A Basic Benefits Realisation Plan Template
ACCEPTANCE CRITERIA: Set of conditions that are met before deliverables are accepted.
BENEFITS: Value that is created for the project sponsor or beneficiary as a result of the successful completion of a project.
BENEFITS SUSTAINMENT PLAN: A tool to identify risks, processes, measures, metrics, and tools necessary to ensure the continued
realization of the benefits.
BENEFITS REALIZATION: A means to ensure that benefits are derived from outputs.
BENEFITS REALIZATION PLAN: A document outlining the activities necessary for achieving the planned benefits. It identifies a
timeline and the tools and resources necessary to ensure the benefits are fully realized over time. It defines:
Benefits and associated assumptions, and how each benefit will be achieved.
Metrics, including KPIs, and procedures to measure progress against benefits.
Roles and responsibilities required to manage benefits.
How the resulting benefits and capabilities will be transitioned into an operational state to achieve benefits.
How the resulting capabilities will be transitioned to the individuals, groups, or organizations responsible for
sustaining the benefits.
Processes for determining the extent to which each project or program benefit is achieved prior to formal closure.
BENEFITS REALIZATION MANAGEMENT: Collective set of processes and practices for identifying benefits and aligning them with
formal strategy, ensuring benefits are realized as project implementation progresses and finishes, and that the benefits are
sustainable—and sustained—after project implementation is complete.
BENEFITS REGISTER: Collection and list of the planned benefits used to measure and communicate the delivery of benefits
throughout the duration of the project or program.
BENEFITS BREAKDOWN STRUCTURES: Maps dependencies to achieve end goal benefits in a clear and easy to understand fashion.
BENEFITS REALIZATION ROADMAP: Visual illustration that shows when and how benefits are expected to be enabled for the
business owner to then utilize for benefits realization.
BUSINESS CASE: Documented economic feasibility study used to establish validity of the benefits to be delivered. Check out Treasury Green book
DELIVERABLE: Any unique and verifiable product, result, or capability to perform a service that is produced to complete a process,
phase, or project.
OBJECTIVES: Results to be achieved after a project concludes, such as a successful IT conversion, development of a new product or
manufacturing process, or construction and staffing of a new facility.
To clarify expectations for a benefits realisation plan, it’s helpful to define the framework for realizing benefits for your business. The structure should be guided by the organization’s strategic planning process. To be effective, it must become standard practice throughout the business change life cycle, especially during program and project definition.
The first step is to create a framework that defines how the benefits should be defined, structured, planned and implemented. Once defined, analyzed and structured, the next task is to create an implementation plan. It should also allow the organization to determine the actions needed to support and execute this plan.
This plan is very different from a simple summary of achievable planned or targeted financial savings. Traditionally, many business cases simply identify outcomes (such as opportunities) of interest to potential stakeholders, with little or no definition of the specific improvements that will be provided.
Not having a plan in place is a very common problem. Not surprisingly, many of these examples achieve small, measurable improvements.
Create a business case, this should set the stage for investment or change. Business cases should show the value that the owning organization will derive from the business case proposal by identifying the specific benefits to be achieved.
Most organizations have ongoing strategic goals and objectives and should be central to the definition and planning of benefits. Thereafter, each proposed business case must be carefully evaluated to ensure that it makes a real contribution to the strategic objectives.
During the implementation phase, the implementation plan(s) provides a monitoring mechanism to provide ongoing feedback on progress towards the achievement of the strategic objectives through the actions of the implementation plan. During the life of a project, it may be necessary to change objectives, reprioritize, or redefine desired outcomes in light of changing circumstances.
It is important that this process continues throughout the project life cycle and beyond to ensure that the most valuable benefits are realized at an affordable cost and on schedule. Many expected benefits will not begin to materialize until the project is implemented. Therefore, it is important that the responsibility for the implementation plan is maintained after the implementation of the project until its completion. The process should also include a post-implementation review, allowing time for the initial business case to be reviewed and properly assessed.
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