Project Business Case

Name: Project Business Case
Rating: 3.7 (5 reviews)

Learn how to compile and update a business case for a project

Created byDan Prodi, Pipi Rahayu

Last updated 9/2021

English

What you'll learn

How to create a project business case
How to create a project feasibility study
How to evaluate the financial advantage of executing a project
How to create all the documentation to support a business case

Course content

7 sections • 97 lectures • 8h 4m total length

Introduction8:19
Course Structure2:40
Why We Do Projects?7:08
Projects is a set of activities to be executed in a limited time to fulfill a business need
Everything starts from problem
A project is the set of tasks to resolve that problem
It might be a new initiative, an improvement of internal processes or organization, building a new product to sell to customers, or an activity to fix an internal problem or upgrade/improve an existing product
Why an Organization Needs a Business Case?5:49
A business case is a document or set of documents (including annexes) prepare in the early stages of a project which outlines:
Why we need to execute that project
What are the consequences and impacts of running that project
How the project will be executed (methodologies, roles, phases, deliverables)
What is the needed completion date
Who are the parts involved in the projects and what are their roles and responsibilities
This information condensed into the business case documentation is the support for whom is responsible to determine whether or not the project has to be started or, in later phases of the execution, if has to be stopped.
How Does a Business Case Work?6:37
A business case is compiled as detailed as it is enough to let the management take the decision whether or not to approve the related project.
This should happen before starting a project, during the project definition phase.
When starting a project, at the very beginning of the initiation phase the business case should be more detailed and precise.
In fact a precise and detailed document will remove lack of understanding, or disagreements over the goals and will avoid to have costs to solve problems later because of unclear definitions at the beginning.
What Does a Business Case Look Like?5:38
A Business Case defines the value of a project.
Costs and benefits are the main parameters used to express the value.
But a Business Case can be evaluated using other elements.
The elements are important for project sponsor and decision-makers in making go/no-go assessments.
Business Case Contents: The Structure14:57
Usually a business case as a minimum should contain the following topics:
Reasons
Options
Benefits and non Benefits
Tming and Costs/Budget
Risks
These elements are fundamental for determining whether the Business Case has viability
Some of these elements will naturally evolve with the project
Before the project planning phases the estimations are based on experience and knowledge and might be broad
After the release of the project plan, these elements will be more precise and more detailed
During the execution of the project the estimations will be improved
The Benefits Review Plan4:29
The estimation of the benefits is the most important part of a business case.
In fact benefits justify the reason why we should execute a new project.
A Benefits Review Plan is the tool to perform the benefits assessment
It should be developed along with the Business Case
It should be updated as the project progresses
It should determine whether the identified benefits have been realized
The Foundation for Project Success2:29
Preparing the business case in the right way will ensure the success of a project.
In this lecture we are going to see how to prepare the basis to have a successful project.
How to write a business case (I)3:39
The purpose of a business case is communication.
Each section should be written considering the targeted audience.
A Business Case must be a quick decision-making tool.
Therefore it should only contain enough information to help decision making.
We will see in this lecture how to actually write a business case.
How to write a business case (II)2:43
How to write a business case (III)9:22
How to write a business case (IV)1:22
The business case template0:57
In this lecture we will see the typical business case template and how to compile each section.
How to write a Successful Business Case6:47
A business case is created to identify the core business benefit of a project.
This is the only way to justify the investment for the initiative.
It should proof that the project aligns with strategic goals and vision in the organization.
Attract the attention and win the trust of the stakeholders is the key.
In this lecture we will see the crucial steps to write a successful business case.
Roles and Responsibilities for the Project Business Case4:25
In this lecture we will see which Roles and Responsibilities have to be defined for a Project Business Case
The project scope (I)3:14
The project scope is a document which should be part of the business case documentation of a project.
It should detail exactly what will be delivered.
It also used to define the parameters of the work to be done.
The purpose of the project scope is to get stakeholders and the project team on the same page (consensous).
It also provides a concise summary of your meetings, deliverables, and agreements for everyone.
In this lecture we will see how to write a project scope document.
The project scope (II)2:53
The project scope (III)2:12
The project scope (IV)1:18
The project scope (V)1:06
The project scope (VI)1:55
How to conduct a Feasibility Study6:55
A feasibility study can be defined as a documented controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes, and assessing the range of costs and benefits associated with several alternatives for solving a problem.
It is parte of a successful business case.
We will see in this lecture how a feasibility study should be structured and compiled.
How to create a project plan with MS Project8:12
The project plan is an important part of a business plan.
We will see in this lecture how to create a project plan in Gantt chart format using Microsoft Project.

