Benefits Management Plan
A benefits management plan is a document that describes how and when the benefits of a project will be delivered and the mechanisms for measuring those benefits.
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Practice it freeExplanation
The benefits management plan is a business document, not part of the project management plan, and it is typically created before the project is formally initiated. It defines the target benefits (such as revenue increase, cost savings, market share growth, or customer satisfaction improvement), the strategic alignment, the timeline for benefits realization, the metrics for measuring benefits, the risks associated with benefits delivery, and the individual or group responsible for tracking benefits.
This document is a key input to the Develop Project Charter process because it establishes the business rationale for the project. It helps stakeholders understand what the project is expected to deliver beyond its immediate outputs. For example, a project may deliver a new software system (the deliverable), but the benefit is a 20% reduction in processing time.
Benefits realization often extends beyond the project itself. The plan typically identifies a benefits owner who continues to track benefits after the project is closed. The project manager ensures that the project creates the conditions for benefits realization, but the actual realization may take months or years after project completion.
Key Points
- •A business document created before or during project initiation
- •Defines target benefits, metrics, timeline, and the benefits owner
- •Key input to the Develop Project Charter process
- •Benefits realization often extends beyond the project closure date
Exam Tip
The benefits management plan is a business document, not a component of the project management plan. It is owned by the sponsor or business, not the project manager. Know this classification for the exam.
Frequently Asked Questions
Related Topics
Business Case
A business case is a documented economic feasibility study that establishes the validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.
Develop Project Charter
Develop Project Charter is the process of creating the document that formally authorizes a project or phase and documents the initial requirements that satisfy stakeholder needs and expectations.
Project Charter
A project charter is a document issued by the project sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.
Business Documents
Business documents are documents that exist outside the project management plan and are used to make decisions about the project before it is initiated and throughout its lifecycle. They include the business case and the benefits management plan.
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