Every project or nearly every project needs approval, whether it’s to win over the direction or just to get your team’s support. Before submitting a new initiative and obtaining approval for the project in question, you may have a habit of consulting a plan or a project chart. However, if this last one represents a significant commercial investment, consider developing a business case.
If you’ve never written this kind of document, Asana is here to guide you. A few resources and effective planning are all that are required to create a business case. This last one will assist you in obtaining the resources and backing you need to oversee this project and ensure your team’s success.
- Be brief and convey only the bare essentials.
- Make it interesting, clear, and concise.
- Eliminate conjecture and minimize jargon.
- Describe your vision of the future.
- Demonstrate the value and benefits the project brings to the business.
- Ensure consistent style and readability.
How to write a business case
To create and write a strong business case, follow these steps:
1. Identify the problem youre solving
Your business case should start with a specific issue that the company must address. Draw attention to the dangers or expenses posed by this issue and justify the need for a fix.
2. Explore alternative solutions
You must assess every option in order to provide a clear business case. Work closely with colleagues to come up with all potential solutions to the issue. Investigate each potential resolution, considering the expense, duration, risks, and advantages of each choice.
3. Identify the ideal solution
Determine which solution is best for the problem youre facing. You will describe this project in your business case. You must have a strong justification for why this option is better than the alternatives. This could be because it is the most accessible, efficient, or lucrative choice. List the reasons why this strategy is better than each of the alternatives.
4. Create an executive summary for your project
Create an executive summary once you have finished your project’s in-depth research and developed a concise outline for the ideal solution. This high-level statement provides a concise explanation of the project’s key details. Edit this carefully as reviewers will focus their attention on the executive summary first. This section ought to compel your readers to look into the business case in more detail.
5. Detail the resources needed for the project
Specify all the resources needed for your project. You might also require resources like IT support, data storage, and the dedicated use of key employees in addition to a monetary investment.
6. Outline the scope of the project
Each project will determine the level of detail that is included here. Include all applicable sections for which you have relevant information. Some of the things that you may include are:
7. Provide a timeline for implementation and completion
Estimate the duration of each stage of your project and a completion date. Make manageable sections of your timeline that detail what will occur at each project phase.
8. Specify the projects organization
Explain who will govern and work on the project. Explain the reporting structure, including who you will report to and what information you will provide, for the duration of the project. Give details on the metrics you’ll use to gauge success or progress.
What is a business case?
A business case is a document that explains to management and stakeholders why a new project is necessary. When a project necessitates a significant expenditure of funds or resources, this document is essential.
The project sponsor typically creates the business case and presents it to important stakeholders for review. After that, the project is approved, rejected, delayed, or revised as necessary. A complete business case outlines the project’s value in detail. It assesses both the anticipated costs and the potential benefits, offering a convincing justification for moving forward.
The nature of the project determines the precise scope of a business case. However, your business case will typically include:
Benefits of a business case
Producing a business case helps you evaluate your project thoroughly. You might discover alternative strategies as you work on the business case that are more advantageous than your initial suggestion.
Business case template
Consider using this template to help create your business case:
I. EXECUTIVE SUMMARY
[Provide a concise summary of the project that youre proposing. Include a convincing justification that outlines the issue at hand and how your solution will be implemented. ].
II. BACKGROUND
[Offer additional details about the problem in question. Describe how your approach fits with the objectives and mission of the company. Clearly state the benefits of your suggested solution and how they correspond to the corporate organizational strategy. ].
III. ALTERNATIVES
[Outline the alternative approaches to this problem. Summarize each option and include information that demonstrates why it is better than the alternatives. This includes a review of each approach’s potential, functionality, costs, and risks. ].
IV. RECOMMENDATION
[Recommend the project that best solves the problem. Outline key details regarding this project, including:
This section will vary significantly depending on the project’s scope, but it should give readers a clear understanding of what you intend to do and how you will go about doing it. ].
V. PROJECT ORGANIZATION
Describe the project’s structure, including all roles and responsibilities. ].
VI. PROJECT REPORTING
[Explain the process you’ll use to track and evaluate your progress on the project. Indicate the reports you’ll submit, their due dates, who will receive them and evaluate them, and their recipients. ].
How to Write a Business Case – Project Managment Training
FAQ
What are the five components of a business case?
- Executive summary. …
- Problem statement. …
- Analysis of the situation. …
- Solution options. …
- Project description. …
- Cost-benefit analysis. …
- Number of recommendations.
What are the four components of a business case?
- Step 1: Confirm the opportunity. Describe how your proposal will affect the situation and the business opportunity.
- Step 2: Analyze and develop shortlisted options. …
- Step 3: Evaluate the options. …
- Step 4: Implementation strategy. …
- Step 5: Recommendation.
