Business Case Example – A Step-By-Step Guide

What is a Business Case?

A business case is a document that outlines the justification for a project, its objectives, and the steps required to reach them. It is used to convince stakeholders and investors that the project is worth investing in and will result in a positive return on investment (ROI). It also contains an assessment of the risks associated with the project and how they can be mitigated. The business case should be a living document that is updated frequently as the project progresses.

Creating a Business Case

Creating a business case requires looking at the project from the perspective of all stakeholders. This includes the project’s objectives, the resources required, the costs, the timeline, and the expected return on investment. It is important to be as detailed as possible when creating the business case as it will be used as the basis for decision-making throughout the project’s life-cycle.

Step 1: Define the Project

The first step in creating a business case is to define the project. This includes outlining the project’s objectives, the resources required, the timeline, and the expected ROI. It is important to be as detailed as possible to ensure that all stakeholders have a clear understanding of the project.

Step 2: Assess the Risks

The next step is to assess the risks associated with the project. This includes looking at the potential for delays, budget overruns, and other issues that could derail the project. It is important to be as thorough as possible when assessing the risks to ensure that all possible issues are taken into account.

Step 3: Create a Plan

Once the risks have been identified and assessed, the next step is to create a plan for mitigating them. This includes outlining the steps that need to be taken to ensure the project is successful. This plan should be updated regularly as the project progresses to ensure that all stakeholders are kept up to date with the project’s progress.

Conclusion

Creating a business case is an important part of any project. It is used to convince stakeholders and investors that the project is worth investing in and will result in a positive return on investment. It is important to be as detailed as possible when creating the business case and to update it regularly as the project progresses. By following the steps outlined in this article, you will be able to create a business case that is sure to convince anyone of the merits of your project.