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Topics: New Practitioners
Discussion on new PMBOKv6 concept: Project Benefits Management Plan
Network:9684



This discussion helps us understand the "why" we are often introduced to new concepts without asking ourselves the reason behind the decision. In this case, attention is drawn to the concept of "Project Benefits Management Plan." This definition was not part of PMBOK v5.

What is this concept?
Why is it introduced in v6?
What benefits does it bring to the PM sector?
How does it integrate with the rest of PMBOK concepts?
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Network:9684



This discussion helps us understand the "why" we are often introduced to new concepts without asking ourselves the reason behind the decision. In this case, attention is drawn to the concept of "Project Benefits Management Plan." This definition was not part of PMBOK v5.
Network:729



George -

Benefits management was overlooked or given scant coverage in the Fifth Edition so I heartily endorse the introduction of this although they still have a ways to go to truly address benefits management in a holistic manner.

We do projects not just to deliver scope but to deliver business benefits and value. While benefits might have been forecast or projected as part of the BC or SoW that preceded the project, and may have been refined in the development of the charter, if we don't quantify expected benefits, assign someone to monitor their realization and update forecasts, and track them as they are actually realized, we reduce the likelihood of achieving our portfolio returns.

In the bank I used to work for, benefits were another constraint which was baselined, tracked and could be grounds for cancellation of a project if there was sufficient benefits erosion.

Kiron
...
1 reply by George Lewis
Feb 03, 2018 7:18 PM
George Lewis
...
Kiron - I agree.

Also, it's essential to grasp the new concepts and understand the why and how they were added.
Network:10421



George, projects are initiated because of benefits of some kind: monetary, better process/system, regulatory/legal requirement (benefit here is don't get penalties or be sued), social advantages etc. So doing a thorough assessment of the benefits helps to get buy in, and in the case of mandatory projects, understanding of why it is necessary.
...
1 reply by George Lewis
Feb 03, 2018 7:15 PM
George Lewis
...
Sante - I agree
Network:9684



Feb 02, 2018 6:04 PM
Replying to Sante Vergini
...
George, projects are initiated because of benefits of some kind: monetary, better process/system, regulatory/legal requirement (benefit here is don't get penalties or be sued), social advantages etc. So doing a thorough assessment of the benefits helps to get buy in, and in the case of mandatory projects, understanding of why it is necessary.
Sante - I agree
Network:9684



Feb 02, 2018 11:02 AM
Replying to Kiron Bondale
...
George -

Benefits management was overlooked or given scant coverage in the Fifth Edition so I heartily endorse the introduction of this although they still have a ways to go to truly address benefits management in a holistic manner.

We do projects not just to deliver scope but to deliver business benefits and value. While benefits might have been forecast or projected as part of the BC or SoW that preceded the project, and may have been refined in the development of the charter, if we don't quantify expected benefits, assign someone to monitor their realization and update forecasts, and track them as they are actually realized, we reduce the likelihood of achieving our portfolio returns.

In the bank I used to work for, benefits were another constraint which was baselined, tracked and could be grounds for cancellation of a project if there was sufficient benefits erosion.

Kiron
Kiron - I agree.

Also, it's essential to grasp the new concepts and understand the why and how they were added.

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