Business case project

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Develop a complete business case for an idea. This may be a real example from your work environment or a fictional example from anywhere you choose. You also have to use the document attached to it.

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Running head: A COMPARISON OF A BUSINESS CASE AND A BUSINESS PLAN A Comparison of a Business Case and a Business Plan Student’s Name Institution Affiliation A COMPARISON OF A BUSINESS CASE AND A BUSINESS PLAN 2 Business Case A business case is a decision-making tool used in business to measure the effects a choice will have the advantage of a project. It is used to show how the decision will change streams of money for a given time and how income and expenses will vary ("What is the business case? definition and meaning," n.d.). Rosenblatt and Shelly (2014) define a business case as justifications or reasons for a business proposal. A business case should be easy to understand and comprehend and describe the project precisely and offer a justification to continue and approximate the financial impact if the project. According to Pinson (2016), a business case is a justification for undertaking or starting a project. A business case as the following elements; Mission statement addressing the problem. A problem statement compelling brief. A description of the objectives to be attained. A description of the approach to be used to attain the objectives. A statement addressing the issues of all stakeholders. A description of risks involved in the projects and steps of addressing the risks. The roles and responsibilities of the key stakeholders. An estimation of the budget to be used in the entire project. Business Plan A business plan is a formal document describing the missions, visions, and objectives of a business. A business plan focuses on strategies designed for implementing so that a business can achieve its vision, objectives, and mission. Also, the document provides information regarding the kind of an organization the business is and the individuals that take part in the A COMPARISON OF A BUSINESS CASE AND A BUSINESS PLAN 3 implementation of the described strategies. Pinson (2016)define a business plan as a document that describes the nature of a business, the various strategies it has to achieve its goals, budget and an analysis of the profit and loss statement. A business plan, according to McKeever (2012) is a statement that gives a description and analyses of a business and gives detailed predictions and projections about the future. It covers the financial aspects of beginning or expanding a business and the amount of capital required and how it will be paid back. Difference between a Business Case and a Business Plan A business case is an opportunity that gives us a broader picture of the business model, and it is the possible reason that is given to persuade the key investors and stakeholders. On the other hand, a business plan is the detailed description of the business and its objectives. It gives a full description of the kind of business and the approximate budget invested and gives an analysis of the returns on the investments. It provides a step by step guide for the business operations. The business case and the business plan both focus on the outcome of the business and go along with each other, but they answer different questions. The business case focuses more on the tasks or activities involved in the business which either fully or partially matches the objectives of the business while Business plan focuses on entire business mission, goals and vision. It gives a full understanding of the mode of the business and focuses primarily on the business objectives. Business Case Template: A Business Case is a document that assists in analyzing whether a project would be profitable or not and it mentions the challenges and their impacts. Also, it offers the cost-benefit analysis for the proposed resolution. It provides a strategic methodology to be used in the process A COMPARISON OF A BUSINESS CASE AND A BUSINESS PLAN 4 of assessment and implementation of the business case (Administrator, n.d). A business case template consists of the following details: 1. Executive Summary: The executive summary gives good inception for which to develop a particular business case. It gives general data on the issues encompassing the business matters and the proposed ventures or activities made to deal with. Also, it gives the project goals, assumptions, performance evaluation, challenges and the alternative options. Lastly, it describes the issues related to the project, the anticipated outcomes, the recommendation, and the justification. 2. Business Case Analysis Team: This section describes the roles and responsibilities of the team members in charge of the project and development of the business case. The role and responsibilities of each member of the team should be clearly defined. These members are tasked with analyzing and producing the business case. The section comprises of role, responsibility or description and title or name of the team member in a table is illustrated below; Role Responsibility/Descprition Executive Support Gives executive support for the project. IT Support Offers IT support for the project. Project Manager Manages the project team and the business case Title/Name 3. Problem Definition: This section helps us understand the challenges that require being resolved for which the project has been proposed. The problem can involve a process, service, technology, or product related. It describes issues and problems that are analyzed A COMPARISON OF A BUSINESS CASE AND A BUSINESS PLAN 5 in the business. The ways of preventing and solving this problem are not discussed in this part. Lastly, this section gives an insight into the effect of the problem on the business. 4. Project Overview: This template describes the goals and objectives. This explains the approach that will be used in the project to overcome the problems and challenges faced. It gives brief information on description, objectives, and goals of the project, performance measures, assumptions, challenges, and major project milestones. 5. Strategic Alignment: This section shows how the goals of the project will be coherent with the objectives and goals of the project. It gives a full overview of the business and the project. It comprises of the strategic plan, the predictions of the plan and how the strategic plan aligns itself with the project. 6. Cost-Benefit Analysis: This is the essential part of a business case. It consists of the expenses or reserve funds for the project, which get last approval to proceed. It is important to determine the related financial advantages of the project irrespective of how much is anticipated in the business case, and this should be done with the aim of saving finances. The cost-benefit analysis aims to define the expenses of the entire task and compare them, as well as state the advantages and finances to determine whether the projects is advantageous to the business. 7. Alternative Analysis: This section gives an analysis of all activities that may be used as an alternative to the main activities. Although a business case is the after effect of having settled on one choice, a brief analysis of the choices considered need to be included one which should be the prevailing conditions or not doing anything. The objective behind not settling on any choice should also be included. A COMPARISON OF A BUSINESS CASE AND A BUSINESS PLAN 6 8. Approvals: This business case template provides with a document with which approval or denial is measured, and this helps in moving ahead with the project. Thus, all the materials should either be approved or declined by the executive board or the main stakeholders. Below template shows the example of the approval; Name of Approver Title President & COO Executive VP Sign Date A COMPARISON OF A BUSINESS CASE AND A BUSINESS PLAN 7 References Retrieved from https://www.ctg.albany.edu/publications/guides/smartit2?chapter=5&PrintVersion=2 Administrator. (n.d.). Business Case Template. Retrieved from http://www.projectmanagementdocs.com/project-initiation-templates/businesscase.html#axzz3t22klN33 Business Plan Definition - Entrepreneur Small Business Encyclopedia. (n.d.). Retrieved from http://www.entrepreneur.com/encyclopedia/business-plan McKeever, M. P. (2012). How to write a business plan: Write a winning proposal, prepare cash flow and profit et loss forecasts, get backers to invest; the leading business plan for 25 years. Berkeley, CA: Nolo. Pinson, L. (2004). Anatomy of a business plan: A step-by-step guide to building a business and securing your company's future. Rosenblatt, H. J., & Shelly, G. B. (2014). Systems analysis and design. Australia: Course Technology, Cengage Learning. What is the business case? definition and meaning. (n.d.). Retrieved from http://www.businessdictionary.com/definition/business-case.html#ixzz3t1aqyPal
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Explanation & Answer

Attached.

Running head: BUSINESS CASE

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Developing a Business Case
Name
Institution

BUSINESS CASE

2

Introduction
A business case is defined as a written document that is used to help in decision making
before starting or initiating or continuing a project or product development or enhancing a certain
feature (Sheen & Gallo, 2015). This document should contain information that will enable the
management of any organization to make an inform decision. The Facts stated in a business case
are usually researched properly to present the true picture. A business case is usually short and
precise and straight to the point (Sheen & Gallo, 2015)
A business case usually defines or explains the best decision alternative through backing
supported by relevant research and necessary documentation. A business case usually puts into
perspective the external and internal business environment (Michalos, 2013). A business case is
usually developed during the early stages before a pro...


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