In this video, learn the standardized approach to the business casing process and the important elements of a business case. Learn also the objective vs. subjective benefits and the importance of both, and the concept of business case benefit projections needing to mirror post project targets.
- Once a business has generated and captured ideas,…the second step of the portfolio lifecycle…is to develop business cases for those projects…that have the best chance…of delivering the organization's goals and objectives.…Think of the business case as a proposal…that summarizes what will happen in business terms…if the project is approved.…A well-developed business case prevents businesses…from investing in projects that won't achieve results.…A bad business case can do the exact opposite,…cause those investments to be wasted.…So you must make sure your business cases…are as complete and accurate as possible.…
But what does that really mean?…Business case estimates are developed with assumptions:…how much money and how many people are needed,…how big the benefits will be, and how long they will take.…Because of these assumptions, your estimate…should be an estimated range of values…that accurately reflects the likely costs or benefits,…while acknowledging there's still uncertainty.…But this is when many businesses fail in their planning.…
- Identify how to connect the strategy with delivery in portfolio management.
- Explain the process of managing alignment.
- Define a portfolio lifecycle.
- Explore business casing and analysis in portfolio management.
- Examine capacity and capability planning in portfolio management.
- Break down selection and prioritization in portfolio management.
- Recognize the elements of managing change in portfolio management.