PRINCE2 area - Business case

Probably it would be very strange if we should provide arguments why business case is important in project. Nevertheless there are still many companies who manage huge investment projects and business cases for these investments are only verbally agreed. Other problem we may encounter - even if clear benefit KPI are present - they are not measured systematically post-project. Business case sometimes is signed but not revised on regular basis even though project situation and expenditures are far from planned already during execution. Sometimes there are even more strange situations present - no single person responsability for project benefits but shared responsability between several people.

PRINCE2 knowledge areas here will be provided only in executive summary as PRINCE2 standard gives much more details.

GOAL:

Create mechanisms to judge project on regular basis to keep investment viable & push to deliver highest possible benefit

MUST MANAGEMENT PRACTICES:

Documented Business case must be created

Documented Benefit plan must be created

Responsabilities for justify investment must be set for Project owner/executive

All Project steering comittee decisions should be always aligned with Business case and documented Benefit plan

Benefit plan must have benefit KPI and documented management actions to maximize benefits during & post-project

TAILORING PRACTICES:

Here are just some limited number of management practices.

All recommended practices you can read in stardard manual yourself or learn it in PRINCE2 trainings.

Business case template aggregated from thousands of projects

Benefit plan template aggregated from thousands of projects

Define project goals/objectives always using three levels - user, business, supplier

Clearly define when Business case and Benefit plan should be created and updated during project lifecycle

Clearly define which PRINCE2 roles and when should provide information or update Business case or Benefit plan

All 7 PRINCE2 knowledge areas:

• Business case - answer to question - WHY we deliver project.
• Organization- answer to question - WHO deliver project.
• Risk management🔺- answer to question - WHAT IF it happens in project.
• Planning- answer to question - WHEN & HOW MUCH in project.
• Quality - answer to question - WHAT we deliver in project.
• Change management- answer to question - WHATS the IMPACT for project delivery.
• Progress- answer to question - HOW it goes to deliver project.

Recommended solutions for Jira cloud:

• Advanced T Risk Manager🔺 (that is based on PRINCE2 practices) Video here & DOWNLOAD here
• Free T Risk lite app
• Free T Progress lite app