For any project to have a chance for success, it is important to start with a solid foundation. A key part of this is to have a robust business case that has been agreed, and signed off by the sponsors. Any business case should focus on and define the key problems that the solution should address. The reason for the business case is to ensure that the project has been thought through and a credible case developed that makes sense. This means the business case should have a good idea what will be done, the cost, the benefits and if it can be achieved.
Assessment
During this assessment stage record all of the problems that the organisation is experiencing. Make sure that you reach out to all of the stakeholders and business unit leaders. A business case with a high payback but very high risk may not be delivered. Understanding the risk is an important part of the decision. This knowledge is critical to understand the purpose of the project and the time frames for delivery.
Identification
The business case should describe what it is, how it’s come about and the time frames in which it needs to be addressed. The first question you need to answer when it comes to creating a business case for your project is who is behind this project and what are their motives for wanting the work done.
Benefit
Develop a benefits statement which will define the value that you believe will be delivered to your organisation by the successful implementation. Your business case provides justification for undertaking a project, programme or portfolio. It evaluates the benefit, cost and risk of alternative options and provides a rationale for the preferred solution. It brings together the investment appraisal with evidence of how the investment is intended to lead to realisation of the intended benefits. All projects must have a business case that demonstrates the value of the work and it is outlined during the concept phase of the life cycle. You can convert the business case to action steps and major milestones in order to develop a plan that will guide your venture through the entire project life cycle, including that of the project outcome.
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Business case development is a step that companies often use for project selection. It analyses how fulfilling the business case for the project will implement the corporate strategy and sustain the competitive advantage of the company. All our consultants are seasoned programme management professionals. Get in touch with us by filling out our contact form, and one of our experts will be in touch with you within 24 hours.
