What is a business case strategy?
Definition. A business case provides justification for undertaking a project, programme or portfolio. It evaluates the benefit, cost and risk of alternative options and provides a rationale for the preferred solution.
What three main components make up the business case?
3 Key Components of an Effective Business Case Study
- The Problem. One of the strongest appeals of business case studies is that they address real life problems. …
- Solution Options. The Solution Section of a business case study essentially builds the case for the sponsor’s product or service. …
- The Results. …
What are the 5 elements of a business plan?
At their core, business plans have 5 basic pieces of information. They include a description of your business, an analysis of your competitive environment, a marketing plan, a section on HR (people requirements) and key financial information. The following is an explanation of the 5 key elements to a business plan.
What is a full business case?
Full Business Case – the project should be developed to a level where it is capable of being given final approval, including detailed design and having secured all necessary powers, consents and land to enable the delivery of the scheme.
What is an outline business case?
An Outline Business Case (OBC) sets out the preliminary thoughts regarding a proposed project. It should contain the information needed to help the institution make decisions regarding the adoption of the project. It should state envisaged outcomes, benefits and potential risks associated with the proposal.
What is the 5 case model?
The Five Case Model is the approach for developing business cases recommended by HM Treasury, the Welsh Government and the UK Office of Government Commerce. It has been widely used across central government departments and public sector organisations over the last 10 years.
How do you evaluate a business case?
Here are some key items that you should expect to see:
- Fit with mission, vision, values.
- Fit with strategy and other projects.
- Risk profile.
- Non-economic benefits and costs (qualitative, capacity)
- Economic benefits and costs.