COMPETENCE 12: BENEFITS MANAGEMENT
The ability to identify and agree the benefits and determine how they will be measured, monitored and managed throughout a change initiative until they are realised.
Benefits management actively documents, measures and monitors a change initiative to assure realisation. It aligns with the business case and intended outcomes for delivery.
Knowledge of the wider organisational strategy.
Demonstrate how the intended benefits relate to strategic objectives and are measurable in a way meaningful to stakeholders.
- Ways in which the benefits align to the strategic objectives.
- The different techniques available to measure benefits.
- Ways to quantify and communicate benefits to stakeholders.
Knowledge of ways to create a benefits management strategy.
Create a benefits management strategy which considers priorities, timescales and responsibilities, and monitoring methods.
- The appropriate approach to determine a benefits management strategy for a change initiative, taking into consideration priorities, timescales, responsibilities and monitoring methods.
- Ways of setting appropriate and realistic benefits targets.
Knowledge of ways to assess the intended benefits of a change initiative.
Confirm dependencies between the intended benefits and the outputs, outcomes and related business changes. Prioritise achievement of benefits based on their level of contribution to strategic objectives.
- Ways to develop a benefits mapping process that considers the needs and wants of stakeholders.
- Ways to analyse the organisational drivers and how a change initiative will facilitate the achievement of benefits.
Knowledge of the use and importance of a benefits realisation plan.
Create a benefits realisation plan which considers funding options, key indicators, milestones and reporting schedules.
- The baseline measures that need to be in place, the level of improvement required and the expected timeframe for realisation.
- Ways to monitor end user behaviours and attitudes.
- How progress will be communicated.
Knowledge of ways to evidence the value delivered.
Carry out effective monitoring against the benefits realisation plan. Based on monitoring outcomes, take action to highlight recommended adjustments to maximise benefits realisation.
- Ways of determining the sources of data required for effective monitoring.
- Appropriate responses to implement any necessary changes to the benefits realisation plan.
- Ways of managing expectations in terms of the timeframe of promised benefits considering any adjustments made.