What is BS 202002 – Benefits management about?
Organizations invest resources in projects to get benefits, but those benefits don’t happen by themselves, they need to be managed. BS 202002:2023 is a new national standard on how to deliver the planned benefits of projects, programmes and portfolios for the organization and its customers.
Who is BS 202002 – Benefits management for?
The standard can be used in any industry, but is expected to be used primarily in:
- Construction
- Infrastructure
- IT
- Petro-chem
- Utilities
- Mining
- Heavy engineering
- Space and defence
- Further and higher education
- Training organizations
Users will be:
- Managers in organizations that undertake projects
- Project managers and sponsors
- Team managers and members and project support staff, including members of project management offices
- Business and technical specialists
- Educators and trainers
- Those involved in business change and benefits management
What does BS 202002 – Benefits management cover?
It provides guidance for developing frameworks and processes to enable the assurance and control of activities designed to deliver planned benefits for the organisation and its customers.
BS 202002:
- Underlines that the failure to focus on benefits is expensive for organizations
- Highlights that benefits management applies at all levels, from optimizing investment across the portfolio, through ensuring that the right things are done in the right order in programmes to maintain cash flow and stakeholder engagement, to being a motivator for project teams
- Shows that benefits management starts before the programme exists, and continues through programme delivery (as a basis for making decisions) into handover to operations and embedding
- Shows that benefits management replaces a number of other project management processes that are less effective at achieving the desired success
Why should you use BS 202002 – Benefits management?
BS 202002 can help organizations:
- Improve project success rates
- Make far better use of scarce resources
- Achieve more consistent results
- Become less wasteful and more successful
- Develop their expertise with benefits management
- Improve their efficiency and risk management
- Grow sustainably
BS 202002 contributes to UN Sustainable Development Goal 8 on decent work and economic growth, Goal 9 on industry, innovation and infrastructure, Goal 11 on sustainable cities and communities and Goal 12 on responsible consumption and production.