Business cases can be used by many different levels of management within an organization. Not only are they used to justify investment in a single project, but they are also typically used by a portfolio management office to decide which projects contribute to the organization`s strategic goals. This way, they can filter out bad ideas for projects and only fund projects that contribute to strategic goals. The business case is used to identify and evaluate alternatives and compare their relative costs and benefits. A business case is a tool for strategic planning and decision-making. The need for a business case is that it brings together the financial assessment, proposal, strategy and marketing plan in a single document and provides a comprehensive overview of how the project benefits the organization. Once your business case has been approved by stakeholders, you can begin the planning phase of the project. This example from Expert Program Management is a concise and effective business case. It contains a summary, financial information, analysis and risks. It could be used for a business case in any industry. This brief overview is a great option that you can send to key stakeholders before the meeting to further discuss the project.
Let`s take the example of Febreze. In the mid-1990s, a procter & Gamble researcher worked with hydroxypropyl-beta-cyclodextrin. His wife noticed that his clothes no longer smelled like cigarettes, which was a common complaint. A business case should convince the most important stakeholders of the importance and feasibility of your project. Be sure to include these elements to develop an effective business case: The objectives of the recommended project, the clients, users and stakeholders of the project, and the results and benefits of the business are more important than the technology, domain knowledge or results of a robust business case. Evaluate how the options achieve business objectives, quantify the benefits of each potential solution, and then choose the preferred option, taking into account strategic and financial value and risks. The business case process helps organizations formulate innovations, projects and changes. The business case document is a crucial element for the success of the project with the participation of managers. It explains the business value of the project so that stakeholders can make decisions. Today we`re talking about how to write a business case.
Well, in recent years we`ve seen the market, or perhaps organizations, companies, or even projects, move away from business cases. But nowadays, companies, organizations and the same projects are looking at investments and really looking for a return. The financial analysis section of your business plan is crucial to show that the project is affordable for the business, that it can be financed, and that it offers short- and long-term financial value. Chase Consulting has been developing business cases for over twenty years. A common feature of our successful business cases is that we followed the 5 STEPS framework to develop business cases and used a comprehensive set of business case models. This approach has allowed us to create high-quality business cases. This has saved us time and increased our productivity. Here are six examples of a successful business case: The last section of the business case template is of greatest interest to the project manager, project team, and managers responsible for delivering work for the project. This project organization section describes how to configure the project.
Senior stakeholders are short on time, so it`s important to have a short and accurate pitch that summarizes your business case. This is important because not everyone has time to read the business case. Make sure you have the basics of your elevator pitch so that stakeholders can make an informed decision. Next, you want to identify and design your marketing strategy. How will you bring this to your customers? Will you have a physical store? Are you going to do it online? And what are your plans to bring it to market? This sample business case provides a summary. This section briefly describes the selected option and the main benefits it brings. The research you need to create a solid business case is the why, what, how, and who of your project. This must be clearly communicated. The elements of your business case deal with the why, but in more detail.
Think of the business case as a document created during the start-up phase of the project, but used as a reference throughout the project lifecycle. This is a glaring example of what a business case might look like, but it touches on the most important points: what is the problem, how can you solve it, what is the plan to solve it, and what will happen if you succeed? Business cases are important business documents and require a detailed structure to ensure they work as they should. Including the sections described above will give you the best chance of creating a successful business case. However, as you have seen in this article, a business case is something you may find useful when making important decisions in your personal life. Remember, a business case doesn`t have to be a long document. It could easily be a few notes scribbled on the back of something or even sent in an email. The business case must be prepared at the beginning of the project before an initiative decision has been made. It allows the organization to explore general options to meet the needs of the business. This may include an evaluation of comparable projects.
The business case document or submission provides background information relevant to a critical decision. Similarly, a business case could be written by hand on a whiteboard or flipchart or on the back of a pack of cigarettes! One of the most important steps to start a business case is a business case checklist. Below is a basic overview to follow when developing your business case. The completed business case structures the project and the project organization throughout the project lifecycle. Therefore, it should be commonly used as a reference and not shipped to the shelf.. .