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Syllabus H. Innovation, Performance Excellence & Change Management H7. Leading And Managing Projects

H7d. The Role Of A Benefits Realisation Plan

The role of a benefits realisation plan

After the benefits have been quantified (or otherwise measured) and allocated to owners, the business case will need to identify how those benefits will be realised.

This plan will identify factors that indicate when the change has been successful and the benefits are being realised, and will illustrate everything that has to happen in order for this to occur.

The benefits realisation plan will involve

  • Full descriptions of each benefit and change with responsibilities for delivery defined and agreed

  • Measures, and where possible expected values, for each benefit

  • Measurements to establish the current baseline

  • Agreed ownership of all the changes and actions in place to address issues that may affect the achievement of changes

  • Evidence or criteria to be used to assess whether each change has been successfully carried out

  • Complete and documented benefits dependency network identifying all the benefit and change relationships

Management of Benefits

The idea is that some benefits are not automatic but need work to be realised

Identify & Structure benefits Effect on stakeholders and business case
Plan realisation Responsibility allocated and performance measures set (using current as baseline)
Executing the plan Interim targets monitored and remedial action taken
Review results Allows the firm to learn so future actions improved
Establish potential for future benefits Similar to stage 1 - with hindsight of unforeseeable benefits that may have occurred