Write Business Case For Promotion – A business case is a project management document that explains how the benefits of a project outweigh its costs and why it should be executed. Business cases are prepared at the initial stage of the project and their purpose is to bring together all the objectives, costs and benefits of the project in order to convince the stakeholders of its value.
The business case is an important project document to prove to your client, customer or stakeholder that the project you are presenting is a good investment. Below are the steps to write one that will change them.
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The need for a business case is to include the financial assessment, proposal, strategy and marketing plan in one document and to see how the project will benefit the organization. Once your business case is accepted by the project participants, you can start the planning phase of the project.
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Projects fail without a strong business case, as this document is necessary to launch the project and forms the basis of the project charter and project plan. But if a project’s business case isn’t anchored in reality and doesn’t address a need that aligns with the organization’s larger business goals, then it’s irrelevant.
The research you will need to create a strong business case is the why, what, how and who of your project. This should be clearly communicated. Elements of your business case will address why but in greater detail. Think of the business case as a document that is created in the early stages of the project, but will be used as a reference throughout the project’s life cycle.
Whether you’re starting a new project, or in the middle of a project, take the time to write a business case to justify the project’s expense, identifying the business benefits your project will deliver and what your stakeholders are most interested in getting out of the job. The next four steps will show you how to write a business case.
Projects are not created for the sake of projects. They have a purpose. They are usually started to solve a specific business problem or create a business opportunity.
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You should “drive with necessity”. Your first job is to figure out what that problem or opportunity is, describe it, figure out where it’s coming from, and then deal with the amount of time it takes to deal with it.
This may be a simple statement, but it is better articulated with some research on the economic climate and the competitive landscape to justify the project’s timing.
How do you know if the project you are working on is the best solution to the problem defined above? Of course, it is difficult to choose the right solution, and the path to success is not based on unfounded assumptions.
One way to narrow your focus to uncovering the right solution is to follow these six steps (after appropriate research, of course):
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Then you will have to rank the solutions, but before doing that it is better to establish criteria, maybe have a scoring mechanism to help you prioritize the solutions to choose the right one.
Regardless of your approach, once you add up your numbers, the best solution to your problem will be revealed. Again, you’ll want to document this process in your business case as well.
So you’ve identified your business problem or opportunity and how to get there, now you need to convince your stakeholders that you’re right and that you have the best way to implement a process to achieve your goals. This is why documentation is so important; It provides a practical way to solve the basic problem you have identified.
Now, it’s not just an exercise in appeasing top management. Who knows what you might find in your research to examine the underlying problem and determine alternative solutions? You will save the organization millions with a different solution than the one originally proposed. When you craft a strong business case, you are able to bring your sponsors or organizational leadership with you and have a clear vision of how to ensure you deliver the business benefits they expect.
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Our business case template for Word is the perfect tool to start writing a business case. It has 9 main business cases that you can customize accordingly. Download the template for free and follow the steps below to create a great business case for all your projects.
One of the key steps in starting a business case is having a business case checklist. Below is a detailed outline to follow when developing your business case. You can select which of these elements are most relevant to your project stakeholders and add them to our business case template. Then, once your business case is accepted, start managing projects with robust project management software, e.g.
An executive summary is a short version of each section of your business case. It is used to give stakeholders an overview of your project.
This section is intended to provide general information about your projects, such as the business objectives to be achieved and an outline of the project plan.
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First, you need to figure out what you’re trying to do and what problem you’re trying to solve. You will need to define the vision, goals and objectives of your project. This will help you shape your project scope and identify project deliverables.
The project scope defines all the tasks and deliverables that will be implemented in your project to achieve your business goals.
Here you can provide a context for your project, explaining the problem it seeks to solve and how it aligns with your organization’s vision and strategic plan.
Depending on the type of project you are working on, the quality requirements will be different, but they are critical to the success of the project. Collect them all, figure out what determines the success you’ve met, and report the results.
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It’s time to create a project plan. Figure out the tasks you will need to complete the project. You can use the Work Breakdown Template to make sure you’re done. Once you have collected all the tasks, estimate how long it will take to complete each one.
Project management software makes creating a project plan significantly easier. you can upload your work breakdown structure template and all your tasks are filled in our tool. You can organize them according to your production cycle with our kanban board view, or use our Gantt chart view to create a project schedule.
Your budget is an estimate of everything in your project plan, and what it will cost to complete the project in the estimated time.
Make a project timeline by estimating how long it will take to complete each task. To make your project schedule more effective, use a tool to make a Gantt chart and print it out. This will provide that extra data visualization and skill that Excel sheets lack.
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Project governance refers to all project management rules and procedures that apply to your project. For example, it defines the roles and responsibilities of project team members and the framework for decision-making.
Have milestones for verifications and status updates, as well as define how stakeholders will be kept informed of project lifecycle progress.
Have a plan to monitor and track your progress throughout the project, comparing it to your planned progress. There are task tracking tools that help you monitor progress and performance.
Again, using a project management tool improves your ability to see what’s going on in your project. includes monitoring tools like dashboards and status reports that give you a high-level view and more detail, respectively. Unlike lightweight apps that set up a dashboard for you, ours is built into the tool. Better yet, our cloud-based software gives you real-time data to make better decisions. Plus, get more than just status updates, but reports on timesheets, workload, portfolio status and much more, all with just one click. Then filter reports and share them with stakeholders to keep them updated.
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This is a very important part of your business case as it is where you explain how the financial benefits outweigh the costs. Compare the financial costs and benefits of your project. You can do this by doing a sensitivity analysis and a cost-benefit analysis.
Identifying direct and indirect competitors and assessing their products, strengths, competitive advantages and business strategy.
SWOT analysis helps you identify your organization’s strengths, weaknesses, opportunities and threats. Strengths and weaknesses are internal, and opportunities and threats are external.
There are many categories of risk that can affect your project. The first step to mitigating them is to identify and assess the risks associated with your project activities.
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, award-winning project management software, can collect and compile all the data you’ll collect, then easily share it with your team and project sponsors.
Once you have a spreadsheet with all your tasks listed, you can import it into our software. It is then immediately compiled into a Gantt chart. Simply set the duration of each task,
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