Benefits Management Strategy

Program Management Foundations (2019)
with Claudine Peet
Benefits Management Strategy

Please note: There are many examples of benefits management strategies available online and I would encourage you
to explore what is available and what best suits your project environment. This strategy is just one example you
could use.
The layout would be more of a report style, but for the purposes of this course, I have used a table format and provided a
short description for each heading to help you understand the type of information that would be recorded.
Benefits Management Strategy for the Homestores’ New Technology Project
Description of high-level benefits (types/ • For this project, our aim is to increase our
categories) expected by the project revenues and increase the customer base, so
primarily we are looking for financial benefits.
• We are also striving to reduce our overheads
by reducing waste, an efficiency benefit, and
introducing new technology.
• We are also aiming for reputational benefits as a
secondary focus.
Prioritization of benefits 1. Increase in revenues: high

The priority or importance of each benefit 2. Business growth: high
3. Improved customer retention: high
4. Increase new customers: high
5. Reduction in overheads: high
6. Reduction in waste: medium
7. Happy customers: medium
Program Management Foundations (2019) with Claudine Peet 1 of 4

Process to be followed to manage Identification
benefits realisation
• Benefits for each store will be identified in a
Reflecting a corporate or programme approach workshop, creating a benefits map, which must
if applicable clearly show the link of the project benefits back
to the strategic objectives.
• This needs to be presented in Visio as a
flow diagram.
Planning
• A benefits management plan should be created

in collaboration with the business roles. It will
need approval from the PMO as they have the
standards that the plan must comply with.
• It can be presented in an Excel table.
Realisation
• Benefits Realisation will be taking place

incrementally for this project. The project must
plan benefit measurements after each increment.
• The benefits Realisation plan must be kept up to
date at all times, reflecting any
benefits achievement.
Review
• Benefit reviews will be carried out at the end of

each increment and will need to be carried out for
two years post-project.
• The benefits Realisation plan will continue to
be maintained post-project by the PMO and will
reflect any benefits achieved by this project.
Measurement methods or processes to • Comparison of current revenues against revenues

assess Realisation gained after one and two years.
Any high-level specific methods that must be used • Comparison of current customer numbers for
each store against customer numbers after years
1 and 2.
• Measure current levels of waste per store against
waste levels at end of year 1 and 2.

Functions, roles, and accountabilities • The senior user role will be responsible for
identifying the benefits, providing forecasts,
For benefits identification, planning, and Realisation carrying out measurements. and providing
for the project evidence of benefit Realisation.
• The PMO will be responsible for maintaining the
benefits Realisation plan post-project.
• The PMO will also provide the procedures for the
benefits management strategy.
• The project manager is responsible for setting
up and maintaining the benefits register and
benefits Realisation plan for the duration of
the project.
• The sponsor will appoint an appropriate benefit
owner for each benefit.
Tools, systems, and sources of information used • A benefits register will be created in Excel to
to enable measurement capture relevant information for each benefit.
• A benefits Realisation plan will be created to show
when each benefit is forecast to be achieved and
will be updated during and after the project with
actual benefit Realisation information.
• Financial information from each store will be
analysed to provide information for the benefit
reviews and update of benefits achievement in
the plan.
Reporting and information flows • Reports will be provided from the project at the
end of each increment to confirm any benefits
Frequency and format of meetings and reporting realised.
• Reviews will be carried out at the end of each
increment as a minimum.
Process to managing threats to benefits • The project will use the standard corporate
realisation, leveraging emergent benefits, and approach to managing and mitigating risks.
mitigating disbenefits • We will use the scout and beacon approach to
How risks to benefit achievement will be managed, spotting any emergent benefits.
how emergent benefits will be identified, and how • Disbenefits will be monitored closely by risk
disbenefits will be managed owners to ensure that they do not exceed
any benefits.

Criteria to determine effectiveness of • Benefits management procedures will
benefits management be reviewed at the end of each stage and
development increment for effectiveness.
• Lessons will be captured at this point, and if
necessary, corrective actions must be taken.
Dependencies • This is a standalone project, which has no other

dependencies on any other projects
To other projects or programmes to achieve the or programmes.
benefits expected for the project

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Program Management Foundations (2019)

with Claudine Peet

Benefits Management Strategy

Benefits Management Strategy for the Homestores’ New Technology Project

Prioritization of benefits 1. Increase in revenues: high

Program Management Foundations (2019) with Claudine Peet 1 of 4

• A benefits management plan should be created

• Benefits Realisation will be taking place

• Benefit reviews will be carried out at the end of

Measurement methods or processes to • Comparison of current revenues against revenues

Program Management Foundations (2019) with Claudine Peet 2 of 4

Program Management Foundations (2019) with Claudine Peet 3 of 4

Dependencies • This is a standalone project, which has no other

Program Management Foundations (2019) with Claudine Peet 4 of 4

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