Benefits management is the process of identifying, planning, tracking, and realising the benefits of a project or program. It is important because it enables organizations to maximise the value they get from their investments by ensuring that benefits are identified, quantified, and realised. Some examples of how benefits management assist organsiations include maximising their return on the investment, aligning the project or programme with business goals, managing risk and continuously improvement. Benefits management is the common thread between programme and project delivery and successful change management. The approach to programme, project and change management needs to be benefit-driven to ensure maximum value from the investment in change.
According to a study conducted by the Project Management Institute (PMI) in 2018, organisations that have a formal benefits realisation process in place are more likely to achieve their business objectives and strategic goals. The study found that organizations with a formal process in place were 40% more likely to achieve their goals than those without one.
Our Practitioner course equips students with sufficient knowledge and understanding of the managing benefits guidance to apply and tailor it to a given scenario situation.
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