According to the PMBOK Guide, benefits are the measurable improvements resulting from a project that are perceived as positive by one or more stakeholders. Benefits can be tangible or intangible, and they can be realized during or after the project. Benefits realization is the process of ensuring that the benefits of the project are delivered and sustained. Benefits realization management is the collective set of processes and practices for identifying, defining, planning, tracking, and realizing the benefits from the project. One of the key activities in benefits realization management is to review the target benefits periodically and assess whether they are still valid, achievable, and aligned with the project objectives and the stakeholder expectations. A possible change in regulations that would prevent the product launch is a significant risk that can jeopardize the benefits realization of the project. Therefore, the project manager should review the target benefits and evaluate the impact of the regulatory change on the project scope, schedule, cost, quality, and stakeholder satisfaction. The project manager should also consider the feasibility and desirability of continuing the project, modifying the project plan, or terminating the project, based on the expected benefits and costs.
The project manager should communicate the results of the benefits review to the project sponsor, the project team, and the other relevant stakeholders, and seek their input and feedback. The project manager should also update the benefits management plan, the benefits register, and the risk log, as appropriate, to reflect the current situation and the actions to be taken. References:
* PMBOK Guide, 7th edition, Chapter 1: Introduction, Section 1.2: What is Project Management?, pp. 5-61
* PMBOK Guide, 7th edition, Chapter 2: Project Performance Domains, Section 2.8: Benefits, pp. 33-351
* PMBOK Guide, 7th edition, Chapter 3: Project Management Principles, Section 3.4: Deliver Value, pp. 39-401
* PMBOK Guide, 7th edition, Chapter 10: Risk, Section 10.2: Plan Risk, pp. 161-1631
* PMBOK Guide, 7th edition, Chapter 10: Risk, Section 10.3: Manage Risk, pp. 164-1651
* Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1:
Needs Assessment, Task 1.1: Assess the current state of the organization, pp. 19-202
* Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1:
Needs Assessment, Task 1.2: Identify the future state of the organization, pp. 20-212
* Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1:
Needs Assessment, Task 1.3: Identify gaps between the current and future states, pp. 21-222
* Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 1:
Needs Assessment, Task 1.4: Define the scope of the business analysis effort, pp. 22-232
* Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 4:
Traceability and Monitoring, Task 4.2: Assess the value delivered by the solution, pp. 29-302
* Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 5:
* Evaluation, Task 5.1: Validate the solution, pp. 31-322
* Professional in Business Analysis (PMI-PBA) Handbook, Section 5: Exam Content Outline, Domain 5:
Evaluation, Task 5.2: Evaluate the solution, pp. 32-332
* Managing the Impact of Regulatory Change on Policies3
* Defining a Regulatory Change Management Process4