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Develop A Business Case

Project Management Topics

Introduction

The business case identifies the reason for the project’s undertaking. When companies do not establish the business case, in most instances, the project manager will find that it does not have the required support from the stakeholders, the scope is not adequately defined. This will lead to rework, and in the end, the solution provided does not meet the stakeholder’s requirements as well as did not address the root cause of the issue. For example, a change is required, and rather than adequately defining the business case, a solution is used to justify the need for the project. The finished product ends up remaining unused as it did not deliver the expected benefits.

How Does A Business Case Work?

As we now know the Business Case looks to identify the reason for the project as well as what is the goal based on the stakeholder’s requirements. Once the Business Case is established, and the progress progresses, the Business Case will serve as a check to make sure the Project is continuing the right path and that it continues to align with the company’s vision and the benefits continue to outweigh the costs. There may be instances where the Project does not continue, and the stakeholders choose to kill the project. This can happen for a few reasons, but it is very often due to lack of funding. When the project is complete, the Business Case becomes an asset and can be used as historical information for future projects.

Reasons for A Business Case – when an organization takes on a project with no Business Case, the potential for the following exists:

  • Valuable resources are wasted as there is a minimal definition of roles and responsibilities. Other projects will also suffer due to a lack of resources
  • There is no priority established; it may end up whoever makes the most noise will get priority, or it may be based on seniority rather than looking at the need
  • Stakeholder dissatisfaction; their requirements have not been met.
  • With no Business Case, it may be impossible to measure the value of the project and whether it was successful
  • There would be less historical information for future projects
  • There is a strong chance that the reason for which the Project was initiated is not completely addressed.

Join our Project Management class today and master how to develop a proper Business Case.