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