From the course: Project Portfolio Management Foundations

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Benefits and variance management

Benefits and variance management

From the course: Project Portfolio Management Foundations

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Benefits and variance management

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- Benefits realizations is the final, most important, and, often, most ignored part of portfolio management. When a project is finished, the deliverables are handed over to the business area that will earn them and project resources move onto something else. It is then up to that business area to deliver the benefits. Benefits management is the process of comparing the actual benefits achieved with the expectations in the business case and addressing any variances. Precise measurement of benefit can be difficult, and that's the main reason benefits management is often ignored. However, difficulty is no excuse. How benefits will be measured should be defined and accepted in the business case, then implemented when the project is complete. It can as simple as changing the department's cost or revenue projects of next period, or as complex as detailed tracking of individual features to individual dollars. There are many ways to track benefits. From a numerical or objective point of view,…

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