There is little argument that projects deliver benefits. But understanding the various forms and shapes that projects assume is more complex than you may think. This article discusses the importance of measuring actual benefits realization. It identifies the broad categories that project benefits can be placed into, such as financial, strategic or operational, and explains how project benefits can be viewed as quantitative or qualitative. It then details how project benefits are subdivided. The article overviews the results when organizations do not evaluate whether benefits claimed match benefits received.