All you need to know about the Business Case – Part 1 of 2

In this episode, Ricardo begins to detail the Business Case. He explains why it is important and how to use it.

Episode transcript

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Hello, everyone. Welcome to the five minutes today. The case today, I like to start a short series of two podcasts about the business case and why business case, because most of the project managers, do not know what is true and good Business case. Many times we mess up thinking that a business case is a business plan. That business case is it opportunity statement, no business case is a big way. Is this case or opportunity statement each only talks about ideas, each talking about how the future looks like it does not tell you which kind of alternatives will move you from your current situation to your desire to Twitch?

It's just a statement of new opportunities you may have. On the other side, a business plan is a very deep solid it. Most of the time, this can be considered the project plan. So what is a business case? The business case is something in between. It's a fantastic, powerful communication too. What do you want when you create and develop a business case, you want to sell your idea.

It's a convincing document. So it's not a huge book with 300 pages of information, know it's something compelling. It's something that will make an easy understanding of what do you want to achieve with that? It's very important that you understand that most of the time, in the business case, we will generate a project charter. The stakeholders decide to move forward with the project. In order to explain the business case process, I decided to split it into seven stacks.

First, that identify the problem. The second step, identify alternatives. Third step Gator in data for step and analyze data. The fifth step, choosing a solution six steps in a place mentation plan and last but not least communicating the business case. So let's now start explaining number one, he identified a problem.

The first piece that you need to put today, getting in your business case is a very clear problem statement. What is the problem we have, you need to write or to draw or to record a very compelling problems statement? Because if you don't record, people will not understand the order steps. So you need to frame what is a problem that we are planning to solve.

So I can do this. It was very different ways you can write about the problem. You can show supporting information like graphics. You can use a video, you can get her to feel good back from other people complaints and say, look, this is the problem we have. So it's very important. I love, for example, to use my maps on that. It's very important that by the end of this first step, you have a clear understanding of what is the problem you want to solve.

I love one part of Alice in the Woodlands from Lewis Carroll. There is one piece that Alice she's walking in the library and she sees Kat. And then she asked the cat, which route should I take? And then they can't ask, where do we want to go? She replies. I don't know. And then the cat says, so any path we'll work for you. So what is the reason for that? It's because if you don't know, what do you want to address?

It's very easy that to take the wrong route. So it's very important. And many times we start or something, a project with the wrong food because we don't identify. Or we think that the problem is very obvious or maybe it's very obvious for us, but is it obvious for all the stakeholders? As soon as you have this problem, very clear, you move to the second step it's to identify alternatives. Then you need to answer, how do I solve this problem?

Then it's very important that you do not limit your mindset that you consider that doing nothing is a valid option. You may say no, OK. We have an option. Let's not do the project. That does not solve the problem. Let's just handle it. It's very important that you generate ideas. Many times you use NGT, nominal group technique, brainstorming, or any other too, but in the end, you want to get good ideas. And now on this topic, you also tried to select because it's very hard.

If you get 200 ideas because on the other steps, you need to work on analyzing data, for example, of a hundred, the options. So we usually on this second step, already start narrowing down two to three for potential ideas. And then we need to one of the lies, which of them, it will be good, and this will be our own, it hurts step. The third step. We'll talk about Gator in data and estimating, but this step I prefer to discuss with you next week in another five minutes PM.

Podcast where I will continue talking about the business case. See you next week.

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All you need to know about the Business Case – Part 1 of 2

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