What are the 4 key elements that a business case should contain?
Table of Contents
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.
Why is business case development important?
A business case often provides decision makers, stakeholders and the public with a management tool for evidence based and transparent decision making. It is a framework for delivery and performance monitoring of the subsequent policy, strategy or project to follow thereafter.
What does a business case include?
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 three elements of the business case?
3 Key Components of an Effective Business Case Study
- The Problem. One of the strongest appeals of business case studies is that they address real life problems.
- Solution Options. The Solution Section of a business case study essentially builds the case for the sponsor’s product or service.
- The Results.
- Conclusion.
How do you develop a business case?
How to write a business case
- Be brief and convey only the bare essentials.
- Make it interesting, clear, and concise.
- Eliminate conjecture and minimize jargon.
- Describe your vision of the future.
- Demonstrate the value and benefits the project brings to the business.
- Ensure consistent style and readability.
What is the most important part of a business case?
A good business case will explain the problem, identify all the possible options to address it, and allow decision-makers to decide which course of action will be best for the organisation. It will also allow any changes to the scope or time-scale of the project to be assessed against the original purpose.
Who creates a business case?
Who writes the Business Case? Programme management often develops the detailed Business Case, but many organisations delegate this work to the Project Manager or a business analyst. Project Assurance can also assist with developing the Business Case.
