From the course: Managing Project Benefits
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Quantify
- Having identified the project benefits, they will now need to be quantified. Which means trying to work out what sort of expected value they will return for the project. When you initially start quantifying benefits, subconscious mindsets known as biases will affect how individuals quantify benefits which could lead to poor forecasting. And there are a few to watch out for. The first is expectation or confirmation bias. This is where we select evidence that confirms our assumptions and ignore the evidence that conflicts with it. This bias leads to the risk of inaccurate benefit forecasting. For example, with surveyed customers and 70% of them have said they feel the checkouts will be faster but 80% have said that they would not use a self service checkout. We then decide to only use the first piece of information and ignore the second piece to justify the project. The next is the planning fallacy. Meaning that despite previous failures of a similar nature we believe this project…
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