How do you document and measure the benefits of your project?
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A business value statement is a concise summary of the main value proposition of your project. It describes what problem your project solves and how, plus the benefits it delivers to stakeholders. It also helps you focus on the core purpose of your project, and provides a reference point for evaluating and prioritizing your requirements. To write a business value statement, you can use a simple template like this: By [doing this], [this stakeholder] will [achieve this benefit], which will [contribute to this goal].
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I believe when organizations prioritize the development and implementation of a business value statement, they setting up their business for success. It fosters a purpose-driven culture and effectively communicates their core values to stakeholders, potential clients and investors. It is a powerful tool for achieving long-term growth and sustainability.
A benefits map is a visual tool that shows how your project outputs, outcomes, and benefits are linked to each other and your organization's strategic objectives. A benefits map helps you identify and quantify the expected benefits of your project, and how they will be measured over time. And it helps communicate the value of your project, and demonstrate how your project supports the organizational mission.
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A proper metric can be shown to understand and identify the problems and its effect. for this a pareto analysis should be done. Once we identify the problem then a proper roadmap should be drawn to solve the problem and milestones needs to be created. After completion of every milestone, the benefits which it has created should be documented. The documentation may be a one slider ppt, or a proper report explaining the problem statement, and the benefits in terms of removal of wastage or financial terms should be mentioned
A benefits register records and tracks the benefits of your project throughout its lifecycle. This can help you monitor and evaluate the progress of your project, and report on the actual versus planned benefits. It also allows you to manage any issues that may affect the delivery of your benefits.
A benefits realization plan outlines how and when the benefits of your project will be delivered and measured. This allows you to coordinate the activities and resources necessary to achieve your benefits, and assign responsibilities to relevant stakeholders. A benefits realization plan also helps communicate and manage the expectations of your stakeholders, and ensure they are supportive of your project.
A benefits communication strategy defines how and what you will communicate about the benefits to your stakeholders. This will inform and influence your stakeholders, and build their awareness of the value of your project. It also helps create a positive relationship with stakeholders by soliciting their feedback on your project.
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Highlighting the obvious and impactful benefits is often overlooked in project communication. Despite the familiarity, it is worth assuming stakeholders aren't aware. Treat the Benefits Communication Strategy akin to sales, emphasizing clarity and persuasion. Use familiar language, relatable examples, and varied channels to ensure everyone comprehends and appreciates the project's true value. Remember, what's evident to you might not be for others; effective communication bridges that gap, turning benefits into shared understanding.
A benefits review report summarizes the results of your project in terms of benefit delivery. It compares and contrasts the actual versus planned benefits of your project, and analyzes any gaps. It also helps you share the lessons you learned from the project and provide recommendations for future improvement.
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Although benefits realisation comes at the end of a project, it has to be considered from the beginning. Identify your pain points that any delivered solution will be able to address, and capture the issues in a quantifiable way i.e. picking an order takes 5 minutes. That way, after delivery, when you are assessing benefits, you have a concrete baseline to measure against.
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I believe you also have to consider benefits at the micro level, and how they roll up to the macro level. The benefits you articulate to get the money to do the work may not have real meaning for the people who use the product; but if at all possible there should be some sort of traceability. Or a good explanation if not.
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