How to Write a Compelling Business Case for Your Project? | Skill Success Hacks | Skillshare

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How to Write a Compelling Business Case for Your Project?

teacher avatar Skill Success Hacks, Your Highway to Excellence

Watch this class and thousands more

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

7 Lessons (15m)
    • 1. 1 Introduction

      2:45
    • 2. What is a Project?

      2:35
    • 3. What is a Project Charter?

      3:24
    • 4. What is a Business Case?

      1:18
    • 5. How to Write a Compelling Business Case?

      3:10
    • 6. Your Project

      0:32
    • 7. Course Conclusion

      1:02
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HOW TO WRITE A COMPELLING BUSINESS CASE FOR YOUR PROJECT?

Are you working on a project and finding it difficult to write a compelling business case? Are you looking to understand What a Business Case is and what should and should not be included in it? Or are you looking for examples of a well-written business case?

If your answer is “Yes” to these questions, then this course is for you.

As a project manager, it is absolutely necessary for you to have the skills of writing and communicating a compelling business case and in this course you will exactly learn that.

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Skill Success Hacks

Your Highway to Excellence

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Skill Success Hacks is an organization that is focused to help you master your career success. As the name suggests, ... See full profile

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Transcripts

1. 1 Introduction: How to write a compelling business case course introduction. Hi, welcome to this course. Are you working on a project and finding it difficult to write a compelling business case? Are you looking to understand what a business case is and what should and should not be included in it? Or are you looking for examples of a well-written business case? If your answer is yes to these questions, you have come to the right place. As a project manager, you may think that your project will solve some of the biggest challenges of your business process. And hence, you may end up assuming that your project will be approved and funded by the senior management as soon as you present it to them. However, that is not a reality. Your organization may have several businesses. Your process, maybe a smaller business unit and comparable to other business units of your organization. Your project may be important for your business process, however, will not be so important at the organizational level because the senior management may have different organizational priorities. So if your project business cases not linked to your organizational goals, if it does not sound strategically important for your process as well as your organization. And if it is not compelling enough, there is an extremely high possibility that your business case and your project maybe be prioritized, not funded, and maybe rejected. Hence, as a project manager, it becomes absolutely necessary for you to imbibe the skills of writing and communicating a compelling business case ANC. In this course, you will exactly learn that. You will begin this course by understanding what is a project. You will then learn what a project charter is. You will then understand what a business case is and how to write one. You will also look at the difference between a poor and a well-written business case. I have seen several projects, so excellent project managers that have been rejected due to a poorly written business case. I have executed hundreds of projects writing convincing, powerful, and persuasive business cases that have triggered immediate action from the senior management to approve, find, and promote my projects. And I'm glad to share my skills, knowledge, and experience with you through this course. Writing credible and convincing business case is the most important skill you must have. I'm sure this course will help you assimilate and absorb this killer. 2. What is a Project?: What is a project? A business case is critical for any project. However, to understand the mechanics of writing a compelling business case, you must understand what is a project charter? Now, a project charter is an important document. It is created at the onset of every project. So before I teach you what a project charter is, you need to know what is a project. So that's how we will drill down. You will first understand what is a project. Then you will learn what is a project charter. And after that, you will learn what a business case is. Let's begin with the first question. What is a project? A project is a temporary effort focused on creating a new product or service. A project has a definite start and end point. A project can be executed by a single individual or may involve a team effort. For example, in the automotive world, designing a brand new car can be considered a project in the service industry. Installing cctv cameras across the perimeter of your office can also be considered a project. In our personal lives. Coloring your entire house can be considered a project, what cannot be termed as a project. Regular, ongoing operations to produce the same product or service consistently cannot be termed as a project. Some examples include, in the automotive world, manufacturing cars on the assembly line are not considered a project. It is termed as manufacturing operations. In the service industry. Regular cctv surveillance of the perimeter is not considered a project. In our personal lives. Regular cleaning of your house each week may not be considered a project. A project generally works on improving or eliminating a problem. It has a definite goal. The project needs to be completed in a specific timeline. Completing a project generally results in a new or improved product, service, or result. A project has several moving parts and needs to be thoroughly governed by a project manager. To begin effective governance, the project manager, the project team, the impacted parties, and all other stake holders must know what the project is all about. And that's where a project charter comes in handy. 