Relationship Between Program Life Cycle and Program Benefits Management

Understanding the relationship between the program life cycle and program benefits management is crucial for effective program management. The program life cycle encompasses all phases of a program, from initiation to closure, while program benefits management focuses on realizing the intended benefits throughout the life cycle.

Importance:
Aligning benefits management with the program life cycle ensures that benefits are identified, planned, delivered, and sustained effectively. It helps maintain stakeholder engagement, manage expectations, and make informed decisions based on the realization of benefits at each stage of the program.

How it works:
1. Program Definition phase: Benefits are identified, defined, and aligned with the program's objectives and strategic goals.
2. Program Benefits Delivery phase: Benefits are realized incrementally through the delivery of program components and outcomes. Progress is monitored and reported regularly.
3. Program Closure phase: Final evaluation of benefits realization is conducted, and lessons learned are captured for future programs.

Answering Exam Questions:
1. Understand the key concepts and terminology related to program life cycle and benefits management.
2. Identify how benefits are defined, planned, and delivered at each stage of the program life cycle.
3. Recognize the importance of aligning benefits with program objectives and strategic goals.
4. Understand the role of stakeholder engagement and communication in benefits management throughout the life cycle.

Exam Tips:
1. Read each question carefully and identify the key components related to the program life cycle and benefits management.
2. Apply your knowledge of the relationship between the life cycle and benefits management to select the most appropriate answer.
3. Consider the impact of benefits realization on program success and stakeholder satisfaction when answering questions.
4. Understand the importance of monitoring, reporting, and evaluating benefits throughout the program life cycle.