According to the PMBOK® Guide and the Standard for Program Management, the transition from a business case to a tangible project requires a structured way to define and track success.
Why Choice B is correct: While a Business Case provides the " why " (the economic justification), the Benefits Management Plan provides the " how " and " when " regarding the business value.
Strategic Alignment: It formally documents how the project outcomes will align with the organization ' s strategic goals.
Target Benefits: It defines the specific, measurable gains (tangible or intangible) that the project is expected to deliver.
Metrics and Timeline: It outlines the Key Performance Indicators (KPIs) to measure benefit realization and specifies the timeframe for when these benefits will be realized (short-term vs. long-term).
Accountability: It identifies the " Benefit Owners " —those responsible for ensuring the value is captured after the project is closed.
Analysis of other options:
A (Feasibility study): This determines if a project can be done (technical or financial possibility). While it supports the business case, it is a binary assessment (Yes/No) rather than a plan for documenting and tracking ongoing business value.
C (Market study): This provides data on external demand. It is a tool used within the creation of a business case to justify the project, but it does not serve as a formal management document for the internal business value the committee is asking for.
D (Create a presentation): While a presentation is a communication tool, it is not a formal project management document or artifact. The Steering Committee requires a structured plan that can be used for governance and performance measurement throughout the project lifecycle.
Key Concept: The Project Management Institute (PMI) emphasizes that " Project success is measured by the realization of benefits. " For a Portfolio Steering Committee, the Benefits Management Plan (Choice B) is the essential document that moves beyond simple profit projections to show a comprehensive, managed approach to creating and sustaining value for the organization.
