Views: 196The goal of a Business Case
A business case is your guide towards a successful project, where you know from the beginning what are the advantages of certain projects, what are the priorities and what kind of benefits can they bring.
Business cases ensure that you’ll find the project that will assist you to reach your goals. This way you’ll use your budget on only important projects and make the right investments with confidence. You need several steps to create a successful business case.
Identify the Business Problem
Every project has a goal that is related to the future success of the company. These goals create solutions for existing problems in the company or create new opportunities.
First of all, you have to know what’s the problem inside your company. This way you’ll have a more clear idea about your next steps, like what you should do, how and in how much time.
You’ll just need additional information about the economic climate in your company and on the market as well to determine what kind of project you need and how it will help you out in a competitive environment.
Identify Alternative Solutions and Recommend Preferred Solutions
Determining the right solutions is crucial for any company. First of all, you need to know what alternative solutions you have at hand, then start thinking about what are the benefits of each solution. After that calculate how much capital each solution might need, and think about the risks and issues of each solution.
After going through this process it’s important to choose the best solution. Determine which options are more cost-effective and beneficial for you. Finally, document everything in your business case.
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Determine the Implementation Approach
Since during the first steps you’d determine your business problems and opportunities, the next step will contain the implementation approach, which will describe in detail how you can implement your preferred solution to your project.
After going through these steps successfully you’ll need to look through more key elements of a business case. While working on a business case you have to consider several factors that are always required while creating it.
The Executive Summary
The executive summary contains a high-level summary of the project. It can be found at the beginning of the business case but is written at the very end because it’s about the whole concept of an entire business case and is basically a short summary of what the whole work is about.
It contains vital information about the project and lets the whole audience know what the project is about, so it leaves the first impression and that impression has to be good.
The Finance Section
In the finance section, you’d see several important factors. The financial appraisal identifies the financial implications of the project, ensures that it’s affordable, and has the potential to give the company higher income.
It’s necessary to do the sensitivity analysis as well, which is mostly focused on risks that could be related to the project and measures the impact that it might have on the company.
The Project Definition
This is the largest part of the business case. It contains background information about the project. It starts with an introduction and a brief overview. The next part is all about goals, overcoming obstacles, and how valuable the project could be for your business.
From this part, you can understand more about the benefits of the project and its limitations, what are the possible solutions and how helpful are they. You’ll know more about risk assessment and will know more about the general plan of working.
Project Organization
This is one of the most interesting parts because it describes how the project will be set up. Most of the information is about the structure of the project and a description of how decisions were made. You’ll understand more about the project’s performance as well as how it can progress.
Managing the Business Case
The complete business case has all the available information about the project, its benefits, and how the team can work on it. You need to use it attentively for references to achieve success with your project.
You can use business case templates as well, but no matter what every business case should have full information about the goals and benefits of the project, and how it’s connected to the goals and crucial aspects of the company.
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