From the course: Project Portfolio Management Foundations

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Business casing and analysis

Business casing and analysis

From the course: Project Portfolio Management Foundations

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Business casing and analysis

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- 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…

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