An effective business case can have an enormous contribution to the success of a project, particularly at four key points:
1: Defining the Project - Before commissioning a project the business cases answers the "why?" questions. Estimated costs and anticipated benefits are the foundation of any project and help to shape risks and issues and a basis for measurement.
2: The Go/No Go Decision - Once all the information has been gathered, validity has been challenged and assumptions assessed the business must decide whether to proceed. The business case will set out the projects alignment to the strategy, any tangible and intangible benefits and clearly state what success looks like. If the project is approved the business case is the basis for decision making throughout the entire life cycle of the project.
3: Change Management - Throughout the project the business case needs to be reviewed frequently. Change happens, risks materialise into issues, the landscape shifts, they "why?" may become less clear. Re-examination allows the business to continually update and assess whether the projected benefits will materialise.
4: Closing the Project - Actual results can be compared to those predicted. benefits are often realised many months after a project closure and therefore this needs to be completed only after a period of time has passed.
Chapter 5 - Preparing the Business Case
With so much to do at every stage of a project, it can be easy to overlook your destination. It's important to keep the goal of the completed project in mind at every stage of the project. Learn what is involved in creating a Business Case - Download Chapter 5