The Business Case
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| − | * | + | *Messner, W. (2013). Making the Compelling Business Case Decision-Making Techniques for Successful Business Growth. Palgrave Macmillan. |
:- This book provides in depth descriptions of the individual costs and benefits appraisal techniques. It provides a variety of example case studies and exercises illustrating the different aspects involved in the development of the project business case. For example, it explains how investment decisions can be made using the NPV(ch5). | :- This book provides in depth descriptions of the individual costs and benefits appraisal techniques. It provides a variety of example case studies and exercises illustrating the different aspects involved in the development of the project business case. For example, it explains how investment decisions can be made using the NPV(ch5). | ||
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Revision as of 19:48, 14 February 2021
By Andrea Pin Morales
Contents |
Abstract
There are 7 principles that must be followed when managing a project in order for it to be considered a PRINCE2 project [1] (p.20). One of these is the principle of Continued Business Justification. According to this principle, no project can be initiated without a justifiable reason. This reason will be the one steering all of the decisions to be made throughout the project. The justifiable reason must not only be recorded and approved, but must also remain valid and be revalidated during the entire project life cycle. [1](p.21.)
The business justification can be documented in the form of a business case. The business case is crucial to ensuring that the projects pursued are systematically aligned with the organization’s strategy and objectives. A business case is a recommendation for a precise set of actions. Despite the extensive available literature on this subject, problems still arise during the development and application of business cases which offset many of their benefits. [2] (p.2.)
Consequently, the main purpose of this article is to provide a set of practical guidelines to develop a strong business case in the context of project management. To achieve this, the article will first introduce some of the key characteristics of a project’s business case, the most important reasons for developing it, as well as fundamental differences that exist between the business cases of projects, programmes and portfolios. The recommended structure and formats will be explained and a thorough description will be provided on the steps that are vital to the writing of a strong business case. The consequences of skipping any of these steps will be outlined and some recommendations will be provided of any tools and techniques that can be used to uplift the analysis performed as part of the business case. At last, an example of a business case will be presented, followed by a final checklist and any potential limitations.
Introduction to the Business Case
Recommended Structure and Formats
Practical Guidelines
Building a Strong Business Case
Tools and Techniques
Example
Final Checklist
The takeaways ..
Limitations
Annotated Bibliography
- Messner, W. (2013). Making the Compelling Business Case Decision-Making Techniques for Successful Business Growth. Palgrave Macmillan.
- - This book provides in depth descriptions of the individual costs and benefits appraisal techniques. It provides a variety of example case studies and exercises illustrating the different aspects involved in the development of the project business case. For example, it explains how investment decisions can be made using the NPV(ch5).
