What is a business case PRINCE2?
Table of Contents
During the project, a PRINCE2 business case is a major control document that is referenced on a regular basis to ensure and confirm that the project remains viable. PRINCE2 business cases will contain justifications for a project, such as value for money for what is to be done and why it should be done now.
Who writes the business case in PRINCE2?
The Executive
Step 1: Develop the Business Case The Executive is responsible for creating the Business Case, but it can be written by others or with help from others. For example, the Executive might involve a person from the financial department to assist with financial information.
What is the format of a business case?
When writing a business case, always define the scope and include an executive summary, detailed info about finances, and an overview of the project’s structure. Each member of the project team should contribute to the business case. Overall, the business case should be concise and only include relevant information.
How do you write a business case example?
How to write a business case
- Be brief and convey only the bare essentials.
- Make it interesting, clear, and concise.
- Eliminate conjecture and minimize jargon.
- Describe your vision of the future.
- Demonstrate the value and benefits the project brings to the business.
- Ensure consistent style and readability.
What are the 7 themes of PRINCE2?
The 7 Themes
- Business Case. Related to the continued business justification principle.
- Organisation. Related to the define roles and responsibilities principle.
- Quality. Related to the focus on products principle.
- Plans. A plan describes how targets will be achieved.
- Risk.
- Change.
- Progress.
What comes first business case or PID?
The Business Case is to form part of the Brief and to be carried on into feasibility and the Project Initiation Document (PID).
What is a business option in business case?
Business options – the three basic options when considering a potential project are: do nothing; do the minimum; do something.
What is the 5 case business model?
The Five Case Model is the approach for developing business cases recommended by HM Treasury, the Welsh Government and the UK Office of Government Commerce. It has been widely used across central government departments and public sector organisations over the last 10 years.
What are the 4 key elements that a business case should contain?
Definition
- Strategic context: The compelling case for change.
- Economic analysis: Return on investment based on investment appraisal of options.
- Commercial approach: Derived from the sourcing strategy and procurement strategy.
- Financial case: Affordability to the organisation in the time frame.
What are the 4 elements of PRINCE2?
PRINCE2 is composed of 4 integrated elements: principles, themes, processes and tailoring.
What are the 5 stages of project management?
Developed by the Project Management Institute (PMI), the five phases of project management include conception and initiation, planning, execution, performance/monitoring, and project close.
How do you write PID?
7 Simple Steps To Create A Project Initiation Document
- Provide The Context.
- Define The Project Parameters.
- Define The Specifics.
- Define the Project Breakdown Structure and Resourcing Plan.
- Define Who’s Who.
- Identify Your Risks, Assumptions, Issues And Dependencies.
- Share Your Project Initiation Document.