Overview2:41
The business value is the entire value of the business.
It is the total sum of all tangible and intangible elements.
The business value of a project should be in line with that of the organization.
We will see some ways to define and estimate the business value of a project.
We will also see the advantage of applying the Agile Methodology to projects to increase value.
Business Case forms4:08
In this lecture we will see the various ways to define the business value of a project.
Pick up the one(s) that more fit to your organization.
Project Business Value3:41
In this lecture we will see the optimal ways to estimate the business value of a project.
We will focus on a Software project following the agile methodology.
Advantages of Agile in improving the business value2:06
Agile Approach in Projects increases the ROI dramatically.
In this lecture we will see why and how.
Business value prioritization techniques4:49
In this lecture we will see some techniques to prioritize user stories/epics in an Agile project.
They are classified by speed in estimation and detail level.
Best practices for business value evaluation6:51
We will see the process to deliver effectively business value within a project
Cash Flow3:15
In this lecture we will give the definition of cash-flow of a project and see how to calculate it.
Capital and Operational Expenditures3:18
In this lecture we will give the definition of Capital and Operational Expenditures of a project and see how to calculate them.
Net Present Value (NPV)9:11
In this lecture we will give the definition of Net Present Value (NPV) of a project and see how to calculate it.
How to measure the business value2:39
In this lecture we will see a list of metrics to consider for an Agile project for Agile Value Measurement
Internal Rate of Return (IRR)3:15
In this lecture we will give the definition of the Internal Rate of Return (IRR) of a project and see how to calculate it.
Cost of Equity2:12
In this lecture we will give the definition of Cost of Equity of a project and see how to calculate it.
Project costs4:55
In this lecture we will see what are the costs of a project and in which ways they can be cathegorized.

Overview8:34
In this case study the goal is to define an internal project to improve the training activities inside an organization.
The organization is organized in several offices distributed all over Europe.
Each office has its own training structure and tools.
The goal is to harmonize the training structure at global level to reduce costs and improve efficiencies.
We will present 3 options:
the first is based on a solution developed internally
the second is based on a solution purchased outside from a third party
the third is "do nothing"
We need to demonstrate financially and operationally which is the best option and go for it.
KPI (Financial Matrix)5:22
KPI Calculations6:14
Assumptions (from Finance)4:13
Current costs10:32
Project Costs3:31
Operational costs7:23
Intangible benefits3:10
Financial benefits (savings)2:32
Details of options5:50
Conclusions4:35

Case study overview4:50
In this case study I will show you how to estimate the costs and revenues of a project whose goal is to develop a software tool for an external customer.
The Budget Plan8:12
Evaluate the Project Income8:08
Evaluate the Project Cost (I)8:21
Evaluate the Project Cost (II)7:49
Project Plan and resource allocation (I)7:00
Project Plan and resource allocation (II)5:30
Project Plan and resource allocation (III)5:44
Project Plan and resource allocation (IV)2:31
Evaluation of the costs of human resources (I)2:40
Evaluation of the costs of human resources (II)5:21
Evaluation of the costs of human resources (III)3:20
Verify the Cash Flow1:24
Graphical Rapresentation of the Cash Flow4:55
Project Monitoring and Control13:20

Project Cost Planning2:02
Project Cost Planning is an essential part of the project management process where project managers need to understand where costs fall in their schedule to manage demand for resources
Project cost control4:54
Project Cost Control and Management is a process involved in budget cost estimate, execution, and managing project cost (in order to minimize cost and increase profitability) and ensure the project is executed within the approved budget
Project cost management5:59
Project cost management is the process of estimating, budgeting and controlling costs throughout the project life cycle, with the objective of keeping expenditures within the approved budget
What Is Project Forecasting?2:19
Project forecasting is the process of approximately estimate about future performance of a project, which can help managers decide whether to to continue the project
Earned Value5:05
In this lecture we will see that the most comprehensive trend analysis technique is the Earned Value method, an approach where the project manager monitors the project plan, actual work, and work completed value to see if a project is on track
Earned Value Management5:21
Earned Value Management (EVM) is a method of performance measurements based on the Earned Value and other parameters.
Forecasting the final cost and schedule results5:04
In this lecture you will see how to predict the project duraction and updated budget based on the Earned Value and other parameters.
Project Budget15:19
In this lecture you will have a practical example to understand what you learnt so far regarding Earned Value and Project Cost Control.
Project cost control (example)6:41
Project Budget Update3:33
Example of earned Value Analysis6:08
Project Cost Control and Final Forecast4:19
Agile Project Cost Control with the Burndown Chart13:50
In this lecture I show you how to perform Project Cost Control for an Agile Project using the burndown chart.

