PRINCE2 updating the Business Case 

PRINCE2 updating the Business Case

It is a PRINCE2 principle that projects have continued business justification

The project board is ordinarily only authorized to continue while the project remains viable, that is, the benefits will be realized within the time, cost, quality, scope and risk parameters set out in the currently agreed Business Case

Projects do not take place in a static environment

The environment external to the project changes as do the nature and timing of the projects products. The Business Case needs to reflect these changes and must be reviewed and amended to keep the relevant to the project.

As the executive is responsible for the Business Case, the project manager should consult with the executive when reviewing and updating the Business Case in preparation for project board approval.

PRINCE2 recommends the following actions:

• Check whether there have been any changes to the risk appetite and risk capacity of the organizations involved, and whether risk tolerances need to be redefined.
• Assess the projects risks using the Risk Register to ascertain the aggregated risk exposure for the project, and identify the current key risks that affect the Business Case. They should include an assessment that the aggregated risk exposure remains within risk tolerances
• Update the Benefits Management Approach with the results from any benefits management actions undertaken during the management stage

Examine and review:

• The Benefits Management Approach for the results of any benefits management actions undertaken during the management stage compared with the expected results
• The impact of approved changes as these may affect the projected benefits
• The project risk profile and key risks
• The Issue Register for any issues that may affect the Business Case
• The Project Plan to see whether the final implementation date of the project has changed, which might affect some, or all the projected benefits
• The Project Plan to see whether the cost of delivering the projects products has changed, which may affect the cost benefit analysis within the Business Case
• The corporate, programme management or customer environment into which the projects products will be delivered, as it may have changed
• Whether any benefit reviews are required in the next management stage
• Revise the Business Case and is necessary, the Benefits Management Approach, ready for project board approval
• Update the Risk Register and Issue Register as necessary

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