Steps involved in PRINCE2 Business Case
The major steps involved in PRINCE2 Business Case are
It is developed at the beginning of the project
It is maintained throughout the project and it is formally verified by the project board at key decision points such as during end stage assessments
It is confirmed during the period that the benefits accrue
Now the period that the benefits accrue is an important concept. So we have a period before the project the Pre-project. Then we have what’s called the initiation stage
We have multiple delivery stages for project
We have the final delivery stage
Then we have a post project
Now the business case is developed during the pre project and initiation stages and it is maintained throughout the rest of the project until the final delivery stage. Verification happens at various stages the outlined business case is verified before project initiation and the first detailed version of the business case is verified of to project initiation and then after each of the delivery stages except the final one it is verified again. The benefits can be accrued throughout the life of the project so potentially their benefits to confirm off to each of the many delivery stages and those set to be a need to confirm benefits of to the final delivery stage.
Some of the benefits of the project may not be realizable until well after the project has finished. So confirming benefits can go on into the future be on the life of the project. Most of the business case is that the heart of any impact assessment related to any issues, any risks, any changes. First of all the development of the business case involves getting the right information so that decisions can be made. The executive is responsible for the business as mentioned earlier on. Although development may be delegated to a business analyst or the project manager.
Sometimes program management may provide an approved business case with, what’s called the project brief another document will talk about later and project assurance may be asked to assist with the development of the business case haven’t looked at two roles, in detail yet project assurance and project support. Project assurance can also be responsible for quite a lot of quality assurance on the prince2 project. At various points during a project when we do a detail planning for the next stage, we may find that, when we get into the detail costs for example may turn out to be substantially different from the original estimates. So this was important to be able to review the business case whenever we do detailed planning. Have we the looked at some important point in relation to developing a business case it’s now look at verifying and maintaining a business case. Don’t forget the business case drives all decision-making and a lot of decision-making happens between stages in a prince to project.
The business case should be reviewed at the end of starting up a project in order to rise project initiation. As part of the project manages impact assessment of any new or revised issues or risks bear in mind that new issues a risk to revise issues are risks may well affect the business case. As part of the assessment of an exception plan by the project board prior to authorizing, a stage revision in brief send things happen as you see later on we may have to make an exception plan and, we may need to change a plan for particular stageand at that point the business case will be reviewed. The business case will serve reviewed when the project manager assess sees the need to update costs timescales risks or benefits at the end of the stage and at the end of the stage when the project board decide whether to authorize the next stage of the project. It will also review when the project manager assess is how likely, it is that the project’s expected benefits will be a realize and it will be reviewed a spot of the benefits review to assess the success of the project outcomes in realizing their benefits.
So as you can see the reviewing of the business case is something that happens many times throughout prince2 project and as a reaction to many types of events but as scheduled and on schedule and just a couple of other points related to that the executive is responsible for assuring the stakeholders, thatthe project remains desirable viable and achievable at all times. The executive may be assisted in this by project assurance it’s a possible role for project assurance. The key section of the business case of the project board uses to assess justification for authorization or continuation of a project is the investment appraisal section we’ll be looking at the contents of a business case.
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