What is Benefits Management? Project Management in Under 5

We do projects, so we can gain benefits. So, what is Benefits Management?
Here, Dr Mike Clayton, founder of OnlinePMCourses.com, answers this question, in under 5 minutes.
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Best of all...
We have a course: Project Benefits Management.
school.onlinepmcourses.com/p/...
The standard price is US$57 (+ any local taxes)
And, even bettter, there is a coupon code for a generous discount for my KZbin followers.
Just use Coupon Code YTBENMGT30 at checkout for a 30% discount (Pay less than $40)
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[@thomassteadman6180]

Thanks for your videos Mike, excellent, high quality and insightful as always ☑️

[@Onlinepmcourses]

My pleasure - thanks for your endorsement.

[@Seebzters]

I've noticed that if you transition to a project that even has completed the planning process, you would still refer to the project charter for the business value especially if another option has the PMP (more evolved than charter) but you wouldn't necessarily refer it for business value over other project constraints

[@Onlinepmcourses]

Seeba - in my experience, when taking on a new project that's part-completed, the thing to do is to read every document available. Partly to get a sense of history, but largely to check they are all completely consistent with one another! By the way, if you need to take over someone else's project, you may enjoy this article: onlinepmcourses.com/ultimate-project-takeover-formula/

[@OnceTheyNamedMeiWasnt]

Hi Mike, this was excellent, really useful. I'm also looking for a benefits strategy/framework (and any templates). Ideally something practical that can be applied / tweaked for an org. I'd be really grateful if you could point me towards something. Thanks

[@Onlinepmcourses]

Stephen - as it happens, we're launching our course on Project Benefits Management this month. There are three new vids here on KZbin and one to come next Thursday. There is a detailed article on our website at onlinepmcourses.com/benefits-management-what-every-project-manager-needs-to-know-and-do/ BUT... If you want the whole package including checklists and templates, then check out the full course: It's only $27 until the end of Feb ($57 afterwards): onlinepmcourses.com/project-management-skills-courses/project-benefits-management-course/

[@laxsal12]

Excellent explanation👍

[@Onlinepmcourses]

Glad it was helpful!

[@laxsal12]

@@Onlinepmcourses It was crisp and to point. thanks a lot again

[@Onlinepmcourses]

@@laxsal12 Thank you.

[@AaronG303]

G'day Mike...as in the outcomes for not paying enough attention to risk, lack of attention to the benefits should be as much at the forefront. With this in mind I can imaging further develop in PMI focus on this subject as it seems there is much more opportunity for this document and associated processes to be developed. (an example is how the benefits of "positive" risk is being further promoted) Can you advise if there are templates for benefits management tracking and performance evaluation? If so are the benefits "ranked" and possibly prioritized so the project team is fully informed? I also can appreciate there may be certain senior management sensitivities in terms of the organizations "needs" aligned with their commercial/financial desired outcomes. It may be in the projects interest to reveal all. Also, cheers again for the way you provide explanation with clarity and simplicity Aaron G

[@Onlinepmcourses]

Hi there, Gritty (can I call you Gritty? Or is it m Wombat?). I totally agree that PMI has far too little focus on Benefits - their practice guide is limited and there is a woeful lack of anything in the current (6th Ed) of the PMBOK Guide. As it happens, I am currently (as in the videos are filmed and some are edited - late Sep 2020) working on a Benefits Management course - which will have templates and checklists users can take and adapt to their own projects. You'll need to bear with me, because I am doing this because I don't know of other sources. Because the run-up to and immediate follow-on from Xmas and New Year is a bad time to launch a product, I am planning to release early February. Sign up for my newsletter (link follows) and you'll not only get advanced notice, but pre-launch pricing. Newsletter link: onlinepmcourses.com/assets440251/the-onlinepmcourses-newsletter/

[@AaronG303]

@@Onlinepmcourses ...Gday Mike, call me Gritty" not a problem! I'm in deep study before I take the PMP exam. I do agree with you there are plenty of practical areas PMI can add valuable information and/or improve the content so it is far more intuitive. I really "feel" for those ESL students who may have the "right stuff"/competencies to pass the exam however often face hurdles with the langue used, and style of teaching (that's common feedback). This is where I commend PMI for being very inclusive culturally, and I do hope folk( from all language backgrounds) continue to advocate for universal/intuitive content. I've found here in Canada, much of the post secondary literature originates in US.....a pity as many of the processes (business, risk etc) vary and are distinct between the two countries!

[@Onlinepmcourses]

@@AaronG303 indeed - I wonder that PMI is quite didactic on some of its formulations. Many countries like here in the UK and, you suggest, Canada have differing but equally valid approaches to the elements of PM. It is a challenge but would be good if an international standard, as PMP seeks to be, were more internationalist in its approach.

[@radicaltp]

Some examples of benefits perhaps ?

[@Onlinepmcourses]

Something that had to go in getting to the short format: reduced returns, faster turn-around times, enhanced customer satisfaction, higher test pass rate... The list is endless and entirely dependent on the context of your project.