The business case provides the reasoning for initiating a particular task or project management scheme. The business case is a type of document that describes information of a particular business to determine if the project is worth the investment.
What is a business case in PMP?
A business case identifies the business need for doing a project. It effectively describes the linkage of the project with high-level strategic goals of the organization. It also explains the reason for project identification and selection.
What comes first business case or project brief?
A project proposal comes before the business case. It’s developed during the early stages of an initiative and focuses on your project’s vision, benefits, time and cost estimates, and impact on the organization.
What is a business case PRINCE2?
During the project, a PRINCE2 business case is a major control document that is referenced on a regular basis to ensure and confirm that the project remains viable. PRINCE2 business cases will contain justifications for a project, such as value for money for what is to be done and why it should be done now.
What is in a business case?
The business case brings together the benefits, disadvantages, costs, and risks of the current situation and future vision so that executive management can decide if the project should go ahead.
What are the 5 cases of a business case?
The business case development process follows the Five Case Model:
- The Strategic Case.
- The Socio-Economic Case.
- The Commercial Case.
- The Financial Case.
- The Management Case.
What are the five elements of a business case?
Five elements of a business case
Strategic context: The compelling case for change. Economic analysis: Return on investment based on investment appraisal of options. Commercial approach: Derived from the sourcing strategy and procurement strategy. Financial case: Affordability to the organisation in the time frame.
What are the 3 types of case?
Types of Cases
- Criminal Cases. Criminal cases involve enforcing public codes of behavior, which are codified in the laws of the state. …
- Civil Cases. Civil cases involve conflicts between people or institutions such as businesses, typically over money. …
- Family Cases.
What are the four 4 steps to preparing a business case?
The following four steps will show you how to write a business case.
- Step 1: Identify the Business Problem. Projects aren’t created for projects’ sake. …
- Step 2: Identify the Alternative Solutions. …
- Step 3: Recommend a Preferred Solution. …
- Step 4: Describe the Implementation Approach.
What are the 3 stages when developing a business case?
Stage 0 – Business planning: Strategic Outline Plan (SOP) Stage 1 – Scoping: Strategic Business Case (SBC) Stage 2 – Planning: Outline Business Case (OBC) Stage 3 – Procurement: Final Business Case (FBC)
How do you write a business case in PRINCE2?
The Business Case PRINCE2 is created during the Initiation Stage and is kept up to date throughout the project.
How to Create Your Version of This Business Case
- Step 1: Create the Business Case. …
- Step 2: Verify the Business Case. …
- Step 3: Maintain the Business Case. …
- Step 4: Confirm the Benefits.
What are requirements for a PRINCE2 business case?
However, as a guideline, the following questions should be considered:
- Why do we need to undertake this project?
- What are the business benefits?
- What are the risks?
- What are the potential costs?
- How long will the project take?
Who makes business case in PRINCE2?
The Executive
The Executive is responsible for creating the Business Case, but it can be written by others or with help from others. For example, the Executive might involve a person from the financial department to assist with financial information.
What is the main purpose of a business case?
Business cases provide the justification for an investment of public money. A business case must be produced for all public sector expenditure, but with levels of effort and detail in proportion with the scale of proposed investment.
What are the 4 key elements that a business case should contain?
Summary
- The problem and business need – why you are putting forward your Business Case.
- Benefits and risks of the options – solutions to the problem.
- Return on investment – what the overall gain will be to the business.
- Final recommendation – based on the information presented.
What are the four 4 steps to preparing a business case?
The following four steps will show you how to write a business case.
- Step 1: Identify the Business Problem. Projects aren’t created for projects’ sake. …
- Step 2: Identify the Alternative Solutions. …
- Step 3: Recommend a Preferred Solution. …
- Step 4: Describe the Implementation Approach.