Enabling Project Benefits

For indirect and capital projects, an additional way to analyze project finances is by tracking project benefits. By planning project benefits, you can quantify the financial benefits to help justify the need for the project. You can also plan the non-financial benefits of a project, which can be used to justify a project and help measure a project's success.

Select Project Benefits and then specify the type of project benefits to enable:

• Financial—You can define financial benefits associated with projects; users can track project performance. For example, if you are setting up a new web site, you can track financial benefits that might come out of the project. For example, you might get incremental revenue from leads from the web site, or, if you handle queries on the web site, you might see call center savings. Or a new video conferencing facility can lead to savings on travel expenses.

• Non-Financial—You also can define non-financial benefits. For example, a new web site might improve the customer satisfaction index, or you might see an incremental increase in your user base by investing in the project. You can quantify the benefits and map them to various project accounts.

Once you define the benefits, users can track the performance.

Users can also capture additional qualitative project benefits that aren't trackable with numbers that can help justify projects. For example, you could note that customers will have a better user experience with the improved web site design.