The Business Case
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| − | There are 7 principles that must be followed when managing a project in order for it to be considered a PRINCE2 project <ref>AXELOS 2017 | + | There are 7 principles that must be followed when managing a project in order for it to be considered a PRINCE2 project <ref>AXELOS. (2017). Managing Successful Projects with PRINCE2 2017 Edition. The Stationery Office Ltd.</ref> (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. <ref>AXELOS. (2017). Managing Successful Projects with PRINCE2 2017 Edition. The Stationery Office Ltd.</ref> (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. <ref>Messner, W. 2013 | + | 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. <ref>Messner, W. (2013). Making the Compelling Business Case Decision-Making Techniques for Successful Business Growth. Palgrave Macmillan.</ref> (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. | 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. | ||
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*AXELOS. (2017). Managing Successful Projects with PRINCE2 2017 Edition. The Stationery Office Ltd. | *AXELOS. (2017). Managing Successful Projects with PRINCE2 2017 Edition. The Stationery Office Ltd. | ||
*Messner, W. (2013). Making the Compelling Business Case Decision-Making Techniques for Successful Business Growth. Palgrave Macmillan. | *Messner, W. (2013). Making the Compelling Business Case Decision-Making Techniques for Successful Business Growth. Palgrave Macmillan. | ||
Revision as of 20:30, 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. [2] (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. [3] (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
Text
References
- ↑ AXELOS. (2017). Managing Successful Projects with PRINCE2 2017 Edition. The Stationery Office Ltd.
- ↑ AXELOS. (2017). Managing Successful Projects with PRINCE2 2017 Edition. The Stationery Office Ltd.
- ↑ Messner, W. (2013). Making the Compelling Business Case Decision-Making Techniques for Successful Business Growth. Palgrave Macmillan.
- AXELOS. (2017). Managing Successful Projects with PRINCE2 2017 Edition. The Stationery Office Ltd.
- Messner, W. (2013). Making the Compelling Business Case Decision-Making Techniques for Successful Business Growth. Palgrave Macmillan.
