What is Benefit Management

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What is Benefits Management?

• Presented By - www.Tools4Management.com

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Understanding Project Benefits

• An efficient manager makes sure that his or her
  team can make the maximum out of a particular
  project.
• As a manager, you must use project management
  tools online to assess measure, plan and record
  the benefits of a project. Benefits come into
  existence from the time the investment for a
  project starts and continue till the last benefit
  is received. The perfect project benefits should
  adhere to SMART criteria.

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Benefits Management Process in Details

• The benefits management process includes 4 steps.
  
• Identification - Identifying benefits at the
  earliest stage, engaging the resource or team
  supposed to be benefitted, modeling and profiling
  the benefit.
• Planning - Creating benefit realization plan and
  benefit management strategy.
• Realization and record of benefits - Managing the
  benefits in the project
• Evaluation - Reviewing the project after it is
  completed.

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What are the Responsibilities of a Manager?

• Manage daily activities in the organization with
  an aim to achieve benefits
• Train resources to accomplish expected benefits
• Maintain a benefit documentation library
• Create report on the achievement of benefits
• Track the direction of temporary arrangements in
  the business process
• Ensure project success with the hope to realize
  benefits

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Why is Benefits Realization an Integral Part of
an Organizations Management?

• Benefits management is the link between change
  management and project delivery.
• Benefits realization is the ultimate focal point
  of projects in change implementation.
• With the help of project management tools online
  and benefits management you can render optimum
  value to your business.

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