A Business Case For Initiating A Project Or Task

1945 WordsFeb 10, 20168 Pages
“A business case captures the reasoning for initiating a project or task. It is often presented in a well-structured written document, but may also sometimes come in the form of a short verbal argument or presentation.” There are many different features that can be included in a business case but not every different case will have the need or include each different element. These features can include: Preface, Table of contents, executive briefing (recommendation, summary of results, decision to be taken), Introduction (business drivers, Scope financial metrics), Analysis (assumptions, cash flow statement (NVP), Costs, Benefits, Risk, Strategic Options and opportunity cost) conclusion, recommendation & next steps and finally the appendix.…show more content…
If there is more risk than benefit to an organisation then there would be no business sense in carrying on with the project. You are also going to break down the cost with a cash flow statement to see what areas of the project the budget will be broken down into to get an exact figure of how much is going to be spent. Finally before the appendix there will be a conclusion, recommendation & next steps. This will be an overall conclusion of the project to summarise what has been said in the previous parts of the case just as a refresh page. Then you will write up the recommendations for the project so does anything need to be fine-tuned or scraped all together. This stage will also include new recommendations about new ideas or elements to be added to the plan. Once taken these into consideration the next steps will be drafted up which gives the project its order of direction, the stages to complete in order to reach the end goal. Finally the business case will include an appendix of any document or research that is necessary. 1.2 Explain the stages of a project lifecycle There are four main stages of a project lifecycle: Concept, Planning, Execution and transfer. The concept stage is where you identify the business need for the project. This is where you also establish the feasibility of the project which can include, Program, process, schematics, prelim budget, schedule, project
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