How do you weigh program benefits against costs and resources?

2 How to identify program benefits?

The first step in weighing program benefits against costs and resources is to identify the benefits that your program intends to deliver. You can use various methods and tools to identify program benefits, such as stakeholder analysis, benefits dependency mapping, benefits identification workshops, and benefits register. The key is to involve your stakeholders in the process and to capture their expectations, needs, and preferences. You should also consider the different types of benefits that your program can generate, such as financial, operational, social, environmental, or strategic benefits. You should define your program benefits clearly, realistically, and measurably, and link them to the program vision and objectives.

3 How to estimate program costs and resources?

The next step in weighing program benefits against costs and resources is to estimate the costs and resources that your program will incur and consume. You can use various methods and tools to estimate program costs and resources, such as cost-benefit analysis, resource breakdown structure, resource leveling and smoothing, earned value management, and risk analysis. The key is to consider the direct and indirect costs and resources of your program, such as labor, materials, equipment, facilities, overheads, contingencies, and opportunity costs. You should also consider the time frame and the life cycle of your program costs and resources, and how they will vary over time.

4 How to compare program benefits and costs?

The third step in weighing program benefits against costs and resources is to compare the benefits and costs of your program. You can use various methods and tools to compare program benefits and costs, such as net present value, internal rate of return, benefit-cost ratio, return on investment, or multi-criteria analysis. The key is to use a consistent and transparent criteria and methodology to compare the benefits and costs of your program, and to account for the uncertainties and assumptions involved. You should also consider the qualitative and non-monetary benefits and costs of your program, and how they will affect the stakeholders and the society.

5 How to prioritize program benefits and resources?

The fourth step in weighing program benefits against costs and resources is to prioritize the benefits and resources of your program. You can use various methods and tools to prioritize program benefits and resources, such as MoSCoW analysis, Pareto analysis, scoring models, or decision matrices. The key is to use a weighted and objective criteria to rank the benefits and resources of your program, and to balance the trade-offs and constraints involved. You should also consider the dependencies and synergies between the benefits and resources of your program, and how they will influence each other.

6 How to monitor and evaluate program benefits realization?

The fifth step in weighing program benefits against costs and resources is to monitor and evaluate the benefits realization of your program. You can use various methods and tools to monitor and evaluate program benefits realization, such as benefits realization plan, benefits tracking dashboard, benefits reviews, or benefits audits. The key is to use a regular and systematic process to measure and report the actual benefits delivered by your program, and to compare them with the planned benefits. You should also consider the changes and risks that may affect the benefits realization of your program, and how to manage them.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?