Preparing a business case report is part of the strategic planning and financing of significant business projects. The more complex a business project, the more crucial the business case report. The report helps establish the rationale supporting a potential undertaking, while setting forth the arguments and managerial functions needed to undertake the project. A business case report assists leaders and management to "think through" the potential project in a strategic manner.
How to write a financial section for your Startup Business Plan [2020 Updated]?
How to Write a Business Case (+ Template & Examples)
When an individual makes a decision, there is always a question of what will it contribute to them. In the same way, people call the shots in running corporations and businesses that can affect the life of other people. The consequence of a wrong decision hits hard on many. And this is where justifications are necessary before making any decision. Before participating in a new activity or joining a new organization , a person analyzes the entire situation before making the final decision. An individual weighs the advantages and disadvantages of the circumstance.
Writing a Business Case
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. A common way of thinking about a business case is using these five elements:. The business case is reviewed and revised at decision gates as more mature estimates and information become available.
All new businesses or potential business ideas do need a business plan—but, as you will see in our business case examples, a business plan is not the same thing as a business case. A business plan will show your ideas and include marketing plans and research, a SWOT analysis , and even outline how much capital funding you may need for investors. A business case, on the other hand, is utilized for something tried—that works—that you or your organization wants to sell or implement. Still, some companies utilize a business case to see if a process or element will work based on the case study.