COMPETENCE 5: BUSINESS CASE
The ability to prepare, gain approval of, refine and update business cases that justify the initiation, investment and/or continuation of change initiatives in terms of benefits, costs and risks.
Business cases provide the justification for undertaking and continuing with a change initiative. The business case needs to be reconsidered at regular review points during a change initiative, in case the original justifications are affected by later developments.
Knowledge of the relevant factors affecting business cases.
Determine the relevant factors which could influence the development of a convincing business case.
- The perceived value/benefits that will be delivered to the organisation and the links to the strategic objectives.
- The different commercial approaches, based on organisational strategy, and perceived cost, time, quality, risk and resource required.
Knowledge of ways to analyse relevant factors affecting business cases.
Support a persuasive argument through effective analysis of relevant factors which could influence the development of a convincing business case.
- The range of sources that could be used to gather relevant data.
- The ways of sharing the data to promote understanding and meet stakeholder needs.
Knowledge of ways to create a benefits framework.
Establish a benefits framework for a business case.
- The driving factors of the benefits.
- The stakeholders, timing, and impact of the benefits from a change initiative.
Knowledge of the influencing factors in a business case.
Document a business case in a relevant format, and gain an initial and ongoing formal acceptance of a business case.
- The governance structures that are in place for initial and ongoing viability and acceptance.
- Ways to justify and quantify value, including the options that have been considered.
- Stakeholders’ expectations and commitment to a change initiative.
Knowledge of the factors that may impact or influence the value of a change initiative.
Monitor and refine a business case as circumstances and factors change, including implementing a change control and configuration management system when updating a business case.
- The controls in place to manage any changes to the business case.
- The potential impact of risk on the business case.
- The effects on stakeholders and the wider organisation.
- Ways to actively manage stakeholder engagement to ensure continued support.