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As learned in CBAP and PMP Course, here are some best practices to utilize when creating a business case.
- Perform Extensive Research
Exploring the market and undertaking competitive analysis, evaluating business cases from prior similar projects, interviewing key stakeholders to obtain input, and examining different project options should all be part of Project Managers' research while producing a business case. The research findings will be summarised on the business case so that leadership teams can assess them before making a formal judgment on a project's approval status.
- Evaluate and Compare all Options
This is a critical step in the business case development process because it is here that the Project Manager assesses how all of the shortlisted options and alternatives align with the organization's goals and strategies, the opportunities they provide, and the costs associated with their implementation. In addition, for each choice, a high-level risk analysis is presented so that stakeholders can better understand their potential consequences on the project and the company.
- Summarize and Present your Business Case
Typically, after the review process is concluded, many solutions will stand out. The Project Manager must next offer these options to the Executive Sponsor for approval, as well as the project approval committee and finance teams, who will evaluate the options and related expenses, as well as review the suggested option. At a high level, the Project Manager must explain how the proposed alternative would benefit the organization strategically, how any identified risks will be handled, and which resources will work on the project.
Project Managers should practice their business case presentations with their colleagues and co-workers, as taught in the CBAP and PMP course so that they are comfortable with the facts. There have been numerous instances where projects with significant potential advantages to an organization have been denied approval due to a poor presentation of the business case by the Project Manager. Nothing should be left to chance, and you should always practice your presenting abilities to ensure that your project is accepted and funded.
- Document Appropriately
Even though substantial research goes into creating a business case, because it is intended to be a high-level document, not everything gets included. The Project Manager can use templates from existing project management tools and applications to make documenting a business case easier.
Want to learn more about the same? Enroll in a CBAP or PMP Training program today!