3. What is a Project Charter?: What is a project charter? In this lecture, you will learn everything about a project charter. You will seek answers to the questions such as, what is a project charter? Who issues it? What does a project charter do? And finally, you will answer the question, what are the components of a project charter? So let's begin with the first question. What is a project charter? A project charter is a high level formal document. It authorizes the project initiation and empowers the project team to execute necessary actions to achieve the defined goals. You cannot and should not start a project without seeking official approval on a documented project charter. It is only after a project charter is formal approval that a project officially exists. Who issues the project charter? The project charter is issued by the project owner. In most situations, the project owner is also the sponsor of your prof, your project. To begin issuing the project charter, the sponsor defines a project's needs and assigns a project manager. The project manager gathers the projects necessary details, including its objectives, goals, requirements, scope, stakeholders, and much more to create the project charter. What does a project charter do? A project charter ties customer expectations to project results. It provides a written description of the project. A project charter helps you understand what needs to be accomplished by the project team and explains what the project is expected to do. Project charter defines the various roles of project members in the project team. It provides a project manager the necessary authority to use the organizations resources to execute project activities. A project charter outlines project objectives and describes why they are essentially kill. It provides the needed direction and focus to the project team, defines who will work on the project and who is impacted by it. The project charter document also includes the team's time and effort needed to bring about the results. It outlines the scope of the project and minimizes the possibility of scope creep. It documents the project risks, approval requirements, constraints, and assumptions associated with it. What are the components of a project charter? Your project charter may vary in length and depth depending upon the type of projects you are executing. With that said, a typical project charter may include project title, project description, description of project deliverables, business case, measurable project objectives, project scope, high-level requirements, project manager name and authority. Project team, stakeholders involved. Project risks, project assumptions, project constrains, project approval requirements, project closure requirements, and project sponsors. In this course, our focus will be to learn how to write a compelling business case. 4. What is a Business Case?: What is a business case? As a project manager, you may think about your project from your business process perspective. But your business, maybe one of the many businesses in your organization. When you think about your business alone, it is considered a tactical way of looking at things. Whereas when you think about your organization as a whole, comprising many businesses, it is considered a holistic way of thinking. When documenting a business case, you must think at a more holistic level. You must think from the perspective of linking your project business case to the larger organizational goal. The senior management of your organization is willing to invest in projects that directly impact the organizational goals. Their objective is to take care of the organization. Hence, they will not invest in smaller issues that pertain to individual businesses. Thus, you must strive to link your project goal to the larger organizational goal and show how your project helps overcome some or many aspects of the organization's progress. Your business case must answer the following questions. Why should you do this project? What is a financial or non-financial gain that justifies approval for this project. 5. How to Write a Compelling Business Case?: How to write a compelling business case for your project. The business case must articulate a well-written summary of the core problem. It must include the details of the problems faced by your business. It must also include the negative impact this problem has on your organization. You can articulate this negative impact in financial terms. Loss of business, revenue, leakage, customer dissatisfaction, risk, compliance issues, shrinking market share, reputational loss, socioeconomic or governmental factors, and many other ways. A very crafted business case drives action and leads to the approval for the projects execution. It helps your audience believe that this project will solve a big problem of the organization. This is a critical aspect. Also, it would help if you did not fail your business case with a lot of jargon, several different departments may review your business keys and may not be aware of your businesses complex terminology. All you have to do is write the business case in plain simple words that are easy to understand but still convey the central message that this project is essential and must be approved for execution. Let's look at a real life case study of improving the attendance capture mechanism in an organization. A good example of the business case will be aggregating and consolidating attendance for analysis and reporting is cumbersome and desserts in issues such as missed payments or overpayments of salary by the payroll department. By implementing the data card readers across the building, our payroll team will be able to gather relevant data automatically and minimize potential manipulations. This example discusses why you should do this project, but it does not discuss the financial or non-financial impact of this project. Nor does it make us believe that the problem is really big and needs to be handled immediately. A good example of a business case can be the current effort of manually capturing and consolidating attendance of 2100 employees requires over 500 hours each month. This is an effort of at least three full-time employees leading to a cost of $120 thousand per annum. Errors. You do this manual effort and possible manipulation of data and lead to inconsistent salary payments. These inconsistencies are estimated to be over $1 million annually. Installing data card readers in the company premises costs about $2500, includes three data card readers were floor. Data card expenses for 2 1100 employees is $10,500, amounting to a total of $13 thousand of onetime investment. Expected savings of $1.1 million for an annual cost of $13 thousand. Warrant this projects approved. 6. Your Project: Your project. Now that you are fully aware of all the steps needed to create a business case. Here's an activity that can turn your learnings to reality. First, based on your learnings from this course, make a list of what should be included in your business case. Once your list is ready, create a compelling business case. If you are already working on a project, you can use your skills provided in this training. Or if you don't have a project, you may think of a fictitious scenario and practice your newly learned skills. 7. Course Conclusion: Course conclusion. In this lecture, we will recap the learnings from this course. You began your course journey by understanding what is a project. You learned that a project is a temporary effort focused on creating a new product or service. A project has a definite start and an end point. A project can be executed by a single individual or may involve a team effort. You then understood what is a project charter. You learned that a project charter is a high level formal document that authorizes the project initiation and empowers the project team to execute necessary actions to achieve that defined goals. You further study the different components of a project charter. You then focused on understanding what a business case is and understood how to write a compelling business case with examples. That was your overall course journey. We have come to the end of this course. Please do share your review and I will see you in the next course.