PMI Report – Identify benefits to drive business results

Get the ful report at https://www.pmi.org/learning/thought-leadership/pulse/identify-benefits-business-results/ 

TO BETTER UNDERSTAND BENEFITS, WE SHARE THE FOLLOWING DEFINITIONS:

    • PROJECT BENEFITS: Project benefits can be considered synonymous with positive strategic impacts.

    • OBJECTIVES: Project objectives are the 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. Project success measures typically specify project outputs, as opposed to outcomes.

    • BENEFITS: Project benefits are the value that is created for the project sponsor or beneficiary as a result of the successful completion of a project.

    • BENEFITS REALIZATION: Benefits realization is the means to ensuring that benefits are derived from outputs.

    • BENEFITS REALIZATION MANAGEMENT: Benefits realization management incorporates the activities of managing benefits throughout the life of the project: Identify, Execute, and Sustain.

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