Benefits Management

A.

To ensure that the process of developing a business case for IT-enabled investments continually supports benefits realization, the benefits expected from investment programs must be actively managed through the project life cycle.

The project life cycle is the process of managing a project from its conception to its closure, including planning, executing, monitoring, and controlling the project. It is divided into phases that help to ensure the successful delivery of the project objectives.

Active management of benefits involves identifying, planning, and measuring the benefits of an IT-enabled investment program. This process ensures that the investment is aligned with the business goals and objectives and that the expected benefits are realized.

The project life cycle is an essential element in benefits management. It provides a framework for managing the project and ensures that benefits realization is integrated into every phase of the project. The project life cycle includes the following phases:

1. Initiation: This is the phase where the project is conceptualized, and the business case for the investment is developed. During this phase, the benefits of the investment program are identified, and a benefits realization plan is created.

2. Planning: This phase involves defining the project scope, objectives, and deliverables. The benefits realization plan is reviewed and refined during this phase to ensure that it is aligned with the project objectives.

3. Execution: This phase involves implementing the project plan and delivering the project objectives. The benefits realization plan is updated and monitored during this phase to ensure that the expected benefits are being realized.

4. Monitoring and Control: This phase involves tracking the project progress, identifying issues and risks, and taking corrective actions. The benefits realization plan is continuously monitored and updated during this phase to ensure that the benefits are being realized.

5. Closure: This is the final phase of the project life cycle, where the project is closed out, and the benefits of the investment program are evaluated. The benefits realization plan is reviewed to determine if the expected benefits were realized and to identify any areas for improvement.

In conclusion, to ensure that the process of developing a business case for IT-enabled investments continually supports benefits realization, the benefits expected from investment programs must be actively managed through the project life cycle. This approach provides a framework for managing the project and ensures that benefits realization is integrated into every phase of the project.