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What is a Business Case ?

  What is a Business Case ?

A Business Case describes why a one initiative is more important then all the other opportunities currently being prioritized. It communicates the need for the initiative in terms of meeting business annual goals and objectives.

 •This case answers two primary questions:

1.What is the business motivation for considering the project?

 2.What is our general area of focus for the improvement effort?

•In addition, the Business Case answers these additional questions:

–Why is the project worth doing?

–Why is it important to do now?

–What are the consequences of not doing this project?

–What activities have higher or equal priority?

–How does it fit with business initiatives and targets?

–Why is this project important?

–What will be the financial consequences if we choose “A” or do “B”?

–Do we have the talent & resources to implement the change?

 How much will it cost to acquire them?

 –What is the impact of this project on the bottom line results?

 –Is the proposed change in line with our corporate culture? If not, what are the likely impacts?

 How this project relates / supports the organization strategy and objectives?

–What are the alternatives? And why should we choose this one?

–Will this project lead to improvements that can save us money, defer costs, increase productivity or decrease cost of poor quality?

•The main components consist of:

–How the initiative will meet internal customer requirements

 –How the initiative will meet external customer requirements

 –What the key metrics will be to establish a baseline and demonstrate an improvement

–Gap in in the current performance level vs. the annual goal, annual objective or customer requirement

 A Good Business Case

•Balances risks & opportunities

•Balances between: –Costs (direct and/or indirect)

–Benefits (direct and/or indirect) –

Delays

–Risks

•Understands that risk is not necessarily a bad thing:

 –Avoiding risks is a sure path to failure.

–Rather than avoid risk we need to develop a deeper understanding of risks to convert potential pitfalls into opportunities

•Shows expected cash flow consequences of the decision, over time, and it includes rationale for quantifying benefits and costs

 •Requires blend skills

 


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7 Responses to “What is a Business Case ?”

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