What is meant by benefits realization in a business case?

Benefits realization in a business case refers to the process of measuring and achieving the benefits that have been outlined in the project or initiative. This involves tracking the actual outcomes against the expected benefits to determine whether the project has delivered the value it promised. It focuses on ensuring that the intended benefits are not only identified at the outset but are actively pursued and realized throughout the life of the project.

This concept is essential because it links project execution with strategic objectives, enabling organizations to assess whether their investments lead to the desired improvements in performance or efficiency. Benefits realization typically includes steps such as defining clear metrics for success, monitoring progress through implementation, evaluating outcomes post-project, and making adjustments to ensure that value is maximized over time. The emphasis on measurable outcomes distinguishes benefits realization from other processes such as risk management or communication strategy development, making it a distinct and critical aspect of project management and business case development.