Benefits Management Template [Free download]

I asked our Facebook group members what templates they would like me to create. Denise replied that she wanted to create a simple plan for benefits management.
Benefits management can be confusing. Is it the responsibility of the project manager? Is it the job of the business owner? How can we all work together to reap the benefits?
All of these things can be managed with the benefits management plan.

What is a Benefits Management Plan and how do you define it?
The benefits chain
Identifying the benefits
How to use the Benefits Management Plan Template (Word version)
Next steps

This is the first page in the template you can download from our Resource Library in Word format. You can then edit it for your projects.
The business case should clearly show the benefits.
The job of the project manager is to ensure that the business achieves the benefits by delivering the enablers, business change and a tracking system. new reports etc
After the project is completed, the business owner is responsible to track benefits and report back to their line manager. ensuring that people get the benefits they are entitled to.
Track benefits only for a brief period after the project. Consider when a benefit becomes “just the way we do our business around here”. It is impossible to track product sales 5 years after launch. Benefits become normal expectations at some point. This will likely occur in the next financial years after the benefit begins to take effect. Track it until the end and then the new improved situation becomes part of your baseline expectations for next fiscal year.

Projects may deliver benefits even before the program is complete. While the program is still in progress, the program team might also be responsible for benefits tracking.
To help you with all of this, I have created a simple benefit management plan template that can be downloaded from our Resource Library.
What is a Benefits Management Plan and how do you define it?
A benefits management plan is a document that outlines:
What benefits can you expect from the project
The benefits management approach, i.e. How you will ensure that benefits are created
Who owns them?
How to measure expected benefits for tangible and intangible benefits
What is required to reach them.

Although it doesn’t need to be complicated, it is important to think about the benefits this project will bring and how they will be achieved.
Tip: Pay attention to the names of the people or roles who will be benefit owners. This is a strange job, and it means that people are held responsible for what they deliver. They might feel they don’t have enough control and may not be willing to accept this role. That’s my experience.
Your benefits management plan should be included in your overall project plan. If you find it helpful to copy and paste my template into the’master plan’ document, then do so. It should provide a structure for managing the benefits identification process and their realization.
The benefits chain
The benefits chain simply shows how project benefits are linked to the desired end result. It is illustrated in the image below. The outputs of the project feed into the business change that should lead to the desired outcomes. These outputs are then combined with the benefits from other projects.
Once the benefits are removed, you will be left with the benefits that should help you achieve the strategic objectives you set out. This gives you a benefit map that shows where the benefits are coming from and which projects drive them (which should then feed into project prioritization).