GR2 Business Case and Success Criteria Flashcards
Understand a business case as the justification for the initiation, investment and/or continuation of a project in terms of benefits, costs and risk
Definition of Outcome
The changes, circumstances or behaviour that results from the use of an output and leads to realisation of benefits
Definition of Success Criteria
The satisfaction of stakeholder needs for the deployment of a project. Not this is a different performance measure to benefits, which are focused on the strategic intent and delivering beneficial change
What does the Business Case (BC) do?
-Provide justification for undertaking a project or programme
-Evaluate the benefit, cost and risk of alternative options
-Provide rationale for the preferred solution
Why is the BC used at each decision gate?
To justify the continuation of the project
Who owns the BC and when is it developed?
-Project Sponsor
-Concept phase (continuously updated)
What are the three main contents of the BC?
-Reasons for project
-Options
-Benefits
What two things are included in reasons for project in the BC?
-Current situation
-Problems and opportunities
What three things are included in options in the BC?
-Preferred option
-Possible solution
-Rationale for recommended option
Give three contents of the benefits included in the BC
-Improvements that’ll accrue after the project is completed
-Scope and major deliverables
-Investment appraisal (cost-benefit analysis)
What are the five steps of the BC process?
-Project Sponsor and other stakeholders prepare BC
-Reviewed by those with project or quality assurance responsibilities
-Project Sponsor approves
-Senior Management approves
-Major changes approved by Senior Management through life
Who owns the BC?
Project Sponsor
Give three elements of the BC success criteria
-Deliver the right output within the data requested and within the agreed budget
-Achieve the benefits defined
-Adhere to safety elements
In which situation would the Project Sponsor accept a delay or increase in budget?
When the benefits still outweigh the costs and risks
When must the success criteria be set?
At the beginning of the project
What will the success criteria discuss and which process is it captured in?
-What’s being delivered
-Requirements Management Process
