Benefits Management Plan
Definition
The Benefits Management Plan describes how and when project benefits will be measured, who is responsible (benefit owners), and the timeline for realization. It is created by the sponsor and PM during initiating and updated throughout the project. It defines specific benefit metrics, measurement methods, baseline values, target values, and the handoff plan for sustaining benefits after project closure.
Related concepts
Exam angle
- Benefits management continues post-closure: the plan often specifies benefit realization activities that happen months or years after the project ends — the PM may not be involved
- Sponsor owns benefits: the sponsor (not the PM) is ultimately accountable for ensuring benefits are realized — PM delivers the product, sponsor delivers the value
- Different from project management plan: Benefits Management Plan is a business document, not a project management subsidiary plan