Tracking project benefits is a core part of Project Benefits Management. This excel template allows a project manager to track various aspects of project benefits including type, alignment and strategic importance.
|Project Benefits Excel Register|
About the Project Benefits Register
- Benefit Description - Clearly mention what the benefit is about. Examples of benefits descriptions are “ Resource Cost Savings”, “Productivity Gain”, “Reduced Hardware Requirement” etc. It is important to ensure that the description is unambiguous and easily understandable especially if it non tangible benefit. Tangible benefits can be easily quantified so the focus tends to be on the dollar value saved.
- Owner - The benefit owner is responsible to ensure the project team gets all the support and all the steps are taken to make sure the benefit remains on track. The owner should also be accountable for putting all the measures after realization of the benefit.
- Target - This is the date or time by which it is expected that the benefit will be realized and provide value to the business. It is important that the date be picked after careful thought as once the date is published all the stakeholders will have expectation that the dates be met.
- Benefit Type - This fields indicates if the type of benefit is tangible or intangible. Typically projects have both kinds of benefits and it is important to differentiate so the tangible can be quantified.
- Benefit Category - Describes what area of the business the benefits will help. Examples here are Process improvements, Improve UI/UX. The categories will differ based on the organisation.
- Alignment – This column describes how closely aligned the benefit is to companies or organisation needs. If this field indicates the benefits are not in line then they will be questioned by management.
- Realization Phase – The phase of the project during which the benefits are planned to be realized.
- Status – Indicates if the benefit is on track to be achieved. It is common for everyone to establish number of benefits but forget as project progresses.
- Planned Benefit and Actual Benefit – Benefits values which were planned and were actually achieved.
Best Practices for using the Project Benefits Register
- The project business case or project proposal are in the documents which can be source of benefits.
- Make it a habit to walk through the benefits register during and project meetings.
- Ensure you keep the register in a place where it is accessible to the required people.
- Always include information about project benefits in project status reports or project updates.
- On a regular basis review the benefits register with key stakeholders.
- Review the costs and dollar values for the benefits as change in the costs could affect the benefit amount.
- Clearly highlight the variances between planned and achieved benefits in various reports.
- Periodically do a reconciliation between business case/project proposal document to ensure both are aligned.
- Whenever adding anew benefit ensure all the stakeholders are informed.