Business Case Approval

Business case approvals evaluate, review, and give authorisation to implement a proposed business plan or project. The business case approval checklist should be rigorous, involving input from a variety of sources, to explore the feasibility, benefits, costs, risks, and strategic value of the initiative. Approvals often gather input from key stakeholders, such as executives, sponsors, and subject matter experts. Stakeholders refer to their own experience and available historical data to review assumptions and estimates, then provide their own recommendations for further development or consideration before granting approval.

Without a coordinated and consistent business case analysis there is the risk that your best projects are getting lost in a myriad of meeting notes and emails awaiting attention. Organisations need robust, reliable systems for developing and approving new ideas so every business case is properly investigated by management. The more detailed your business case can be, the more likely it will be to achieve its stated objectives. Thorough discussion around risks, costs and goals lessens the potential for unexpected events that derail project delivery. It also ensures that the purpose of every project is clearly articulated and closely aligned with strategic objectives. That way, only the best projects are implemented and they are all optimised for maximum return.

Business case approvals are an essential part of project management because they address key aspects of project delivery:

Strategic Alignment: Is the proposed project aligned with the organisation’s strategic objectives? We must avoid pursuing initiatives that are of questionable value to the organisation.

Resource Allocation: Have we evaluated the viability of the proposed project in terms of costs, potential benefits, and available resources? Proper investigation ensures the optimum utilisation of available resources.

Risk Management: Are we adequately prepared for potential risks and have we prepared appropriate mitigation plans? It is vital to understand the potential challenges of undertaking a new project and make sure all stakeholders understand how to manage issues if they arise.

Stakeholder Buy-in: Are all key stakeholders on board? This includes executives and sponsors, as well as the project managers and teams who will carry out the project’s delivery. Clear articulation of value helps build support and commitment to project success.

Decision-Making: Are the appropriate governance frameworks in place? This improves the likelihood of project success by carefully outlining the decision-making process and the accountability of all stakeholders involved in delivery.

pmo365 is a fully modular system. Each App, Flow, Report or Connector easily plugs into place to build the exact real-time PPM system you require. And, because it’s modular and highly customisable, the ability of pmo365 to evolve and change with your needs as you grow is built into the system – not as an afterthought. We provide tailored solutions to assess and manage project information with the latest, best-practice business case analysis tool, instantaneous data updates, and integrations of all the project management apps and tools you might already be using. pmo365 ensures up-to-the-minute performance and powerful strategic insights, now and into the future.