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Benefits are quantified and positive project outcomes, such as increased revenues, reduced costs, performance and efficiency improvements.

Those who finance projects are likely to ask, 'What's in this for the organization?' when they examine benefits forecast in a proposal. A Project Manager needs confidence about whether the outcome of a project should earn or save money, so should be interested in net benefits, what will be left after all costs have been met.

So, consider whether, when and how a project's outcomes will improve the bottom line in the organization. Do this as part of an investment appraisal or feasibility study to attract backing for a proposal, possibly one of several competing for limited funding. If the proposal is approved, carry relevant information forward as input to a benefits realisation plan.

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