Creating a business case is a critical step in ensuring project success, and it is a key factor in getting a project approved and funded, according to literature and research. According to literature and research, the following steps can be taken to develop a business case for a successful project:
Define the issue or opportunity: Define the problem or opportunity that the project is meant to address. This will help to ensure that the project is in line with the organization’s strategic goals. According to PMI research, projects that are aligned with organisational strategy are more likely to succeed.
Identify the project objectives and how they relate to the problem or opportunity. This will help to ensure that the project is focused on achieving the desired results. According to the literature, projects with clear and measurable objectives are more likely to succeed.
Conduct a feasibility study: Conduct a feasibility study to assess the project’s technical, operational, and financial feasibility. This will aid in identifying any potential risks or challenges that may arise during the project. According to research, projects with a thorough feasibility study are more likely to succeed.
Identify potential solutions: Identify potential solutions to the problem or opportunity. This will help to ensure that the project is addressing the correct problem and that the proposed solution is the most appropriate. According to McKinsey research, projects with a clear solution are more likely to succeed.
Create a detailed project plan outlining the project scope, deliverables, timelines, and resources. This will help to keep the project on track and on time. According to the literature, projects with a detailed project plan are more likely to succeed.
Determine the project’s costs and benefits. This will aid in calculating the return on investment (ROI) and justifying the project’s investment. According to research, projects with a clear ROI are more likely to be approved and funded.
Prepare a detailed business case report that summarises the problem or opportunity, project objectives, feasibility study, potential solutions, project plan, and costs and benefits.
In conclusion, creating a business case is a critical step in ensuring project success. It helps to ensure that the project is aligned with the organization’s strategic objectives, is focused on delivering the desired outcomes, and that the proposed solution is the most appropriate. A well-developed business case will also help to justify the project’s investment by identifying the costs and benefits and calculating the return on investment (ROI).
