Concept: Success and Benefits

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  • Created by: Annagc
  • Created on: 21-03-24 10:14
What is project success
'The satisfaction of stakeholders needs and is measured by the success criteria agreed at the start of a project.'
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Why can a project still be successful even if benefits are not realised?
Because benefit realisation may be handles by another part of the organisation e.g. programme management or operational management
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How are success criteria's measured
KPI's (key performance indicators)
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What is a benefit?
' A positive and measurable impact change. They are quantifiable and measurable improvements resulting from completion of deliverables that are accepted, utilised and perceived as positive by a stakeholder.'
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What is a dis-benefit?
'A measurable decline resulting from an outcome perceived as negative by one or more stakeholders, which reduced one or more organisation objective(s)'.
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What is benefits management?
'the identification, definition, planning, tracking and realisation of benefits.'
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What are tangible benefits?
Objectively measurable benefits (often financial) such as increased profit, increased turnover, new jobs.
Hard benefits
Can use a baseline from a previous year and conduct data analysis to capture this benefit information
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What are intangible benefits?
More subjective such as increased company reputation, increased motivation
Soft benefits
Can use surveys or proxy-measure to capture this benefit information
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Stage 1 of benefit management: Identification
Identify benefits and dis benefits or the project, usually through a workshop activity
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Stage 2 of benefit management: Definition
Define the benefits and dis-benefits, can use a benefits profile to capture the info e.g. baseline and target measures, priority, ownership, resources, risk level, scope, timing, or a benefits register (a log of identified benefits and dis-benefits
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Stage 3 of benefit management: Planning
Benefits realisation plan shows how and when you will make a measurement of the realisation of benefits and dis benefits. Might include ownership, roles and responsibilities, how you'll manage benefit dependencies, how you'll collect an report benefits da
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Stage 4 of benefit management: Tracking
Making sure that you are realising your benefits a per your plan. You report and communicate your benefit realisation to the sponsor
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Stage 5 of benefit management: Realisation
Embedding the change and making sure the organisation has transitioned to use the outputs. You need to document plans for long term benefits realisation during BaU. You may have benefits that you didn't plan for (emergent benefits)
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Advantage of benefits management: stakeholders
Stakeholders agreeing the benefits at an early stage creates a clear understanding of why you are doing the project
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Advantage of benefits management: strategic objectives
Establish a clear link between benefits and strategic objectives of the organisation which makes sure your project remains viable (if there is no link you may consider stopping the project)
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Advantage of benefits management: Ownership
Clear ownership of benefits and the accountability for their management - without ownership the benefits won't be realised
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Advantage of benefits management: project delivery
Provides a focus for project delivery which is useful for change control i.e. when you are faced with a lot of challenges remember that your goal was to deliver the benefits
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Advantage of benefits management: Risks
Understanding threats to the realisation of your benefits means you can take steps to reduce these risks so that your stakeholders get what they expect
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Other cards in this set

Card 2

Front

Why can a project still be successful even if benefits are not realised?

Back

Because benefit realisation may be handles by another part of the organisation e.g. programme management or operational management

Card 3

Front

How are success criteria's measured

Back

Preview of the front of card 3

Card 4

Front

What is a benefit?

Back

Preview of the front of card 4

Card 5

Front

What is a dis-benefit?

Back

Preview of the front of card 5
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