Value, the business case, and benefits realisation
What you'll be able to do
Projects exist to deliver more value than they cost. The business case is the bet; benefits realisation is checking whether the bet paid off.
- Value = the ultimate success indicator in PMBOK 8e (a refined principle of the 8e standard).
- Business case is owned by the sponsor; PM uses it as the north star.
- Benefits realisation is post-closure — handled by ops or the program owner.
PMBOK 8e elevates value to the primary success indicator. Value can be quantitative (return on investment, payback period, net present value) or qualitative (brand lift, employee satisfaction, regulatory compliance). The project exists to deliver target business objectives that are worth more than what is invested.
Value is captured in the business case — the document the sponsor produces before the project is authorised. It states why the project is being undertaken, the expected benefits, the financial justification, and any assumptions. The business case is owned by the sponsor, not the project manager, and it's the document the project is measured against at closure and during benefits realisation.
Benefits realisation extends past project closeout. The deliverable might be released on day one, but the actual benefits (productivity gain, cost saving, market share) typically take months to land. The benefits management plan describes how, when, and by whom benefits will be measured, so the receiving organisation can confirm the value actually showed up.
Key points
- Value = the ultimate success indicator in PMBOK 8e (a refined principle of the 8e standard).
- Business case is owned by the sponsor; PM uses it as the north star.
- Benefits realisation is post-closure — handled by ops or the program owner.
- If the business case is no longer valid mid-project, terminate (or re-plan); don't blindly finish.
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