Sunday, November 28, 2021

Business case is number one document before starting a project

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A business case is the document that we prepare to make a case a justification for why the organization needs to invest in a specific project or product it is supposed to make a case financially. There's always a chance that you can develop a business case without putting all the financial data in it but most of the time your management is looking for financial information and the two core pieces of a business case will be the benefits and the costs associated with going ahead with a specific project or product.

There are other things that we need to include in a business case.

Let's go through them one by one so the core components of a business case are the following number one you need to have an executive.

summary that's the first thing that shows up in a business case however it is the last thing that you want to prepare it includes a summary of all the numbers that you would have come up with including the benefits and the cost. The return on the investment the net present value that payback period the

ROI and so on so let's discuss that later other than the introduction which is the executive summary you want to put things. Such as what is the business opportunity that you're about to work on if it's not an opportunity what is the problem. We are trying to fix and state that clearly and put some history or relevance to it state in the last few years

what has happened and how it has affected the organization from there go to the next section and talk about the alternatives that you have considered for this one solution did you consider two other alternatives did you consider leaving things as they are if you have at least three alternatives to look at that makes it easier for you to make a case to your management consider the different alternatives that benefits.

The cost the feasibility of each you may want to back up your business case with a feasibility study to show that one of the alternatives is more feasible than the other ones all right after you list out all the alternatives and the one that you want to you want to go with the one that you want to suggest then you want to list out the benefits that you're going to get and when you list the benefits from this one solution that you're trying to propose you want to list the tangible and the intangible benefits the tangible benefits these are the ones that they can touch and feel like money and the intangible benefits could be customer happiness. It could be brand recognition these are things that are very hard to measure but we do consider them benefits to the organization after you list out the benefits you want to list out the cost and there are a few costs that you want to list out number one the capital expenditure capital cost.

These are the cost that the organization would have to spend upfront in order to put this product together.

The cost and do your financial analysis analyze the cash flow in and cash flow out and using this financial analysis.

How Project Controller Controls a Project?

Project controller controls the project from its beginning to conclusion. The role controller in the project lifecycle and show you?

First let's be strong on what a project controlling is switches in a project already. I show you how he or she controls it what is in your mind about project controller controls to a project does a project controller controls the project team members does a project controller control the quality of the project does the project controller regulator the whole project to its completion something. Related the project manager control the entire project does not feature.

So, you might be wondering what a project controller controls to a project what a project controller controls to a project is project cost.

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