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22 Examples of Project Benefits

 , updated on November 01, 2017
Project benefits are the advantages and gains that are delivered by a project. They are defined in a business case and other early stage project documents such as a project charter. Project benefits may be traced to project objectives and tracked over the course of a project. In some cases, a project is delivered on-time and on-budget but project benefits fail to materialize. As such, identification, quantification and validation of project benefits is considered basic due diligence for large projects. The following are illustrative examples of a project benefit.

Revenue

Revenue from sources such as a new product or product improvement.

Cost

Cost reductions such as automation of a resource intensive activity.

Efficiency

Improving systems, infrastructure and processes to get more output for a unit of input.

Productivity

Improving a tool or process to get more output for an hour of work.

Risk

Reducing or avoiding a risk. For example, a new product feature may not improve revenue but it may reduce a competitive risk that can be quantified in terms of potential revenue declines.

Reputation & Compliance

Complying with rules and regulations, improving your reputation or reducing reputational risks.

Sustainability

Taking steps to reduce the environmental impact of your operations, treat workers fairly and improve quality of life for communities.

Resilience

Taking steps to make your organization more resilient to stresses. For example, installing your own solar power systems so that you have some access to power if the grid goes down.

Assets

Development of valuable assets such as digital assets, facilities and infrastructure.

Decision Support

Information and tools designed to improve strategy, decisions and problem solving.

Data Quality

Improvements to data quality that reduce operational errors.

Customer Experience

Improving customer experience, typically measured in terms of customer satisfaction. For example, improvement to a hotel lobby that results in better ratings on travel sites.

Service Quality

Improving your services such as the speed of your website.

Product Quality

Improvements to the quality of products such as a phone that is more reliable.

Brand Identity

Projects that remove gaps between how a brand wants to be perceived and how it is perceived. For example, an organic cosmetics company that reformulates products to remove an ingredient that is perceived as unhealthy, environmentally destructive or artificial.

Market Share

Competitive advantages that allow you to take market share from competitors.

Pricing Power

Competitive advantages such as premiumization of products that gives you pricing power in the market. Measured with profit margins.

Customer Lifetime Value

Improving customer lifetime value. For example, preventing customer churn by fixing a problem with your products, services or experience.

Brand Awareness

Anything that is done to increase customer awareness of your brand and its attributes. For example, a project that gives back to the community that also generates significant publicity.

Organizational Culture

Projects designed to improve employee satisfaction or some element of organizational culture such as creativity. For example, renovation of an office to support creative processes such as a mix of quiet spaces and social spaces.

Knowledge

Developing the capabilities of teams with training, knowledge tools and knowledge resources.

Quality of Life

Projects for governments, non-profits and cities are often measured in terms of the quality of life of communities. For example, a project that has air quality benefits.
Overview: Project Benefits
Type
Definition
The advantages and gains that are delivered by a project.
Related Concepts

Project Management

This is the complete list of articles we have written about project management.
Acceptance Criteria
Acceptance Testing
Actual Cost
Agile
Assumptions
Baseline
Basis Of Estimate
Behavioral Requirements
Burndown Chart
Change Control
Change Control Board
Change Fatigue
Change Request
Concept Note
Cone Of Uncertainty
Constraints
Corrective Action
Cost Baseline
Cost Contingency
Cost Control
Cost Overrun
Cost Variance
Defect
Defect Density
Definition Of Done
Deliverable
Document Control
Earned Value
Escalation
Estimate At Completion
Estimate To Complete
Estimates
Feasibility Analysis
Fudge Factor
Full-Time Equivalent
Human Factors
Issue Management
Issues
Lead Time
Lessons Learned
Level Of Effort
Milestone
Opportunity Study
Out Of Scope
Parametric Estimate
Phased Implementation
Planned Value
Principles
Process
Program Management
Project Charter
Project Communication
Project Complexity
Project Concept
Project Controls
Project Failure
Project Goals
Project Management
Project Metrics
Project Planning
Project Productivity
Project Proposal
Project Risk
Regression Testing
Requirements
Requirements Quality
Return On Investment
RFP
Risk Register
Schedule Baseline
Schedule Chicken
Scope
Scope Baseline
Scope Creep
Scrum
Set Up To Fail
Smoke Testing
Specifications
Sponsor
Sprint
Stakeholder
Stakeholder Management
Statement Of Work
Story Points
Subproject
Use Case
User Stories
Variance Analysis
Workaround
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Project Risk

A list of common project risks.

Project Management Basics

A list of basic project management techniques.

Workaround

A definition of workaround with examples.

Project Branding

A list of project branding techniques.

Stakeholder Management

An overview of project stakeholder management with examples.

Action Plan

A definition of action plan with examples.

Cost Overrun

The primary types of cost overrun.

Document Control

The definition of document control with examples.

Project Oversight

A guide to project oversight.

Design-Driven Development

A definition of design driven development with examples.

Business Analysis

A list of business analysis techniques and deliverables.

Cost Analysis

The common types of cost analysis.

Needs Analysis

The common types of needs analysis.

Business Needs

The common types of business need.

Business Needs Analysis

The common types of business needs analysis.

Fishbone Diagram

An overview of fishbone diagrams with examples.

Business Requirements

An overview of business requirements with examples.

Business Requirements Document

A business requirements document template with an example.

Business Analysis Examples

A definition of business analysis with examples.

Business Analysis Definition

The definition of business analysis with examples.
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