The Benefits Review Plan is a specialized management product within PRINCE2's Business Case Theme that focuses specifically on how and when measurement of achievement of the project's benefits will be conducted. Unlike other aspects of the project that conclude at project closure, many benefits can…The Benefits Review Plan is a specialized management product within PRINCE2's Business Case Theme that focuses specifically on how and when measurement of achievement of the project's benefits will be conducted. Unlike other aspects of the project that conclude at project closure, many benefits can only be realized after the project has delivered its products and disbanded its team. The Benefits Review Plan addresses this challenge by defining a structured approach to measuring benefits realization both during the project (for those benefits achievable within the project lifecycle) and after project closure (for longer-term benefits). The plan identifies each expected benefit, establishes measurable criteria for successful realization, specifies who is responsible for measuring each benefit, determines the timing and method of measurement, and outlines resources required for benefits review activities. The Project Manager develops the Benefits Review Plan during project initiation, with the Executive (as the senior business representative on the Project Board) taking ultimate ownership. This document represents PRINCE2's answer to the common problem of projects delivering outputs but organizations failing to realize anticipated benefits. By formalizing benefits measurement in a separate plan that extends beyond the project timeline, PRINCE2 creates accountability for benefits realization and provides a mechanism to evaluate whether the investment delivered the expected value. The Benefits Review Plan also supports organizational learning by documenting which interventions successfully created business value, informing future investment decisions and project approaches. This focus on benefits measurement and realization distinguishes PRINCE2 from methodologies that focus primarily on project outputs rather than business outcomes.
Benefits Review Plan: A Comprehensive Guide for PRINCE2 Foundation
The Benefits Review Plan is a crucial component of PRINCE2 methodology, specifically within the Business Case theme. Let's explore what it is, why it's important, how it works, and how to approach exam questions on this topic.
What is the Benefits Review Plan?
The Benefits Review Plan is a document that defines how and when the measurement of achievement of the project's benefits can be made. It outlines:
• When benefits reviews will take place
• Who will be responsible for these reviews
• How benefits will be measured
• What resources will be required for benefits reviews
It is created during the Initiating a Project process and is maintained throughout the project lifecycle.
Why is the Benefits Review Plan Important?
The Benefits Review Plan is essential because:
1. It ensures that the promised benefits in the Business Case are actually realized
2. It provides accountability for measuring and achieving benefits
3. It extends beyond the project closure, allowing for measurement of benefits that may only be realized after the project ends
4. It helps justify the investment made in the project
5. It supports continuous improvement by documenting lessons about benefits realization
How the Benefits Review Plan Works
The Benefits Review Plan operates as follows:
• The Executive is ultimately responsible for ensuring benefits are realized
• It is typically developed by the Business Case author with support from the Project Manager
• It is reviewed and may be updated at stage boundaries
• It is handed over to the operational management at the end of the project
• It schedules reviews that often take place after the project has closed
• It specifies how each benefit (and any dis-benefit) will be measured
Key Characteristics of the Benefits Review Plan:
• It is part of the Project Initiation Documentation (PID)
• It may be a separate document or incorporated into the Business Case
• It is used to track both benefits and dis-benefits
• It ensures that there is a clear plan for measuring benefits realization
• It is based on the benefits outlined in the Business Case
Exam Tips: Answering Questions on Benefits Review Plan
1. Remember its purpose: The Benefits Review Plan is about measuring and tracking benefits, not delivering them. Focus on its measurement and review role.
2. Know when it's created: It's initially created during the Initiating a Project process and is part of the Project Initiation Documentation.
3. Understand ownership: While the Executive is ultimately accountable for benefits realization, the Senior User is responsible for specifying benefits and eventually realizing them.
4. Distinguish from Business Case: The Business Case justifies the project based on benefits, while the Benefits Review Plan details how those benefits will be measured.
5. Recognize its post-project role: Many questions test whether you understand that the Benefits Review Plan continues to be used after the project closes.
6. Connect to Change Management: Remember that benefit achievement often depends on business change effectively taking place.
7. Identify common traps: Be careful with questions suggesting the Benefits Review Plan is only used during the project lifecycle or that it's solely the Project Manager's responsibility.
8. Know its components: Questions may ask about what should be included in the plan - measurements, timing, responsibilities, etc.
When answering multiple-choice questions, look for options that emphasize the measurement and verification aspects of benefits rather than their delivery. Remember that benefits realization often extends beyond the life of the project itself.