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Explain what a business case is and why the business case is so important in project management. Provide at least one example of a business case from a major U.S. tech company that would require project management and explain why. Make sure to follow-up on the posts of a minimum of two other classmates. Cite all sources.
A business case is a formal document that describes how to address a company’s or project’s goals. It helps the business justify the need for your project, as well as its potential impact on the overall organization. The main purpose of a business case is to provide detailed financial information to support capital investment decisions, such as whether or not to move forward with a particular project. A good business case should be written by someone with expertise in accounting and HR — ideally someone who has worked on similar projects before!
A business case is a formal document that describes how to address a company’s or project’s goals. It helps the business justify the need for your project, as well as its potential impact on the overall organization.
Business cases are often used in conjunction with other documents like cost/benefit analyses and estimations, but they do not replace these documents; rather they supplement them by providing more detail and clarity about costs, benefits and risks associated with your project.
The main purpose of a business case is to provide detailed financial information to support capital investment decisions, such as whether or not to move forward with a particular project.
In order for your organization to make sound capital investment decisions, you need accurate and complete financial information. A good business case can help ensure that all relevant costs are included in the analysis of potential projects and that the resulting decision will be cost-effective over the long term.
For example: A company wants to invest $100 million in new headquarters building construction over five years. To determine whether this was an appropriate use of funds, they would use their existing data about construction costs at nearby buildings ($10/sq ft), rent rates ($30/sq ft), etc., then compare that with data on similar projects around them (eBay headquarters). This analysis could reveal how much more expensive it would be if they built here instead somewhere else; thus saving them money while still meeting their needs!
A good business case should be written by someone with expertise in accounting and HR. This person knows the ins and outs of how to determine what’s going on with your company, as well as how you can use that information to make decisions. They also understand the business aspects of project management, including cost-benefit analysis and return-on-investment (ROI).
If you’re not sure who fits this description, ask yourself two questions: do I want my project manager to write my business cases? And if so, why? If not, then don’t worry about it—you’re probably safe leaving this part up to them after all!
As you can see, there’s a lot more to a business case than simply creating one for your project. Like any other document, it should reflect the strategic objectives and needs of the organization as well as its financial situation. If you can understand these things, then you’ll be able to create an effective business case that will help convince your boss or board members why running this project is worth their investment dollars—and that means it could be almost anything from creating a new product idea all the way down to upgrading an existing one!
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