From Wikipedia, the free encyclopedia. A business case captures the reasoning for initiating a project or task. It is often presented in a well-structured written document, but may also come in the form of a short verbal agreement or presentation.
Likewise, people ask, why do a business case analysis?
Business case analysis BCA can be defined as a decision support and planning tool that projects the likely financial results and other business consequences of an action or investment. An effective business case gives decision makers understanding and confidence they need to take action.
What is business case document?
A business case document is a formal, written argument intended to convince a decision maker to approve some kind of action. A well-crafted business case explores all feasible approaches to a given problem and enables business owners to select the option that best serves the organization.
Who is the owner of the business case?
– The Sponsor (or in PRINCE2 the “Executive”) owns the Business Case but will often delegate its preparation. – The Project Manager or Business Analyst may physically write the Business Case. – For larger projects it is possible that suppliers, users, subject matter experts and external consultants may contribute.
What is a case study of a company?
Documented study of a specific real-life situation or imagined scenario, used as a training tool in business schools and firms. Students or trainees are required to analyze the prescribed cases and present their interpretations or solutions, supported by the line of reasoning employed and assumptions made.
What are the stages of a project life cycle?
The Project Management Life Cycle has four phases: Initiation, Planning, Execution and Closure. Each project life cycle phase is described below, along with the tasks needed to complete it.
What is the business case for diversity?
The business case for diversity seems intuitive. Teams of mixed gender, ethnicity, physical ability, age and sexual orientation are more representative of customers. They offer a variety of viewpoints and a wider range of experience, which improves decision-making and problem-solving.
What are the needs of the business?
Articulating and defining business needs is a part of the activity called enterprise analysis and includes identifying and understanding the business’s goals; articulating its strategic direction; and capturing any key concerns pertaining to the business’s successes, challenges, risks, or problems.
What is the project charter?
Project charter. It provides a preliminary delineation of roles and responsibilities, outlines the project objectives, identifies the main stakeholders, and defines the authority of the project manager. It serves as a reference of authority for the future of the project.
What is a business case in prince2?
A PRINCE2 Business Case Template is used to document the justification for the undertaking of a project, based on the estimated costs (of development, implementation and incremental ongoing operations and maintenance costs) against the anticipated benefits to be gained and offset by any associated risks.
What is an enterprise environmental factor?
Enterprise Environmental Factors (EEF) are any or all environmental factors either internal or external to the Project that can influence the Project’s success. EEF includes culture, weather conditions, government regulations, political situation, market conditions, etc., which are usually out of one’s control.
What is meant by a project management plan?
Purpose. The Project Management Plan (PMP) is a formal, approved document used to manage project execution. The PMP documents the actions necessary to define, prepare, integrate and coordinate the various planning activities. The PMP defines how the project is executed, monitored and controlled, and closed.
What is a portfolio manager in project management?
Project Portfolio Management (PPM) is the centralized management of the processes, methods, and technologies used by project managers and project management offices (PMOs) to analyze and collectively manage current or proposed projects based on numerous key characteristics.
What do you do as a portfolio manager?
Portfolio managers do extensive research to make investment decisions for a fund or group of funds under their control. They may spend the day meeting with analysts, researchers, and clients, checking the financial markets, keeping up on company news, and buying and selling investments as things change.
What is project portfolio management process?
Project portfolio is a term that refers to an organization’s group of projects and the process in which they are selected and managed. The project portfolio is strategically selected to advance the corporation’s organizational goals. Project Portfolio management enables enterprise wide planning and resource allocation.
What is the meaning of portfolio planning?
Strategic Portfolio Planning is the business process by which organizations determine the set of innovation and new product development (NPD) investments they will fund—and those they won’t—to achieve their business objectives.
What does a portfolio manager do in it?
IT Portfolio Managers manage the portfolio of projects in an IT organization. IT Portfolio Managers treat the IT projects that are planned and in-progress across the company as individual investments – much like financial managers treat stocks and bonds as investments.
What does a product portfolio manager do?
That is what portfolio management is all about: resource allocation to achieve corporate product innovation objectives. Today’s new product projects decide tomorrow’s product/market profile of the firm. However, it is a problem that every company addresses to produce and maintain leading edge products.
What is portfolio management it?
IT portfolio management is the application of systematic management to the investments, projects and activities of enterprise Information Technology (IT) departments. Examples of IT portfolios would be planned initiatives, projects, and ongoing IT services (such as application support).
What do you mean by product portfolio?
A product portfolio is the collection of all the products or services offered by a company. Product portfolio analysis can provide nuanced views on stock type, company growth prospects, profit margin drivers, income contributions, market leadership and operational risk.
What is the product portfolio of a business?
A product portfolio is the range of items sold by a business. It can be analysed using the Boston Matrix. Boston Matrix. Star products have a high market share in a fast growing market. Cash Cows have a high market share in a slow growing market.
What is meant by extension strategy?
An extension strategy is a practice used to increase the market share for a given product or service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline.
How do you analyze a case study?
Before you begin writing, follow these guidelines to help you prepare and understand the case study:
Read and examine the case thoroughly. Take notes, highlight relevant facts, underline key problems.
Focus your analysis. Identify two to five key problems.
Uncover possible solutions.
Select the best solution.
What is the case in a study?
From Wikipedia, the free encyclopedia. In the social sciences and life sciences, a case study is a research method involving an up-close, in-depth, and detailed examination of a subject of study (the case), as well as its related contextual conditions. Case studies can be produced by following a formal research method.