What is Benefits Management? Project Management in Under 5

The video discusses the importance of benefits management in projects, emphasizing that many projects fail to deliver promised benefits due to a lack of focus on managing them. It outlines a structured process with five steps: identifying and prioritizing benefits, planning for delivery, assigning responsibilities, tracking benefits, and reviewing outcomes. The integration of benefits management with other project disciplines is crucial. Realized benefits boost project morale and success, while unrealized benefits hinder progress. Project managers are encouraged to adopt a benefits-first approach to ensure project success and sponsor satisfaction.

What is a common reason many projects fail to deliver the promised benefits?

• Poor change control

• Lack of stakeholder engagement

• Inadequate risk management

• Failure to manage benefits

Which of the following is the first step in a benefits management program?

• Reviewing outcomes

• Identifying and prioritizing potential benefits

• Tracking benefits

• Assigning responsibilities

What is crucial for realizing and tracking benefits during a project?

• Developing a business case

• Assigning responsibilities

• Engaging stakeholders

• Implementing change control

How should benefits management be integrated into a project?

• Only during the planning phase

• After project completion

• With every other project discipline

• As a separate discipline

What effect do realized benefits have on a project?

• They increase project costs

• They create momentum and confidence

• They reduce stakeholder interest

• They delay project timelines