What is a Benefit?

Benefits are the measurable outcomes of a program that are realized through the completion of program components and that contribute to the achievement of program objectives. Benefits are the reason for undertaking a program and are essential for determining program success.

Why Benefits are Important:
1. Benefits justify the investment in a program and demonstrate its value to the organization.
2. Benefits align the program with the organization's strategic objectives.
3. Benefits provide a basis for measuring program success and effectiveness.

What are Benefits:
1. Benefits are measurable outcomes that result from the completion of program components.
2. Benefits contribute to the achievement of program objectives and organizational goals.
3. Benefits can be tangible (e.g., increased revenue, reduced costs) or intangible (e.g., improved customer satisfaction, enhanced reputation).

How Benefits Management Works:
1. Identify and define benefits during program planning.
2. Establish metrics and criteria for measuring benefits.
3. Monitor and track benefits throughout the program lifecycle.
4. Realize and sustain benefits after program completion.
5. Communicate benefits to stakeholders and align with organizational strategy.

Exam Tips: Answering Questions on What is a Benefit:
1. Focus on the measurable outcomes and their contribution to program objectives.
2. Differentiate between benefits and deliverables or outputs.
3. Understand the relationship between benefits, program components, and organizational goals.
4. Consider both tangible and intangible benefits when answering questions.
5. Apply the principles of benefits management, including identification, measurement, realization, and sustainment.