Business Case and Project Management Forms
Develop a Business Case – Project Management Forms
In most commercial businesses, completing a Business Case (project management forms) is the first step towards initiating a project. The Business Case justifies the start-up of the project and describes the:
- Business problem (or opportunity) that currently exists in the business
- Alternative options for delivering a solution to resolve the problem
- Benefits and costs associated with each alternative solution
- Recommended solution for approval
The first step in creating a Business Case is to identify the business problem (or opportunity) that results in a need for a project. Alternative solutions are listed and, based on each solution’s individual merits, a preferred solution is recommended. The last step taken when creating a Business Case is to define a plan for the implementation of the agreed solution. At some point during or after the creation of the Business Case, it may be necessary to undertake a Feasibility Study to ensure that the solutions identified can feasibly be implemented. This is available in your project management forms.
Once the Business Case has been documented, it is presented to a Project Sponsor for approval. The Project Sponsor oversees the project at a strategic level: they authorize the project to proceed, allocates funding from their budget, and ensures that project objectives are achieved by participating in Phase Reviews.
Creating a detailed Business Case is a critical step in the Project Lifecycle, as it provides the basis upon which the project is initiated. Throughout the project, the Business Case is referred to frequently to ensure that the project is on track. For instance, it is used in a:
- Phase Review to ensure that current project costs and benefits are in line with original projections
- Project Closure Report to ensure that the project has achieved all the criteria required to close the project
- Post Implementation Review to measure the extent to which the project has achieved its stated objectives
Get the maximum results of your project delivery by using Project Management Templates or this Project Management Software.