Provides a continuous focus on benefits during the implementation of an investment and determines whether the expected benefits were delivered.
The only reason an organisation makes an investment is to obtain some benefit. This is the prime consideration of investment decision-makers when considering an investment proposal.
People seeking new funding for their proposed investment must articulate the benefits the investment is expecting to deliver.
Once funded, with the inevitable challenges and stresses that occur as the investment is implemented, the focus on benefits is often lost.
This is exacerbated by the historic difficulty in measuring and tracking benefits and evaluating the real effectiveness of an investment.
The use of these practices will:
There are two steps involved, however they do assume that a benefit management plan was previously developed using the practice Shape a new investment.
The outputs of these steps are: