07 – Business Case

According to BABOK, a initiative can be a specific project, program, or action taken to solve some business problem(s) or achieve some specific change objective(s). For this technique, we will consider a project as initiative.

Technique's info

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Definition

According to BABOK, a business case provides a justification for a course of action based on the benefits to be realized by using the proposed solution, as compared to the cost, effort, and other considerations to acquire and live with that solution.

A business case consists preparing justification and the reasons why a certain project or concept should be undertaken.

This is done generally using formal, business documentation and covers factors such as the project’s cost, the way it will be implemented, the benefits and drawbacks, as well as any other associated savings that the business can stand to gain. 

A business case is used to:

  • define the needs,

  • determine the desired outcomes,

  • assess alternatives (each alternative should be assessed in terms of: Scope, Feasibility, Assumptions, Risks and constraints, Financial Analysis and Value Assessment,

  • recommend a solution.

Why build a business case?

A well-constructed business case allows you to convince your management team, clients, or stakeholders that the project you propound is a sound investment and will benefit the company.

It provides a detailed financial analysis of cost and benefits and It is a guide for ongoing decision making throughout the project

How to construct a business case

Different aspects of your business case

Using a template

Review and revision of the business case

Some advice

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Table of contents

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