Benefits Identification involves the process of defining the expected tangible and intangible values from the project. It begins during the project initiation phase where key stakeholders express their expectations. Then these expectations are elaborated, clarified, and documented as benefits in the business case document of the project. Effective benefits identification requires understanding the business strategy, stakeholder values, and how the project can potentially cater to these aspects.

Benefits Analysis and Planning follow the process after Benefits Identification. It involves evaluating the identified benefits in terms of feasibility, impact, when they would be realized, and the resources required. This evaluation aids in designing the benefits realization plan which outlines how and when the identified benefits will be achieved. It includes milestones, measures, responsibilities, and the timeline for when each benefit should be realized.

Benefits Delivery is a critical phase, initiating after the benefits analysis and planning. It involves the actual execution of activities to achieve the planned benefits. It includes the application of project management best practices to ensure the delivery of project outcomes that can enable the realization of benefits. Constant communication, monitoring, and controlling are essential during this phase to ensure alignment with the benefits realization plan.

Benefits Transition is the process of handing over the project's resultant product, service, or result to the business owner. This phase not only includes a handover of the project outcomes but also supports the users during the initial transition period, ensuring that they understand and can effectively utilize the deliverable for benefits realization. It necessitates a close collaboration between the project team and operational team.

Benefits Sustainment phase is focused on the long term. It covers activities performed to ensure that once realized, benefits continue to be delivered over the product's useful life. It includes activities like continuous monitoring of the benefits, identifying any changes in the organization that might impact the ongoing delivery of benefits, and undertaking necessary actions to ensure ongoing benefits realization.

Stakeholder Engagement is a critical concept in Benefits Realization Management due to the fact that stakeholders ultimately have a significant impact on the success of any project. This concept involves identifying key stakeholders, understanding their needs, and building relationships with them to ensure their support. It includes managing their expectations and addressing their concerns promptly. Stakeholder engagement facilitates a collaborative environment, thereby maximizing the benefits derived from the project. In order for a project to be successful, stakeholders at all levels must be engaged and committed, and they must understand the benefits that the project is intended to deliver so they can support it effectively.

Benefits Articulation is the process of defining, understanding, and communicating the benefits of a project. It goes beyond simply stating the intended outcomes and involves demonstrating how these outcomes contribute to specific strategic objectives. A key aspect of benefits articulation is determining and documenting how the project’s success will be measured, usually through key performance indicators (KPIs). This not only gives the team a clear understanding of what they are working towards, but also provides a basis for assessing the project’s success and realizing its benefits.

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.

Benefits Realization Governance defines the framework for the decision-making process related to a project’s benefits. The governance process ensures that benefits are identified, planned, delivered, reviewed, and sustained in a controlled manner. It includes the roles and responsibilities of the various stakeholders in realizing benefits and provides the policies, procedures, and guidelines to be followed. Benefits Realization Governance is crucial for ensuring transparency in the process and for establishing accountability for the realization of project benefits.

Benefits Dependency Network is a visual tool used to depict the relationship between the project's deliverables or change initiatives to the benefits that they will yield. It usually consists of nodes that represent these deliverables and connections showing their role in producing particular benefits. This concept is crucial because it provides a detailed view of how every facet of the project contributes to the overall benefit. It helps in planning and managing complexities and can also be used to explain the project's benefit to stakeholders. Understanding how every component of the project helps in achieving the project's intended benefits increases its value and acceptability.

Benefits mapping is the process of defining what benefits are expected from the project and mapping them directly to the project's outputs or deliverables. It is both strategic and practical, linking the proposed outcomes of the project (the 'why') to the project's deliverables (the 'what'). Benefits mapping is independently valuable to articulate a clear picture of what the project will deliver. It is also essential for prioritizing project activities based on their contribution to producing the most value.

Strategic alignment refers to the process of ensuring that all elements of a project, including its benefits, align with the strategic direction and broader business goals of the organization. It is an important way to ensure the relevance and value of the project within the organizational context. Strategic Alignment enhances the chances of project acceptance and the likelihood of the project providing real value to the organization. Moreover, it provides clarity to project members and stakeholders about the project's importance in the organization.

Change management, in the context of Benefits Realization Management, refers to the process of managing changes that are necessary to achieve the identified benefits. It involves preparing and supporting individuals or teams to adopt changes in the organization because of project implementation. Failing to manage these changes effectively can negatively impact benefits realization. Proper change management not only ensures smooth project implementation but also helps to eliminate resistance, increases engagement, and improves the chances of achieving desired benefits.

Performance Metrics and Key Performance Indicators (KPIs) are crucial concepts in Benefits Realization Management. They are used to measure the success of a project or how the benefits are being realized. Metrics are usually quantifiable measures that reflect the effectiveness and efficiency of projects. KPIs, on the other hand, are specific metrics that directly align with the desired benefits and goals of the project. They provide clear, measurable data to stakeholders to quantify success or indicate where adjustments need to be made.