Introduction5:00
A project contains elements of uncertainty, which constitute the project risks.
The success of a project depends quite heavily on the amount of risk that corresponds to each project activity.
To achieve a successful outcome, risks must be identified, assessed, prioritized, and managed.
Risk Identification1:34
Before starting a project you should identify all the potential risks that might jeopardize the project.
The experience from past completed projects can give you elements to easily identify potential risks.
Risk Analysis1:44
In this phase the risk is already identified and then categorized.
After the categorization of risk, the level, likelihood and impact of the risk is analyzed.
Risk Planning3:00
Once you have identified and analyzed the risks you need to plan the tasks to fix/mitigate them.
Risk Monitoring0:28
Risk monitoring is integrated into project activities and regular checks are conducted especially on top risks.
Contingency plans3:57
A contingency plan is essentially a “Plan B”.
It’s a backup plan in place for when things go differently than expected.
In other words, a contingency plan in project management is a defined, actionable plan that is to be executed if an identified risk becomes a reality.
In this lecture we will see how to prepare a contingency plan.
Presentation of the typical risk report9:59
In this lecture we will put into practice what we have learnt so far about risk management.
We will prepare a risk analysis report.
Risk assessment dashboard (I)6:04
In the next videos in this section we will see how to create a dashboard to manage risks.
We will use an example to explain and resume the concepts we have learnt so far in this section.
Risk assessment dashboard (II)7:21
Risk assessment dashboard (III)4:39
Risk assessment dashboard (IV)3:45
Risk assessment dashboard (V)1:06
Risk assessment dashboard (VI)12:25

Report template5:15
In this special video I will explain how to create a template for project status reporting.
Decision Making Document Template3:33
Master Plans template5:04
Project Requirement template2:01
In this special video I will explain how to create a template to collect the requirements for a project.
Project Concept template1:27
In this special video I will explain how to create a template for describing the single concepts included in a project scope.
Communication Plan template2:03
In this special video I will explain how to create a template for the definition of the communication between the involved parties in a project (when, with whom and how).
Roles & Responsibilities template2:14
In this special video I will explain how to create a template for defining the roles and responsibilities in a project.
Change Request template2:07
In this special video I will explain how to create a template for a change request in a project.

Requirements

Know Microsoft Excel

Description

This course has been created for project managers, project sponsors, project team members, PMO employees, project management employees and all those who are interested to evaluate the financial and intangible advantages of executing a project.

The compilation of a business case, its maintenance and continuous update is a critical and crucial activity in the lifetime of a project.

The preparation of a business case before the execution of a project is crucial for the project approval.

The success of a project is determined by the way you maintain and update the business case taking into considerations: deviations, risks, changes in the benefits, options, etc.

In this course you will see:

Why an Organization Needs a Business Case?
How Does a Business Case Work?
The Benefits Review Plan
The Foundation for Project Success
How to write a Business Case
How to write a Successful Business Case
Roles and Responsibilities for the Project Business Case
The Project Scope
How to conduct a Feasibility Study
How to create a Project Plan with MS Project
Project Business Value
Advantages of Agile in improving the Business Value
Business Value prioritization techniques
Best practices for Business Value evaluation
Financial figures to evaluate the Business Value: Cash Flow, Capital and Operational Expenditures, Net Present Value (NPV), Internal Rate of Return (IRR), Cost of Equity, Project costs
How to measure the Business Value
Project Cost Planning
Project Cost control
Project Forecasting
Earned Value and Earned Value Management
Project Budget Update
Risk Identification
Risk Analysis
Risk Planning
Risk Monitoring
Contingency plans
The risk report
Risk assessment dashboard

Everything will be then explained in details and clarified with 2 case studies, the first related to a project for the internal organization and the second for a customer.

Some special bonuses (templates for project management activities) are included and clarified in videos at the end of the course.

Who this course is for:

Project Manager
Business Analysts
Project Office Assistants
Scrum Masters
Product Owners
Product Managers
Entrepreneurs
Business Managers

Project Business Case

What you'll learn

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Course content

Introduction of Project Business Case24 lectures • 1hr 55min

Project Business Value13 lectures • 53min

Internal Project Business Case11 lectures • 1hr 2min

External/Customer Project Business Case15 lectures • 1hr 29min

Project cost control and business case update13 lectures • 1hr 21min

Risk assessment13 lectures • 1hr 1min

Additional Content - Project Management Templates8 lectures • 24min

Requirements

Description

Who this course is for: