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© The British Standards Institution 2023

Published by BSI Standards Limited 2023

ISBN 978 0 539 28461 4

ICS 03.100.01

The following BSI references relate to the work on this document:
Committee reference MS/2
Draft for comment 22/30416252 DC

Foreword

Publishing Information

This British Standard is published by BSI Standards Limited, under licence from The British Standards Institution, and came into effect on 31 May 2023. It was prepared by Technical Committee MS/2, Project, program and portfolio management. A list of organizations represented on this committee can be obtained on request to the committee manager.

Relationship with other publications

The principles and guidance in BS 202002 can be embodied in structured methods, such as BS 6079:2019 and GovS 002:2021 [1]; the BS ISO 21500 series, including BS ISO 21500; BS ISO 21502; BS ISO 21503; BS ISO 21504; BS ISO 21505; PD ISO/TR 21506 and BS 2020011.

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Use of this document

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0 Introduction

This British Standard aims to provide guidance to those responsible for benefits management in the context of portfolios, programmes, projects and other related work. Benefits management is central to the successful delivery of programmes and projects. If appropriate, where effort is dedicated to understanding the benefits and stakeholders’ needs and the changes required, the likelihood of success can be increased.

The principles and practices provided in this British Standard provide guidance relevant to the management of portfolios, programmes and projects of all sizes, complexity and duration in all sectors. The practices in this British Standard can be tailored to suit the particular circumstances in which they are being used, e.g. HM Government projects that follow GovS 002: Project delivery; functional standard [1]; or organizational context.

A focus on benefits management is a foundation to identify the changes to the organization that would be required in order to realize benefits and achieve the organization’s objectives. Benefits management is a dynamic activity for:

aligning the organization’s systems, processes and objectives;
identifying and quantifying financial and non‑financial benefits to support strategic decisions, in particular on committing investment of resources;
systematic tracking and consistent forecasting of benefits realization to support tactical decisions;
driving accountability for results; and
organizing and managing organizational and societal change, as appropriate.

Existing benefits might be enhanced or reduced by the change activities, and new benefits might be created or emerge.

Figure 1 illustrates the structure of this British Standard.

1 Scope

This British Standard provides principles and guidance for managing benefits, including developing benefits management frameworks and processes, and enabling the assurance and control of activities designed to realize planned benefits for the organization, its customers and stakeholders.

This British Standard supports the management of unplanned and emergent benefits and dis‑benefits, and the optimization of benefits.

This British Standard can be applied to portfolios, programmes, projects and other related work.

This British Standard is relevant to senior directors, managers and benefits management practitioners, and those who work or interact with them, regardless of their experience, including:

the organization’s management teams;
portfolio directors and managers;
sponsors and managers of programmes and projects;
NOTE Sponsors can include senior responsible owners.
specialists in the management of organizational and societal change;
user‑centred design teams, knowledge management teams, researchers, evaluation/analytical teams; and
educators and trainers.

2 Normative references

3 Terms and definitions

4 Context in which benefits management should happen

4.1 Value of implementing benefits management

4.2 Organizational context

4.3 Portfolios, programmes and projects

4.4 Management of organizational and societal change

4.5 Benefits

4.6 Benefits management

5 Governance of benefits management

5.1 Management framework

5.2 Assurance of benefits management

5.3 Benefits management roles

6 Principles

6.1 Benefits management effort is proportional to the impact of the investment

6.2 Business case or portfolio plan sets out benefits and is reviewed

6.3 Benefits management is an ongoing activity

6.4 Stakeholders are engaged in benefits management

6.5 There is clear responsibility for realizing benefits after work components are completed

6.6 Benefits should be prioritized for management and realization

6.7 Benefits have a causative connection to the work components which enable them

6.8 The time period over which benefits are recognized is defined

6.9 Environmental and social benefits are recognized and reported

7 Application of benefits management across a portfolio

7.1 Overview

7.2 Define and clarify required benefits

7.3 Assess benefits realization

7.4 Identify benefits variance

7.5 Address benefits variance

8 Application of benefits management across a programme or project

8.1 Overview

8.2 The process of benefits management across a programme or project life cycle

8.3 Define need or opportunity, and value to the organization

8.4 Plan benefits and contribute to the business case

8.5 Recommend decisions during delivery of a work component to optimize benefits realization

8.6 Monitor benefits realization

8.7 Benefits management in other related work

8.8 Programme and project benefits in the context of portfolio management

9 Benefit cycle

9.1 Overview

9.2 Identify a benefit

9.3 Plan a benefit

9.4 Realize a benefit

9.5 Review the realization of a benefit

10 Benefits management practices

10.1 Overview

10.2 Benefits mapping

10.3 Benefits categorization

10.4 Benefits valuation, forecasting and measurement

10.5 Risk, assumption, issue, dependency (RAID) management

10.6 Prioritization of work

10.7 Benefits realization plan

10.8 Benefits realization reporting

10.9 Engagement and consultation with stakeholders

10.10 Documenting benefits management

11 Implementation of benefits management across the organization

11.1 Overview

11.2 Implementing a benefits management framework

11.3 Establishing defined reporting units

11.4 Establishing a metrics and measures repository

11.5 Using benefits management for decision‑making

11.6 Using benefits management to drive strategy

Bibliography

BS 202002:2023

Applying benefits management on portfolios, programmes and projects. Guide

Current

Published:

31 Dec 2023