Conducting a Business Case Analysis
The conducting of a business case analysis is always done by the stakeholders of a project. This is because they will be financially responsible for the success or failure of this business venture. They will also be the ones that have the greatest chance of losing money if the right decision is not made.
There is another person in the organization that should also do a business case analysis. This is the project manager. This will allow them to thoroughly understand just what is needed, to gain approval from the stakeholders.
The first step in a business case analysis is to understand just what the stakeholders are looking for in a business venture. At the top of all of them is the profitability of the project. This has to include not only how much money the deliverable will make, but also the margin of profit. It would be great if a deliverable could be sold for $1,000 each. It would even be better if it had a value to the customer to the point they are willing to pay this $1,000 for a product that only cost $50 to produce.
Another important concept you need to keep in mind when conducting a business case analysis is how the document itself is prepared. For consistency purposes, most project managers are now using a business case template to assist them in providing consistency to the proposal. By having the same topics in the same order for each of the business case proposals being placed in front of the stake holders, less guess work is accomplished. By making the document easy to locate information that is important to each of the stakeholders, there will be fewer questions about the proposal. This will help to speed up the process of approval or denial of the business venture.
By making the business case analysis easy for the stakeholders, they are more likely to give your business venture the green light. Just as the deliverable is made to satisfy a need by the consumer, your business case proposal has to provide the needs of the stakeholders. By knowing just what they are looking for in this type of document, and making it easy for them to find it, is the best way to increase the chances of an approval.