12 Steps Business Case Development
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After completing this course, you will be able to build an effective business case. You will understand what makes a business case, how to prepare one and how to design business cases to persuade decision makers.
Understanding what is a good business case will be followed by a description of the functions and elements of a business case. You will learn how to research and what to research in order to prepare yourself and how to align business case with organizational strategy.
Finding the best angle and making an effort to polish your business case will increase your chances. So, you will learn about the principles of business case design to respond to your identified decision makers.
A 12 Steps approach will guide your learning and practice:
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Choose your business idea,
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Define your business objective,
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Determine the functions of your business case,
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Prepare a generic structure of a business case (marketing components included),
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Research your business idea by needed topics and using appropriate research methods,
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Analyze and compile results of research,
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Align business idea, strategy and processes,
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Determine the best angle to sell your business case,
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Write your business case content,
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Adapt your business case to various decision makers,
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Emphasize high impact elements, and
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Prepare to ‘sell’ your business case.
So, if you want to learn how to develop a business case, for work or in your personal projects this course is for you. (HARVEL-2I7BY)It’s simple, compact and guides you step by step.Thank you for considering my course! If you are interested, go ahead, and hit that apply button!
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About the CourseIn this course, you will learn how to plan, write, and present a business case to persuade key decision makers in your organization that your proposal is a winning initiative.
This course will show you the principles for preparing an effective business case, and it will guide you through the writing process, from defining your business need and gathering relevant information, right through to assessing the financial impact of your solution.
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Effective Learning
Effective Learning
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Course Choice, Skill Development and Prior Knowledge -
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Course Overview
A business case is a document containing all of the information necessary for an individual, group, or organization to evaluate a proposed project. A good business case enables you to secure the resources and capital investment you need to implement your project.
The most obvious reason for putting together a business case is to persuade your organization to invest in a new project. However, a business case is not just a financial document.
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IntroductionPresent the course structure, objectives, overview and study guide.
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FAQs
FAQs
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A Good Business Case
It is important that you know when it is appropriate to write a business case, and that you have a clear vision of what you hope to achieve with it.
A business case is, above all, a selling tool. You use a business case to persuade senior executives in your organization that your proposed project is more deserving of budget approval than other competing bids.
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The Science of Better Learning
The Science of Better Learning
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Functions of a Business Case
When writing a business case, you should bear in mind its function - what you and the decision maker want the business case to do.
A business case defines a problem or opportunity, and outlines the steps that you intend to take to deal with the problem or opportunity.
You use a business case to convince the decision makers in your organization that your project is deserving of resources.
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Business Case Elements
A business case is a document that defines your project and its goals. It helps you allocate resources, make provisions for unforeseen obstacles, and facilitate good decision making.
The basic components in a business case include a current and pro forma balance sheet, an income statement, and a cash flow analysis.
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Marketing Components
When evaluating your business case, company decision makers are interested in how your proposed project intends to reach customers and create sales. You present this information within the marketing components section of your business case.
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Introduction to Business Cases
Understand the benefits, functions, elements and marketing components of a good business case.
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12 Steps Business Case Development
- Choose your business idea
- Define your business objective
- Determine the functions of your business case
- Prepare a generic structure of a business case (marketing components included)
- Research your business idea by needed topics and using appropriate research methods
- Analyze and compile results of research
- Align business idea, strategy and processes
- Determine the best angle to sell your business case
- Write your business case content
- Adapt your business case to various decision makers
- Emphasize high impact elements
- Prepare to sell your business case
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Effective Business-Case Writing
An effective business case must be well written, interesting, to the point, and able to communicate a message to the reader effectively.
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Business Case Research Priorities
For your project to be a success, you must complete a cost and benefit analysis to establish whether
- all benefits are identified and quantified within the business solution
- qualitative benefits are clarified and incorporated into the business solution
- high-level benefits are authorized and all assumptions are approved by the relevant department
- unproductive elements of the business case can be eliminated
Your business case must document certain assumptions about the proposed project. These assumptions should be tested with project stakeholders and operational managers before you include them in the business case.
You need to discuss the strengths, weaknesses, opportunities, and threats (SWOT), as well as any risks associated with implementing the solution.
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Activity Based Costing
A powerful tool for measuring performance, Activity-based Costing (ABC) is used to identify, describe, assign costs to, and report on agency operations.
A more accurate cost-management system than traditional cost accounting, ABC identifies opportunities to improve business-process effectiveness and efficiency by determining the "true" cost of a product or service.
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Business Case Research Methods
It is important to research the costs, benefits, assumptions, and constraints associated with a project, and to include your findings in your business case.
The decision makers who read your business case need this information in order to weigh the pros and cons of the project. You need to know how to identify and categorize the costs and benefits of your project.
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Resources for Building Your Case
Certain departments within your company can assist you in building your business case. In most companies, these can be broadly classified into seven categories: Research and Development, Facilities and Equipment, Materials and Supplies, Sales and Marketing, Financial Services, Legal Services, and Human Resources.
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Sample Cost Identification Spreadsheet
Sample Cost Identification Spreadsheet
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Strategic Business Case Alignment
Mismatches between corporate and project strategies are a major cause of project failure.
All companies have a strategy, whether it is explicit or implicit. Some organizations devote a lot of resources to formulating their strategy in written form, while others simply act out their strategy and do not articulate it.
A company's strategy integrates the company's major goals, policies, and actions into a coherent whole.
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Identifying the Decision Makers
A business case is written to provide company decision makers with the data they need to determine the viability of investment in your project.
In order to convey your message effectively, it's worth devoting some time to researching the people to whom the case will be presented.
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The Business Case Audience
Before you start preparing your business case, you must give some thought to who will use it besides company decision makers.
Users of your business case may need to refer to the case to stay focused, to remain committed to your product or service idea, and to explain the basic concept to new managers should management change during the development phase.
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Preparing a Business Case
Research and align your project with given business processes and corporate strategy, and identify the best arguments to convince decision makers.
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Influencing the Decision Makers
When you are preparing a business case, you must include the information that is relevant to, and will influence, the decision makers. Different decision makers have different expectations from business proposals.
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Concepts, Insights and Inquiries
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Business Case Design Principles
The layout and design of your business-case document can help you get your case approved. Valid research and good writing are essential components of an effective business case. However, creating a document that is easy to read and professional looking can help to ensure that your business case is read.
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Good Writing and Design Practice
The way you write and design your business-case document can influence how it is received by your company's decision makers.
"I think we're all in agreement that this business case is really well-written and very clear." Writing a business case involves more than just dumping information into a document.
The production of a good business-case document involves designating the writer or writers, organizing the content, and implementing layout and design guidelines for the finished document.
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The Business Case Developer
Everyone on your project team should be involved in the development of your business case. This ensures a broad range of perspectives, and may generate information and ideas that you might have otherwise ignored.
However, this does not mean that everyone on the team will write a section of the business case.
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Sample Business Case
Background
This is a business case that can be used in an organization. It is based on academic research, industrial research, case studies, consulting experience, and common knowledge found in the usability community.
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Writing and Designing a Business Case
Build and design your business case documentation for impact and persuasion.
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Practical Activity: Create Your Own Business Case Proposal
