Benefits analysis—a robust assessment approach

Abstract

Benefits Analysis has been evolving over the past decade from roots in multi-criteria analysis, causal mapping and multi-methodology. It has now reached a level of maturity such that it deserves to be treated as a method in its own right, and this paper seeks to document the method and provide guidance on its use. Benefits Analysis is a systematic method for formulating complex, multi-factor investment appraisal problems where decision-makers seek to realize non-financial benefits. Such decision problems abound in military OR, particularly the management of equipment capability and research. Benefits Analysis connects qualitative and quantitative OR methods and facilitates robust assessment, including multi-methodology. This paper describes the principles of Benefits Analysis and discusses its application to a variety of real problems, including research management, capability management, balance of investment, business case development and benefit quantification strategies.