Prince2: Benefits Review Plan
The Benefits Review Plan is a baselined product and it is created in IP defines how and when measurement of achievement of the project’s Benefits are expected by the Senior User.
- This plan is then presented to the Project Excutive during the Initiation a Project process.
- It is reviewed and updated at each stage boundary.
- Used during the close of project process to define any post-project reviews that are required.
When creating the Benefits Review Plan we must do the following:
- Review the Business Case as this is one of the source documents for all benefits listed.
- Identify how the achievements of each benefit is to be measured, capturing current baseline measurements
- Identify the skills or individuals required to carry out measurements.
- Ensure the effort and cost to undertake the benefits are realistic when compared against the anticipated benefits.
- Identify the timing of benefits reviews (Stage Boundaries)
- If this is part of a programme it may be managed at a programme level
The plan has to cover the activities to find out whether the expected benefits of the products have been realized and how the products have performed when in operational use.
Each expected benefit has to be assessed for the level of its achievement and whether any additional time is needed to assess the residual benefits. Use of the project’s products may have brought unexpected side-effects, either beneficial or adverse. Time and effort have to be allowed to identify and analyse why these side-effects were not foreseen.
If the project is part of a programme, the Benefits Review Plan may be contained within the programme’s benefits realization plan and executed at the programme level. Post-project, the Benefits Review Plan is maintained and executed by corporate or programme management.
The Benefits Review Plan may be derived from the following:-
- Business Case
- Project Product Description (and the acceptance criteria in particular)
- The programme’s benefits realization plan (if part of a programme)
- Corporate performance monitoring function (such as a centre of excellence), if one exists
What makes a excellent Benefits Review Plan
- Covers all benefits mentioned in the Business Case
- The benefits are measurable and baseline measures have been recorded
- Describes suitable timing for measurement of the benefits, together with reasons for the timing
- Identifies the skills or individuals who will be needed to carry out the measurements
- The effort and cost to undertake the benefits reviews is realistic when compared with the value of the anticipated benefits
- Consideration is given to whether dis-benefits should be measured and reviewed