Chapter 3 – Benefits concept

Publisher Summary The benefits management lifecycle is a continuous link between a project and business, throughout the project life. Benefits criteria are strategic business goals which are translated into a specific benefit category. Benefits criteria describe “why” a specific project is being delivered and thus form the foundation of the eventual project business case and the basis for the project. This chapter describes the various activities which are required to effectively analyze how an operational problem can be systematically reviewed and developed, and how a strategic goal can be systematically reviewed so that a number of potential projects/ideas are developed. These activities are important in to develop and understand the benefits concept for a project: benefits mapping, benefits measurement, stakeholder management, and benefits realization. Everyone involved with a project should know why a project is required by the business and also how that project has been selected, possibly above other mutually exclusive projects. A brief summary of the different types and the methodologies for developing a benefits map, and associated maps, is provided.