The business case is a document that provides a comprehensive justification for undertaking a project or an initiative. It outlines the reasons why the project is necessary, the expected benefits and value it will deliver, and the potential risks and costs involved. 

  1. Problem or Opportunity: The business case starts by clearly identifying the problem or opportunity that the project aims to address. It describes the current state of affairs, highlighting any challenges, inefficiencies, or gaps in the existing processes, systems, or products. Alternatively, it presents a potential opportunity for improvement, growth, or innovation.
  2. Objectives: The business case defines the specific objectives that the project intends to achieve. These objectives should be aligned with the organization’s strategic goals and should address the identified problem or capitalize on the identified opportunity. The objectives should be measurable, realistic, and time-bound.
  3. Benefits and Value: The business case articulates the anticipated benefits and value that the project will deliver. These can be tangible or intangible and may include financial gains, increased operational efficiency, improved customer satisfaction, enhanced market position, regulatory compliance, or strategic alignment. The business case should quantify the expected benefits whenever possible.
  4. Costs and Investment: The business case provides an estimation of the costs associated with the project. This includes both direct costs (such as resources, equipment, and software) and indirect costs (such as training, change management, and potential business disruption). It also considers the expected return on investment (ROI) and the payback period.
  5. Alternatives and Options: The business case explores alternative solutions or options to address the problem or opportunity. It compares the pros and cons of each option, considering factors such as feasibility, scalability, risks, and costs. The chosen project option should be justified based on its alignment with the objectives and its potential to deliver the anticipated benefits.
  6. Risks and Mitigation: The business case identifies and assesses the potential risks and uncertainties associated with the project. It provides a risk analysis, highlighting the likelihood and potential impact of each risk. It also proposes mitigation strategies and contingency plans to minimize the negative impact of risks.
  7. Stakeholder Analysis: The business case considers the perspectives and interests of key stakeholders. It identifies the stakeholders and analyzes their needs, expectations, and potential influence on the project. The business case should demonstrate how the project aligns with the organization’s strategic objectives and the stakeholders’ requirements.
  8. Decision-Making: The business case presents a compelling argument for undertaking the project and provides decision-makers with the necessary information to evaluate the project’s feasibility, benefits, and risks. It includes a clear recommendation for whether to proceed with the project or not. The decision-making section should summarize the key findings and present a balanced view of the costs, benefits, and risks associated with the project. It should also provide a comparison of the project against other potential investments or initiatives, if applicable.
  9. Implementation Plan: The business case outlines the high-level plan for implementing the project. It identifies the major phases, milestones, and deliverables, as well as the estimated timeline and resource requirements. The implementation plan should consider factors such as project management approach, team composition, procurement strategies, and any dependencies or constraints that may impact the project’s execution.
  10. Measurement and Evaluation: The business case describes how the project’s success will be measured and evaluated. It identifies the key performance indicators (KPIs) that will be used to assess whether the project has achieved its objectives. It also defines the monitoring and reporting mechanisms that will be put in place to track the project’s progress and provide regular updates to stakeholders.

    Conclusion: The business case concludes by summarizing the main points and reiterating the rationale for undertaking the project. It should reinforce the alignment of the project with the organization’s strategic goals and highlight the potential benefits and value it will deliver. The conclusion should also emphasize the feasibility of the project and the mitigation strategies in place to address potential risks.

    Overall, a well-developed business case serves as a persuasive tool to secure support and funding for a project. It provides decision-makers with a comprehensive understanding of the project’s objectives, benefits, costs, risks, and implementation plan, enabling them to make informed decisions about whether to proceed with the project and allocate the necessary resources.

By Morgan

CBAP and PMI-ACP with over 20 years of Project management and Business Analysis experience.