Writing A Business Case Template – In business, limited resources and opportunities have costs. On the road to success and growth, organizations constantly ask themselves several questions: What projects should we invest in? What products or services do you have to offer? How to use resources efficiently? The answer is not simple and must be supported by research, facts and figures. Research, facts and data that support specific decisions are presented as business cases to facilitate decision making.
A business case is an important part of project documentation that describes the business problem and provides options for solving it. The purpose of a business case is to convince decision makers that certain actions will produce the best results for the organization.
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Writing A Business Case Template
Day-to-day business must be conducted in the organization. They have implications for the person presenting, the department and the business as a whole. Thus, understanding how to create and present it effectively is important. Here you will learn about different types of business cases, how to write a business case and how to present it. You will also find business case examples and resources to help you create your own business.
How To Prepare And Deliver A Business Case Presentation
Business files have the same characteristics as other types of organizational documentation. Below is information on what a business case is (and isn’t) and the different types of business cases you can make.
Every day, hundreds of different projects are carried out in organizations around the world. Most of these projects are business as usual (BAU). BAU projects are projects that are carried out as part of the day-to-day business operations. In addition, there are special projects that are not part of the day-to-day operations of the organization, but are still important. These projects require the creation of a business case.
Business cases help decision makers understand why and how to complete certain projects.
A business case serves two important functions. First, they help organizations understand project options and how much each costs in terms of time, money, and lost or gained opportunities.
Business Case Template Word
Second, they show decision makers that there is rigidity in certain actions. For example, a business case may show that two IT systems have been analyzed, but a certain provider better meets the business requirements. Business cases show that decisions are based on research and facts, as opposed to one person’s opinion. They can help businesses justify costs and help protect project managers when things go wrong.
Business cases and business plans help convince key decision makers to pursue specific actions. However, there are important differences between a business case and a business plan:
Business cases help decision makers choose between project options. It is used to prioritize strategy and approve internal budgets.
A business plan is a comprehensive plan for a new business, a major change in an existing business, or a broad plan for the future of the company.
How To Write A Business Case (with Examples & Template To Help)
Business issues precede project plans. They provide a high-level version of the project and advise on how to proceed with the business.
The project plan begins after the business case is complete. They give practical details about the project, including how it will be done and according to what time frame.
In any business situation, there are many stakeholders who want to have a say. These stakeholders come from different departments in the business and have different interests in the project. For example, a representative from the finance team may be interested in whether the business can afford the project, while someone from the management team may be more interested in whether the team can deliver the project.
Satisfying different and sometimes conflicting interests, which may be stakeholders, requires a proper business structure. One of the models that provides this structure is the five case model, which states that the business case should be presented from five different perspectives: strategic, economic, commercial, financial and managerial.
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The purpose of the strategic situation is to create the conditions for change and demonstrate strategic alignment with the direction of the business. To do this, you need to align your project goals and objectives with your business goals.
To present your strongest strategic case, state the business problem to be solved, detail the scope of what you want to achieve, and explain the benefits and risks. Explain how a particular process, if successful, will positively impact the business as a whole.
The purpose of the economic case is to determine which option you propose provides the best value for your business, including wider considerations such as social and environmental impact. This is important if you are presenting a project-related situation where people interact, such as product development or building a framework.
To present the best economic case, show that you have evaluated several options (i.e., create a long list), eliminate options based on costs and expenses (i.e., create a short list), and then research each remaining option in detail. . stock.
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The commercial case is a logical step after the economic case. When looking at the project from this perspective, demonstrate that you can get a provider (or in-house resources) and do it fairly and cost-effectively. =
To offer the best commercial case, estimate the resources you will need and consider contingencies that may arise during project delivery.
When thinking from a financial perspective, demonstrate that the business can finance the options you offer.
To do this, show that you have analyzed the capital, income and expenses of the whole life of the option you have chosen. Do this in a structured way, such as using a profit and loss analysis or other financial ratio analysis.
How To Write A Business Case
Finally, the management case must demonstrate that there is an adequate plan to communicate, monitor and evaluate the preferred option to management stakeholders.
To do this, provide a plan on how the preferred option will manage the project according to best practice, and demonstrate that independent assurance is available if necessary. For example, consider contract management and how to ensure benefits and human resources are used fairly and appropriately.
When considering how to write a business case, the Five Case Model is useful because it takes into account the perspectives of different stakeholders. Using the five-case model ensures a more balanced business case and faster approval of support for the preferred option.
A business case is an important document in an organization and can guide strategic decision-making. So, it is important to know how to write a business case in a structured and professional way. Below is a list of what to include in a business case, followed by a detailed description of each.
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A business case can be hundreds of pages of documents, so it is important to start with a responsible summary. The executive summary should include a brief description of the business problem, proposed options, and preferred options.
Many people will have a stake in your business, and many have little or no context for the project. So, you need to provide basic information about the project. Background information can include why the project needs to happen, similar projects that have already happened, and what happened before the business case was prepared.
List all the important details of your project in this section. Describe your project and include details about the business problem it solves.
Any project will have some business requirements. For example, does the business prefer to work with suppliers? Do they have a budget? Do they need a refund to be made at a certain time? Outline these requirements and how your project can fulfill them.
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The purpose of this section is to show your stakeholders that you have researched the various options and chosen the best one for your business.
Some business situations require you to do research, present a long list of options, and create a shorter list (and final option) based on certain criteria. For other business situations, you only need to write a short description of the option. What is appropriate will depend on the scope of the project.
Regardless of how you present the options, it shows that you are evaluating based on the available criteria. For example, you can see the price of the software or see the price and features. Whatever criteria you use, make sure you apply all options to show you’ve come to a rational conclusion.
Please indicate your preferred option. Explain in detail why you chose it and what best fits the evaluation criteria. Show how it meets your business requirements.
Simple Business Case Templates & Examples ᐅ Templatelab
For projects in smaller organizations, it may be clearer how the project fits into the strategic goals of the business. For example, the business case for an EFTPOS device in a restaurant allows customers to pay for their meals, so it is directly linked to the cash flow of the business. However, for larger organizations, there is overlap between specific projects and
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