Project Canvas Part 4: Benefit

Summary

The transcript discusses the importance of understanding project benefits, distinguishing between features and benefits, and measuring success. It emphasizes that benefits should align with project goals and outcomes, rather than just focusing on timely delivery and financial metrics. The speaker explains how to measure benefits through specific metrics, such as time saved or data accuracy improvements, and tackles the challenges in evaluating benefits. Finally, it touches upon how to handle unexpected outcomes, like cost overruns or unmet benefits, in the decision-making process of continuing a project.

Takeaways

• 😀 The foundation of a project is centered around understanding the benefits and value the organization gains from the project.
• 😀 Benefits are the reasons for initiating a project and how its success is measured, contrasting with features which are specific functionalities of a system or product.
• 😀 A feature, like a notification reminder for students to pay tuition, is specific, while the benefit could be a 30% increase in on-time payments.
• 😀 Benefits should be aligned with the overall goals and purpose of the project, ensuring they are relevant to the desired outcomes.
• 😀 Traditionally, project benefits were defined as completing the project on time, within budget, and within scope, but this focus is shifting.
• 😀 The current paradigm emphasizes delivering benefits that align with the project's goals, rather than just completing tasks on schedule.
• 😀 Measuring benefits can be tricky, as it requires identifying appropriate metrics or tools to assess whether the expected benefits are realized.
• 😀 Example metrics for benefit measurement include comparing data before and after a system's implementation, like administrative time or HR data accuracy.
• 😀 It's important to determine how to measure non-financial benefits, such as employee satisfaction or system effectiveness, using surveys or indices.
• 😀 Key questions include determining what to do if the expected benefits aren't achieved, or if operational costs increase beyond the original budget.
• 😀 When faced with rising costs or unmet benefits, decisions must be made about whether to continue the project or halt it if the benefits are unlikely to be realized.

Q & A

What is the main focus of the 'benefit' section in the project?

The main focus is on understanding the advantages and value that an organization gains from a project. It emphasizes why the project is done and how the success of the project can be measured.

How does the script differentiate between 'features' and 'benefits'?

Features are the specific functions or elements of a project, such as notifications in a system, while benefits are the measurable outcomes or value gained, such as increasing the number of students paying on time due to those notifications.

What is an example of a feature and its corresponding benefit in the script?

An example is a feature like a WhatsApp notification for students about their semester payment deadline. The benefit of this feature is that it helps increase the number of students paying on time, improving financial punctuality.

What is meant by 'relevance of benefits' in the context of the script?

Relevance of benefits refers to ensuring that the benefits align with the goals and purposes of the project. It also involves focusing on more than just financial or quantitative benefits, but also considering other significant outcomes.

What is the traditional paradigm of measuring project success as mentioned in the script?

The traditional paradigm focuses on whether the project is completed on time, within budget, and within scope, but this may neglect other important benefits such as improved efficiency or employee satisfaction.

Why is focusing solely on financial benefits problematic?

Focusing too much on financial metrics can overlook other essential benefits, such as improvements in employee happiness or operational efficiency, which are also crucial to a project's success.

What are some challenges in measuring project benefits?

A major challenge is identifying the right metrics or tools to assess the benefits, such as comparing data before and after project implementation or measuring employee satisfaction through surveys.

How can project success be measured beyond financial metrics?

Success can be measured by examining various outcomes such as employee satisfaction, process efficiency, or data accuracy, in addition to financial results. These non-financial metrics offer a broader picture of a project's impact.

What should be done if a project does not meet expected benefits?

If a project does not meet its expected benefits, it is important to assess whether the project should continue or be halted. This decision depends on factors like whether further investment is justified to achieve the desired results.

What is the role of operational costs in evaluating project benefits?

Operational costs are a significant consideration when evaluating project benefits. If the operational costs exceed expectations and cannot be adjusted, it could affect the project's overall success, leading to a reevaluation of whether the project should proceed.