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Benefits Review

5 minutes 5 Questions

Benefits Review is a critical process in Benefits Realization Management. It is the assessment of the performance of a project in terms of its ability to deliver the expected and planned benefits. It includes a comparison of projected benefits against actual benefits, and the analysis of any variances. The findings from a benefit review can provide valuable insights into areas for improvement in future projects and can help in refining the practice of benefits realization management in the organization.

Guide to Benefits Review in Benefits Realization Management

Benefits Review is a critical element within the benefits realization management framework. It offers a detailed assessment of whether the anticipated benefits have been delivered and achieved from a particular project or program.

Importance: Benefits Review is important as it ensures there is a consistent focus on delivering the intended benefits as articulated in the business case. It helps in determining any course adjustments if benefits are not being fully realised. It provides stakeholders with assurance and builds stakeholder confidence.

How it Works: A Benefits Review involves defining measures, capturing data, analysing data and reporting on the outcome of benefits. The Benefits Review schedule is often informed by the benefits profile in the Benefits Realization Plan. A typical Benefits Review process will involve collecting data, comparing against forecasts and plans, summarising results and making recommendations.

Exam Tips: Answering Questions on Benefits Review:
1. Understand the Core Elements - Be clear about the process, importance and workings of Benefits Review.
2. Apply Theory to Practice - Use case studies or practical examples to showcase your understanding.
3. Make it Quantitative - Benefits Reviews are data-driven. Make sure you are comfortable with interpreting data and relating it to the broader business context.
4. Highlight the Role of Stakeholders - Since Benefits Review is essentially to assure stakeholders, do not forget their role.

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CAPM - Benefits Realization Management Example Questions

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Question 1

A project sponsor has called a Benefits Review meeting at the end of the project lifecycle. Which is the most appropriate action for the project manager?

Correct Answer: Share the benefits register with key evidence that the benefits have been realized

The most appropriate action for the project manager in a Benefits Review meeting at the end of the project lifecycle is to share the benefits register with key evidence that benefits have been realized (ID: 155498). It is at this point that the project manager can present evidence of the project's value, demonstrating that their management has led to desired results. Answer 155499 is not the most appropriate because presenting the project closure report is a necessary but not the key action during a benefits review meeting since the main focus is on the benefits realized from the project. Answer 155500, discussing new project opportunities, is more suited to a project initiation or pre-project phase, not at the end of the project lifecycle. Lastly, initiating the planning for the next project (Answer 155501) would be premature at this stage of the process, and it is not directly related to a benefits review meeting.

Question 2

The Benefits Review identified that the introduction of a new technology has resulted in additional unplanned benefits. What is the best course of action?

Correct Answer: Identify and document these additional benefits and communicate with the stakeholders

The best course of action when the Benefits Review identifies additional unplanned benefits from a new technology is to 'Identify and document these additional benefits and communicate with the stakeholders'. It is important to note and document any unexpected benefits so they can be communicated to all stakeholders. This can help in reallocation of resources, if necessary, and might even influence the strategy for future projects. Starting a new project immediately based on the new technology, without thorough planning and analysis, is not an advisable approach in project management. Discarding the new benefits because they were not part of the original Benefit Realization Plan also is not a practical or beneficial decision, as any benefit, planned or unplanned, contributes to the overall success of the project. Lastly, rejecting the new technology simply because it was not part of the original plan dismisses the possibility of evolution and adaptation within the project life cycle.

Question 3

During a Benefits Review Meeting, it's found that one intended benefit was not fully realized. As a Project Manager, what would be your best next step?

Correct Answer: Initiating a more detailed analysis to understand the root cause and identify next steps

The best course of action as a project manager in this situation would be to find out why the intended benefit wasn't fully realized by initiating a more detailed analysis (id:155510). This is because, whereas the other options propose either destructive or dismissive actions that could hamper reparation and learning, this approach seeks to understand the problem first and then address it constructively. Immediately terminating resources related to the benefit without analysis could lead to losing potentially valuable contributors or aspects and still not address the root cause of the problem. Ignoring it would mean losing the opportunity to learn from and mend mistakes, and better prepare for future projects. Blaming the team is not conducive to finding a solution or fostering healthy team dynamics, but would rather likely lead to further issues. Therefore, a thorough analysis to understand the root cause and identifying next steps is the most logical and beneficial course of action.

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