Module 6: Crafting and Tailoring the Business Case Practice

Lesson 1:  6.1 The Business Case Practice

'The Business Case Practice' is a part of the PRINCE2 Business Case and Benefits Management Approach in PRINCE2 7th Edition. You will learn the purpose of the business case practice is to establish mechanisms to judge whether the project is (and remains) desirable, viable, and achievable to support decision-making in its continued investment, and these measurable improvements are called benefits The business case is at the centre of any impact assessment of risks, issues, and changes by answering the question “how will this risk, issue, or change affect the viability of the business case, and the business objectives and benefits sought?”

Members Only 6.2 Benefits and Business Justification

You will learn that all projects must have a business justification, usually documented in a business case, which establishes not only the reason for the project but also confirms whether the project is viable, desirable and achievable. You will understand how project outputs deliver capabilities, which embed outcomes enabling business changes which are measured by benefits and disbenefits leading to the meeting of business objectives

Members Only 6.3 Business Case Lifecycle

You will learn that Business justification is established at project start by creating a business case, kept under regular review and updated in response to the decisions and events that might impact the project’s desirability, viability, or achievability The business case is developed as an outline at the start of a project based on information provided in the project mandate, and as the project is planned in more detail and information becomes more precise, the outline business case is developed into a more detailed one. The outcomes and benefits to be achieved from the project need to align with and contribute to, the business objectives, and may include environmental, social and governance (ESG) goals set by the organization

Members Only 6.4 The Benefits Lifecycle - Part ONE

You will learn PRINCE2 includes a four-step business case management technique (develop, check, maintain, confirm). In this, the first of two lessons you and I will cover the develop and check steps. The business case is developed in outline and then in detail at project beginning, it is then reviewed and updated as it develops and evolves throughout project life It is checked by the project board at each key decision point (such as at stage boundaries) and confirmed throughout the period that benefits accrue

Members Only 6.5 The Benefits Lifecycle - Part TWO

'The Benefits Lifecycle - Part TWO' is a part of the PRINCE2 Business Case and Benefits Management Approach in PRINCE2 7th Edition. Here you and I will cover the maintain and confirm steps. Maintain. At each stage end, the project manager updates the business case with the progress data (such as products delivered, projects costs, benefits realized) and latest forecasted benefits and performance targets Confirm. The business will review the business case as part of a post-project benefits review to determine the project outcomes has realized their benefits. They will also assess whether the intended benefits have been realized in practice

Members Only 6.6 Investment Appraisal Techniques

In this lesson you will learn nine investment appraisal techniques including the multi-case model. An investment appraisal compares the costs of developing, operating, and maintaining the project product with the value of the benefits over a period of time. There are many investment appraisal techniques available to organizations that will often have preferences on which technique to adopt for specific projects. The selection of techniques may be influenced by the type of business or the organization’s own standards.

Members Only 6.7 Applying the Business Case Practice - Part ONE

'Applying the Business Case Practice - Part ONE' is a part of the PRINCE2 Business Case and Benefits Management Approach in PRINCE2 7th Edition. In this lesson you will learn about the organizational and commercial contexts. A project needs to align its approach to developing and maintaining the business case with wider business policies, standards, and approaches. These will often differ according to the type of organization, for example, those in the public sector compared to the private sector. Customers and suppliers will have their own business justifications for participating in the project and may need their own business cases. A supplier would have to ensure that it will benefit from the work it undertakes on the project. In other words, that it would be worthwhile from the supplier’s perspective.

Members Only 6.8 Applying the Business Case Practice - Part TWO

In this lesson the second part of applying the business case, you will learn about applying sustainability within the business case. You will also learn about project scale and the use and structure of the project brief,

Members Only 6.9 Management Products

'Management Products' is a part of the PRINCE2 Business Case and Benefits Management Approach in PRINCE2 7th Edition. In this lesson the second part of applying the business case, you will learn about the management products specific to the business case practice. Specifically you will learn about the project brief, the business case, the benefits management approach, and the sustainability management approach.

Members Only 6.10 Business Case Practice Principles

'Business Case Practice Principles' is a part of the PRINCE2 Business Case and Benefits Management Approach in PRINCE2 7th Edition. In this lesson you will learn about the key relationships with principles, and how each contributes to the adherence to each of the seven PRINCE2 principles across the project lifecycle. You will grasp how the business case practice achieves each principle in turn, and the outcome or result from doing so.

Members Only 6.11 Focus Areas for Key Roles

'Focus Areas for Key Roles' is a part of the PRINCE2 Business Case and Benefits Management Approach in PRINCE2 7th Edition. In this lesson you will learn about the focus of key roles for the business case practice, how PRINCE2 defines seven key roles to manage a project, and their responsibilities specific to the business case practice are described here, from the business layer through to project support.