Business Case Template (Detailed)
Would you like to obtain an agreement or financing for your project, whether it's a change or an improvement? A business case is the document you need to achieve your goal. But what is a business case? When should it be produced? And how to write it? These are the questions we'll be answering. As an added bonus, I'll also give you a detailed presentation of a magnificent Template designed to inspire you in the creation of your document. Don't forget to subscribe to the channel and like the video!
What is a business case?
A business case is a document or presentation that justifies the initiation of a project. It outlines the benefits, costs, risks, and alternatives associated with a project proposal. The business case helps convince decision-makers that the project is worth undertaking.
When to write a business case
The business case is typically used at the beginning of the project lifecycle, during the initiation phase. It is essential for obtaining the necessary approval and funding to proceed with the project. In summary, it is developed before the project is formally launched and serves as a basis for the decision to invest in the project.
How to write a business case?
The Business Case can take a number of formats, including: Document, spreadsheet or presentation slides; Entry in a project management tool.
The following quality criteria should be observed:
· The reasons for the project must be consistent with the corporate or programme strategy
· The Project Plan and Business Case must be aligned
· The benefits should be clearly identified and justified
It should be clear:
· how the benefits will be realized
· What will define a successful outcome
· What the preferred business option is, and why
· Where external procurement is required, it should be clear what the preferred sourcing option is and why
· It also should be clear how any necessary funding will be obtained.
The Business Case includes non-financial, as well as financial criteria, operations and maintenance costs and risks, as well as project costs and risks. It conforms to organizational accounting standards, for instance break-even analysis and cash flow conventions.
The major risks faced by the project are explicitly stated, together with any proposed responses
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