Business Case

Business case is a study of economic feasibility. It is generally used by executive managers in decision making process of related investment. Business case answers the question: “Will the project worth investment to undertake?”. Also, it creates the project boundaries that should be accepted by project sponsor too. Business case is prepared by project sponsor/initiator with the contributions of stakeholders.

Routine audits of business case guarantee that the project is going parallel with business benefits. In addition, it is very important that the project is going parallel with business case too.

Business case mainly includes two parts:

  • Why this project was chosen/started? (Business Need)

As a project manager, you should know the reasons because it effects your planning throughout the project. The project can be started for various factors such as request of customer, organizational necessitation, etc.

  • Cost-Benefit Analysis

Of course, it can be more comprehensive by including history of the project, anticipated project benefits, other opportunities (with their evaluation), anticipated risks etc. So, the business case will provide a justification why you wanted to go with this project.

Example Structure for Business Case

  • Introduction
  • Table of Contents
  • Executive Summary
    • Suggestion
    • Brief Conclusion
    • Decision to be Made
  • Basic Information
    • Business Drivers
    • Scope
    • Financial Measurements
  • Analysis
    • Presumptions
    • Cash Flow Statement
    • Costs-Benefit Analysis
    • Risks
    • Strategic Approaches
    • Opportunity Costs
  • Decision, Suggestion, and Following Steps
  • Addendum

Initiating Process Group

In initiating process group, a fresh project or phase is outlined by acquiring authorization to begin the project or phase. The initiating process group includes: 1-Developing Project Charter authorizes the actuality of a project and gives the project manager the authority to use organizational resources if the project charter is approved. What are the requirements to prepare the project charter? … Read More

Project Management Process Groups

In project initiating, the project is theoretically authorized. Project manager evaluates if the business case can be fulfilled and performs some planning in the initiating to confirm that it’s sure the project can be delivered when the presented constraints of time, cost, and scope are taken into consideration. After the project is actually approved, the … Read More

Project Life Cycle and Project Management Process Groups

The project life cycle may also be known as the executing department’s or organization’s scheme for projects. In other words, it is what you will need to carry out to complete the work. This is actually the rational breakdown of what you ought to perform to create the deliverables of the project. The project life cycle includes phases that are happen … Read More

Project Constraints

Being a project manager, you need to handle a lot of things on the project, consisting of project constraints like cost, time, scope, risk, resources, quality, client satisfaction, and some other elements that limit choices. For instance, the day a milestone deliverable arrives, the day when the project should be finished, and the utmost allowable risk a … Read More

Projects vs Operations

Virtually, all work getting done in businesses can be described as possibly operational or perhaps project work. Operational work is continual work to assist the company and systems of the organization, and the project work ceases if the project is finished. It is vital that you understand the main difference for the PMP examination. Although both of these distinct elements of … Read More

What is Project Management Office (PMO) ?

The project management office (PMO) unifies and regularize the management of projects. (Remember that a few businesses make reference to this like a portfolio management office.) A PMO may take one of the different varieties, consisting of: • Controlling: PMO gives support and instruction in the organization on how to control projects, locomotives others in project management, supports with particular project … Read More

What is OPM3 (Organizational Project Management Maturity Model) ?

Regardless of the likeness inside the shortened forms, take care not to befuddle by these concepts. OPM3 is organizational project management maturity model which is published by PMI (Project Management Institute). OPM3 is built to help companies decide their degree of maturity in project management. For the PMP examination, you need to be comfortable with the word “OPM3” and usually know … Read More

What is Organizational Project Management (OPM) ?

OPM serves as tutorial or driver for project, program, and portfolio management and other company practices. It is usually a framework to ensure the business completely concentrated in the main strategy. OPM delivers path for the purpose of how portfolios, programs, projects, and additional organizational do the job ought to be prioritized, handled, executed, and assessed to attain … Read More

What is Portfolio Management ?

A portfolio carries a combined group of programs, individual projects, and additional related operational work that are integrated and prioritized to accomplish a particular strategic business goal. Much like program management, gathering the projects, programs, and operations into a number of portfolios helps optimize the utilization of resources, improves the huge benefits to the business, and decreases risk. The programs and projects that constitute the … Read More

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