Project Benefits Management Plan (PBMP)

Mudassir IqbalFebruary 8, 2023PMP ConceptsNo comments

Mudassir Iqbal, a professional skills trainer, gives an in-depth overview of the Projects Benefits Management Plan. He talks about how a Project Benefits Management Plan (PBMP) helps the organization identify the timeline of the promised benefits in the business case and how to measure success when they are delivered. The goal of undertaking projects is to offer tangible or intangible benefits as an outcome of delivering the products of the project.

A Project Benefits Management Plan (PBMP) is a document that outlines how the benefits of a project will be realized and managed. The PBMP outlines the expected benefits of the project, the approach to realizing these benefits, and the methods used to measure and track the benefits. The PBMP also includes a plan for communicating the benefits to stakeholders, including project team members, stakeholders, and customers.

There are several different types of benefits for a project such as minimizing business costs through the automation of a procedure, enhancing corporate sales with advanced and new products, and meeting the requirements of a statutory or governing matter. You might often think how to achieve value from your investments. Mudassir Iqbal discusses a structured way to make sure you acquire benefits from your investments in which stakeholders’ engagement forms an essential part of this process. Also, the Benefits Management Plan is reviewed consistently throughout the project to ensure the declared benefits are on the right track of delivery.

A Project Benefits Management Plan (PBMP) is used to ensure that the benefits of a project are realized and sustained. The PBMP outlines the expected benefits of the project, the approach to realizing these benefits, and the methods used to measure and track the benefits. The PBMP also includes a plan for communicating the benefits to stakeholders, including project team members, stakeholders, and customers.

The PBMP is used throughout the project life cycle, from project initiation to project closeout, to help ensure that the benefits of the project are realized and sustained. It is a living document that is updated regularly to reflect changes in the project and the business environment.

The Episode went On-Air on 8 Sep, 2018

Updated on 8th Feb 2023

Mudassir Iqbal

I am the founder of Know Your Project (KYP) IT Consulting and Training Company. We are based in Pakistan but work extensively with middle-market businesses directly in the European, Middle East and South Asia Regions, as well as through partnerships with multinational companies like yours. I have personally delivered several digital change projects across many sectors globally - including construction, technology, finance, manufacturing, warehousing, logistics, telecommunication. My areas of expertise are concerned with Business Process Re-engineering (BPR), IT Governance and Assurance, PMO Setup, and Business and IT Agility. I also have substantial experience strategizing ERP implementations and have been working with Oracle, SAP, Microsoft Dynamics and Odoo for the best part of my professional life. Both nationally and internationally, I’m also providing in-depth, high-caliber executive development and training in various fields, covering topics such as project planning, project management, leading teams, cultural change. I’m a passionate writer and speaker on the topics of Digital Transformation, CIO, ERP and Project Management.