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 the significance of realizing benefits during a project?

What approach should project managers take regarding benefits management?