Introduction to Benefits Log
Many would argue that a benefits log is the most important document your project can have; I agree. What is the point of doing a project if it doesn’t deliver benefits to the business?
Most projects will gather potential benefits when completing the business case. This is a good start and will help get your business case signed off. But many projects never get beyond this initial step.
Most PMs never track the benefits across the lifecycle of the project. And more importantly, they don’t instil a process for benefits realisation after project completion.
As a result, a lot of projects don’t know the benefits they’re delivering or should have delivered beyond some vague platitudes or questionable numbers.
Our free benefits log will help you get your benefits in order by allowing you to track benefit owners, measurements, and dates.
Points of Interest
These relate to the blue boxes in the template – please delete them
1) ‘Project’ Column – If you’re working on one specific project then remove this column. Or you can change it to read ‘area’ or ‘project stage’ etc.
2) Baseline Measurement – This is the measurement before your project began (where applicable)
3) Measurement Column – Use these columns to record the value of your measurements (where applicable). I recommend adding the date on which you measured to the column name for future reference.
Benefits realisation is a massive and complex topic. Although this benefits log is a good start, it shouldn’t be the only thing you use or rely on.
For example, it’s recommended that you create a benefits realisation plan and strategy, as well as potentially create benefit profile cards.
Got a recommendation? Then please get in touch with me here to let us know! We’re always looking to improve our documentation.