How do you update a business case during a project?

1 Why update a business case?

Updating a business case during a project is essential for several reasons. First, it helps to monitor the progress and performance of the project, and to identify any deviations from the expected benefits, costs, risks, and feasibility. Second, it helps to communicate and manage the expectations of the stakeholders, and to ensure their continued support and engagement. Third, it helps to evaluate and respond to any changes in the internal or external factors that may affect the project, such as market conditions, customer needs, regulations, or technology. Fourth, it helps to capture and document the lessons learned and best practices from the project, and to inform future projects or initiatives.

2 When to update a business case?

The frequency and timing of updating a business case during a project can differ depending on the size, complexity, and nature of the project, as well as the requirements and preferences of the organization and the stakeholders. However, there are some common triggers or milestones for updating a business case. These include reviewing the achievements, challenges, and issues at the end of each project phase or stage; assessing the impact of a significant change in the project scope, schedule, budget, quality, or resources; validating and revising the business case when there is a significant change in the business environment, stakeholder expectations, or project assumptions; evaluating and mitigating any major risks or issues that threaten project success; and measuring and reporting the actual benefits, costs, risks, and feasibility of the project at the end of the project.

3 How to update a business case?

The process of updating a business case during a project may vary depending on the organization and the project methodology, but it generally involves reviewing the current or previous version of the business case, gathering and analyzing relevant data and information, updating or adding sections or elements of the business case, validating and verifying the updated or added sections or elements, presenting and submitting the updated or revised business case to the appropriate authority or body, and communicating and distributing the updated or revised business case to relevant stakeholders. Identifying which sections or elements need to be updated or added may include examining the executive summary, the problem statement, the solution description, the benefits analysis, the costs analysis, the risk analysis, the feasibility analysis, the options analysis, the implementation plan, or the evaluation plan. Furthermore, it is important to ensure that all sections are consistent, accurate, complete, and clear before submitting for approval.

4 What are the best practices for updating a business case?

Updating a business case during a project is far from easy, requiring careful planning, analysis, communication, and documentation. To ensure a successful and effective update of a business case, some best practices include establishing a clear and agreed process with criteria for updating, and involving key stakeholders and subject matter experts in the process. Additionally, using reliable data and information to support the update, as well as clear language and format to present it, is essential. Furthermore, it is important to document and track the changes and versions of the business case, as well as review and evaluate the update. Following these practices will help measure the impact and effectiveness of the business case update.

5 What are the challenges and risks of updating a business case?

Updating a business case during a project can be difficult and risky; it may face issues such as lack of data, conflicting information, resistance from stakeholders, difficulty in obtaining approval, complexity of the project, and errors in the update. To reduce these risks, it is important to apply best practices and to take a proactive, collaborative, and flexible approach. This will help ensure the success of the update and mitigate any potential problems.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?