that are expected to be in place before the project can move to the next phase. For example, we might assume that the exchange rate will remain the same or that our software programmer will still be with us by the time that the project kicks off.
#7 Risks
The last aspect of the plan is the risks that are identified for the project. Such uncertainties are likely to impact project success. The Project Manager needs to come up with mitigation strategies to reduce the overall risk exposure of the project.
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