Business Case Meaning In Project Management

A business case can take many forms.

Business case meaning in project management. Ideally the review should take place before starting a new stage to avoid unnecessary investment in time and money. The business case provides the reasoning for initiating a particular task or project management scheme. Checklist questionnaire this checklist helps to provide a structured review of a completed business case against the historic data of similar projects.

A business case is a written or verbal value proposition that is intended to educate a decision maker and convince them to take some kind of action. The business case should be completed before it is run against this checklist but it may be helpful to review this checklist during the business case development process to try and avoid the necessity for rework. At its simplest a business case could be a spoken suggestion.

Apm body of knowledge 7th edition. When written the document itself is sometimes referred to as a business case. The need for a business case is that it collects the proposal outline strategy and marketing plan in one document and offers a full look at how the project will benefit the organization.

If the return on investment decreased to such an extent that it became negative then we d probably either cancel the project or dramatically change its objectives to keep a. Read more about business cases in chapter one of the apm body of knowledge 7 th edition. The business case is a type of document that describes information of a particular business to determine if the project is worth the investment.

The fourth edition of a guide to the project management body of knowledge pmbok guide now takes greater notice of the business case 4 1 1 2 business case but does not yet expand its explanation and discussion to take full advantage of the value of a business case to the project and organization. The business case is also the key document of the project portfolio management process and as such is the document used by the organisations project investment committee. Your project business case is therefore a tool for senior people to make an informed decision.

There are four steps necessary to write a business case which are as follows. The business case is the key document for a project manager it is both the justification for their activities and a benchmark by which the project benefits will be measured. The apm body of knowledge 7th edition is a foundational resource providing the concepts functions and activities that make up professional project management it reflects the developing profession recognising project based working at all levels and across all sectors.