3.1 - Business Insight

Question 1

Five Steps to Create a Business Case

Answer 1

1. Examine the org’s priorities and define the situation
2. Identify all possible solutions
3. Analyze and compare all solutions
4. Select the best solution and details to support the recommendation
5. Describe the implementation plan

Question 2

Elements of a Business Case

Answer 2

1. Executive Summary
2. Current Situation
3. Initiative Description
4. Environmental Analysis and Alternatives
5. Business and Operational Impacts
6. Cost/Benefit Analysis
7. Implementation timeline and Strategy

Question 3

4 Steps of Preparing and Managing Budgets

Answer 3

1. Analysis and Research (Past plans, historical records, baseline funds, last year’s accuracy, success rationale for previous projects)
2. Planning (annual plan tied to business needs; gather info from senior leaders and needs assessment dat)
3. Budget Review
4. Manage (track expenses, document deviations)