A business case is produced in the project initiation phase that describes the project purpose, its core benefits, procedures, etc. This business management document plays a vital role in project documentation as we use this doc to communicate with our partners and stakeholders to tell them our project benefits and outcomes.
However, there is a difference between project proposals and business case. A proposal doc only defines why we need this project, basic vision, mission, and some financial assessment reports, but a Project Business Case Template is a document that provides more details of the project.
As we know, a BC is produced in the project initiation phase, so it includes a brief description of a project that the project program manager, top management, and stakeholders can review, accept, modify and reject.
Another benefit of this document is that it is produced at the initial of a project, so, if business needs and scenarios change, you can change your business plan according to them that saving your capital, resources, and time.
How to Write a Business Case
Here are some essential outlines that you need to follow when producing a PBC:
It’s a brief description or overview of a project that is produced for top management, clients, partners, and stakeholders.
In this section, you must provide precise information of project objectives, goals, mission, deliverables, and project plan.
Vision, Goals, and Objectives
As we know, each project has its own type of vision, goals, and objectives, so, in this section, you have to evaluate your project goals and objectives that describe your project outlines, scope, and deliverables.
Project scope is a document that defines all kinds of project tasks and deliverables that are meant to be completed that result in obtaining objectives.
In this section, you can explain a piece of brief information regarding project backgrounds, issues that may arise, and their solutions. Also, you can describe here the project strategic plan.
Criteria and Stakeholder Requirements
Each project has its own type of quality assessment measures and that’s vary project to project. So, you can set project criteria, policy, and stakeholder requirements according to project needs.
A project plan is the core document in the project documentation. So, to create an accurate and precise project plan, first, you need to split up your whole project plan into small pieces of a task. For this purpose, you can use the WBS template. You can also use a task management tool. This technique will provide you with all the necessary information about each task then you can set RACI against each task.
In this section, first, you need to evaluate the project cost and budget that might be needed to complete a project in the proposed scheduled time.
Project scheduling is another important document because this will schedule the whole project work routine. So, making a project schedule plan, first, you need to establish a project timeline and set tasks. For this purpose, you can use the Gantt chart tool.
A Gantt chart dashboard provides the best illustration in the form of graphs, charts, and bars.
In this project controlling section, you need to set rules and policies that will apply across the project. Basically, it defines RACI, team members, team leaders, project framework, etc.
A communication plan is another core document in a project plan because it provides a pathway to communicate within and outside the project.
A project progress report helps to track the project’s current status that is monitored by project managers, top management, program managers, project board members, partners, and other stakeholders.
There are many types of project tracking templates and tools that are highly recommended to use. Here is the best project progress tracker tool along with a portfolio dashboard.
This section is related to project financial assessment, cost-benefit analysis, and its impact on a project. In this section, you can explain project cost over project benefits. Also, review Financial Projection Template.
To fill the section, first, you need to conduct an analysis of your project market, and competitors, to evaluate opportunities and threats. You can also you BCG Matrix for this purpose.
Here you have to explain how their competitor running their project and capturing the market, how you can complete them, and what business strategy you can adopt.
SWOT analysis is an all-in-one project management analysis tool that helps you to identify your project’s strengths, weaknesses, opportunities, AND THREAT FACTORS. Review SWOT Analysis Template.
A marketing strategy defines how you can capture the market, targets, clients, and customers.
A risk assessment doc is part of a risk management plan because in which we conduct analysis and evaluate risk factors, possible risk aspects that can affect your project. Use Risk assessment tool.
Project Business Case Example
However, if you want to understand what a business case looks like and what the important points in this document then you must consider this example seriously.
Here is an example that will help you to understand a business case document template in a real-time scenario.
Business Case FAQs
Here are some important FAQs that you need to know:
Who Approves a Business Case?
A business case is approved by the project sponsor i.e.; a person or a group of people who are investing in a project.
It is also necessary to make sure all benefits and goals are smart and can be accomplished and has a high rate of ROI.
Tips To Make Best Business Case?
Here are some tips to make the best Business case:
- Make sure the project full fills program management goals and business strategies.
- Make sure to synchronize all project plan data that including project financial assessment and timeline sync with a business case.
- A business case defines all the project objectives, goals, and achievable.
- A BC must explain all realistic benefits.
- This doc should define how to determine project outcomes.
- A BC must explain project charter and team charter rules and policies.
- You have to explain whether necessary capital and funds are collected or not.
- You have to include details about the budget, and financial criteria.
- You can explain project operational cost and any direct or indirect cost that is necessary to complete the project.
- The best Business case must include project cast and risk factors, as well as you can include cost-benefit analysis stats in this document.
- You can also include break-even analysis data in your Business case template.
- It is recommended to include a risk assessment report in your document.
Life Span of Business Case?
However, this document contains all essential information about your project that project board members can use in the decision-making process.
Who Owns a Business case?
This Business case document is owned by a person who is the sponsor of this project or investing capital in that project.