Business Plan Wikipedia
The Business Case gathers the information to allow the organisation management judge if a project is worthwhile to invest in and they can also compare with other requirements and ideas.
The PRINCE2 Manual actually says “The Business Case gathers the information to allow the management judge if a project is desirable, viable and achievable”.
”The Executive is responsible for creating the Business Case and usually gets assistance from the Project Manager.
It is created at the start of the project and maintained during the project by the Project Manager (a good question to ask here is “Why is the Business Case maintained and what does this mean? The Business Case contains the following information: PRINCE2 uses the terms “Output, Outcome, and Benefits.” These terms help to describe what we get from a project.
The Business Case is created and first completed in the Initiation Stage, and it becomes part of the Project Initiation Documentation.
The Business Case is developed in the Initiation Stage and maintained during the project.One final point to remember here is that the Executive has the responsibility to all project stakeholders for the project to remain desirable, viable and achievable at all times.The approach to confirm the benefits is in 4 steps: As you can clearly see, these steps are all about ensuring that benefits are correctly measured.Let’s take a look at desirable, viable, and achievable concepts:“Business Justification” is a popular term in a number of methods and is also used by PRINCE2.Business Justification means that there is a valid business reason for doing the project and it remains valid throughout the project so this should be one of the questions the Project Board should be asking at the end of each stage: “Is the Business Case still valid?For example, the Executive might involve a person from the financial department to assist with financial information. It means to determine whether the Business Case is worthwhile.This verification is done at a number of points throughout the project.Where do you think would be good points in the project for the Project Board to Verify the Business Case or, in other words, to see if the Business Case is worthwhile?You will find it much easier to understand these if you have listened to the Process Model podcast.Nevertheless, it should be kept in mind that other points of verification exist besides those mentioned above. Maintain the Business Case refers to keeping the Business Case up to date to reflect what is happening in the project.It may be done when assessing Risks or Issues, or at the end of a stage.