|The guide Managing Benefits™, written by Stephen Jenner and published by APMG, defines benefits management as being made up of the following practices:
- Identify and quantify
- Value and appraise
|A 2-day practical workshop for benefits analysts to learn to facilitate the process and apply the techniques of Benefits Modelling & Analysis.
Benefits Modelling & Analysis are vital steps within this cycle, since they serve to identify, quantify and value benefits, thus providing a sound basis for appraising, prioritising and planning benefits realisation.
Being able to carry out benefits modelling and analysis completely and effectively is a key contributor to writing good business cases and planning a portfolio or programme that optimises the benefits from investing in change, whilst also identifying as many risks, assumptions and stakeholder dependencies as possible.
Benefits modelling and analysis typically involves four groups of stakeholders:
- The analysts – who facilitate the process and know what questions to ask and what analysis to perform
- The experts – who know the answers to the questions
- The decision makers – who set priorities and make decisions
- The benefit owners – who accept accountability for the performance improvements that will ultimately lead to benefit realisation
It often happens that one individual may cover more than one of these roles, for example, the same person may act as expert and decision maker, or as decision maker and benefit owner.
The role of analyst is often performed by individuals in functions such as Business Case Developer, Investment Analyst or Portfolio Analyst.