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It’s getting harder and harder to stand out from the competition. The company that can better prove its expertise and usefulness to customers wins. In this article, we will tell you what business case studies are for and how to write them correctly and faster.
What is a business case study essay?
A business case study essay is a summary document that describes the reasons why this project is worth starting.
What is the purpose of the business case study essay?
The purpose of the business case is to convince stakeholders (management, investors, etc.) that the project is relevant and really in demand. It can be a rather challenging task to write a convincing business case study. If you have problems with that, you can get help from case study writers. They know how to write such projects correctly.
What are business case studies for?
They are needed to: help with project start-up decisions, involve sponsors, provide key input for the project manager, and show the project’s relationship to the company’s core strategy.
Preparation of a business case study includes an assessment of:
- Problems existing in business;
- Opportunities;
- Benefits;
- Possible risks;
- Costs, which also include the evaluation of investments;
- Technical solutions;
- Time;
- Influences;
- Organizational capacity to achieve project results.
Problems are one of the most important components of a business case study, as they reflect exactly the difficulties that are associated with the current situation and show the benefits of a business vision. Thus, business case studies serve the following purposes:
- Making decisions about launching a project
Of course, this can be called almost the main goal. Business case studies are usually written in a clear and structured way. Such a description of the scope of the project, benefits, resources that may be needed, etc., allows them to make a decision quickly and reasonably.
- To attract sponsors
Simply put, the business case study contains a summary of all the advantages and disadvantages of the project, which allows the potential sponsor to decide whether they need this project.
- Economic justification of the project
Of course, no project will be launched if it is clear that it will bring only losses. Therefore, a business case study usually includes various economic calculations.
- Key input for the project manager
As we have already said, a business case study is a “summary” of a project. That is why its presence will greatly simplify the life of the project manager. They will be able to quickly dive into the work, which will speed up the implementation process.
- Linking the project to the company’s strategy
The business case study reflects what exactly the project will give the company and hence its impact on the achievement of strategic objectives.
It should be noted that the concept of business case studies in different companies is treated differently. Somewhere this is a mandatory document, but somewhere it may not be used, or it is written by a person who is directly interested in the project being launched. But, of course, most organizations are more proponents of using business case studies.
How to cope with a business case study
A business case study is needed when you need to justify the resources or finances that will be spent on the project. In addition, they can be used to obtain the approval of the sponsor and other interested parties. For example, a sponsor can allocate funds for a project, and the IT department can provide the necessary resources.
But do not forget that the purpose of a business case study is persuasion. Therefore, each section must be written in the language of the audience for which it is intended. Moreover, it must contain a sufficient amount of information, which is enough for the commission to make a decision. Therefore, when writing a case study, remember the following:
- Be concise and convey only the information that is really needed;
- The business case study should be understandable and interesting;
- Rely only on the information that refers to some calculations.
- Describe your vision;
- Demonstrate the benefits of the project for your business as a whole.
Content of business case studies
They can be roughly divided into four sections:
- Basic provisions
- Finance
- Basic information about the project
- Project organization
Let’s consider each of them in more detail.
- Basic provisions
This paragraph is worth adding if you have a sufficiently large amount of information, as the main theses will help you navigate it faster. In fact, this is a summary of the business case study. It succinctly conveys all the important information about the project and creates the first overall impression (which is considered the most important!).
- Finance
The financing section is primarily intended for those who are responsible for this area in the company (i.e., management or sponsors). It usually includes:
Financial assessment
It can be provided by the finance department of your company.
Sensitivity analysis
This analysis deals with the risks associated with the project and considers options for project outcomes. In fact, it allows the financial department of the project to work out and evaluate possible development scenarios.
- Basic information about the project
This is the largest section of the business case study, intended for all parties (management, sponsors, teams, etc.) at once. It answers most questions regarding your project. Simply put, it explains the “what,” “how,” and “why.”
This section includes:
Initial information
Its purpose is to give a clear idea of the project itself and its business model. This is a brief overview of the reasons why the change occurred: problems, opportunities, and changing circumstances.
Business purpose
This part tells you why you decided to implement the project.
Advantages and disadvantages
In this section, you need to indicate all financial benefits. The goal is the same – to explain why you need a project. Don’t forget to include any deficiencies that you have identified, as they represent potential project risks.
- Project organization
The section plays a big role for the project manager, who will be responsible for the implementation as a whole. This clause describes how a project is created.
A business case study is a convenient tool that allows you to quickly analyze the project and decide whether it is worth implementing. In other words, its purpose is to outline the business case for undertaking the project.
