The first phase in the project lifecycle. Its primary goal is to define the project’s purpose, scope, and business value to secure stakeholder approval and authorize the project to proceed. This phase establishes a foundation by proving feasibility before heavy resources are invested
When creating a business case in the initiation phase, there are four elements it must contain to be successful. The creation of the business case is an endeavor that is taken on by everyone who is deemed responsible for the product or service that the project will create. The goal of the business case is to determine whether the product or service is really needed, the best way to go about achieving the goal, and how much the endeavor will cost in dollars and resources. The business case assists leaders to make determinations about whether the organization can deliver the product or service.
First is the problem and business need. What need or gaps have been discovered that a project is required. In many cases, the business sponsor or someone in executive leadership will come to the project management office with an idea of a product or software application that makes things more efficient or effective in some way. It is then the project manager is asked to create a business case to request funding and resources to move forward.
- The first section you outline the benefits and risks of undertaking the project.
- The second section you will outline the different solutions available to solve your problem outlining alternative solutions.
- The third section is a financial section. It is here that the budget is stated how much the proposed solutions will cost. And the return on investment.
- The last section of the business case is the final recommendation or preferred solution.
