From the course: Managing Project Benefits
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Forecast
- Forecasting can be very tricky, so let's take a look at a few factors that go into producing reliable benefit forecasts. To forecast, you have to first have something to measure from, so begin by producing a baseline measure. This will give us an as-is value from which to forecast expected improvements. Next, ensure that forecasts are based around the project scope and linked to this project's achievements. Remember, there may be other projects delivering outputs that can lead to very similar benefits or even result in double counting, which is claiming the same benefit as another project. Always start with the end in mind, the strategic objective this project should contribute to, and work backwards to find out what benefits it will need to deliver. It should also be a requirement that forecasts be validated prior to investment, and where possible, have budgets allocated which are linked to business plans and performance targets. Consider seasonal trends in your estimates. Business…
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