2.2 Business Case Flashcards
1
Q
Characteristics of a business case
A
- Justification for investment in project/programme/portfolio
- Evaluation of benefit, cost, and risk
- Rationale of preferred solution
- Outlines scope, outputs, outcomes, and benefits
- Baseline of time, cost, and quality
- Explanations of different options
- Justification of preferred solution
- Explains funding and governance approach
2
Q
What is the key different between a business case and a PMP?
A
- Business case - strategic context for a project
- PMP - operational detail for a project
3
Q
5 Elements in a business case
A
- Strategic context
- Economic analysis
- Commercial approach
- Financial case
- Management approach
4
Q
Tools for contextual analysis
A
- SWOT
- PESTLE
- VUCA
5
Q
Characteristics of SWOT
A
- Strengths, weaknesses, opportunities, threats
- Analyse the current situation and come up with strategic response
- Identify factors that may influence business case
- Analysis of internal strengths and weaknesses
- Analysis of external factors that may impact project
- Also consider procurement, regulations, governance, and risk appetite
6
Q
PESTLE
A
- Political
- Economic
- Sociological
- Technological
- Legal
- Environmental
7
Q
VUCA
A
- Volatility - rate of change
- Uncertainty - unpredictability
- Complexity - interdependencies
- Ambiguity - unclear/misunderstandings
8
Q
Phases to review alignment with business case
A
- Concept
- Definition
- Deployment
- Transition
- Adoption
9
Q
What makes up the baseline of a business case?
A
- Time
- Cost
- Quality
