The functions of benefits management are as follows:
Without benefits management an organization will never achieve all the available value from a project. Benefits management permeates every aspect of project management. It is critical at both the initial startup and closedown of a project. The benefits identification process at the beginning of the project enables greater clarity of thought into whether the project is required.
Without considering the benefits that a project would deliver in addition to the deliverables, the organization has no way of knowing whether its resources will be well spent. Likewise, at the end of a project, care must be taken to embed realized benefits and transfer those yet to be realized to the ownership of operations. Too often projects are shut down on delivery of the final deliverables without thought being given to the continued realization of potential or agreed benefits, and it is often the case that the intended benefits are lost.
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