What is the difference between a business plan and a business case?

What is the difference between a business case and business plan and what are they used for?” Answer: A Business Case is an examination of a potential market opportunity at the product level. … A Business Plan is an examination of a potential business opportunity at the company level.

What a business case includes?

Information included in a formal business case could be the background of the project, the expected business benefits, the options considered (with reasons for rejecting or carrying forward each option), the expected costs of the project, a gap analysis and the expected risks. …

How do you write a business case?

When writing a business case, always define the scope and include an executive summary, detailed info about finances, and an overview of the project’s structure. Each member of the project team should contribute to the business case. Overall, the business case should be concise and only include relevant information.

What three main components make up the business case?

Sections that are usually required in a business case are:

  • Executive Summary. The executive summary summarises the business case, including your recommendation. …
  • Introduction. …
  • Statement of the problem. …
  • Analysis. …
  • Discussion of Possible Options. …
  • Recommendation. …
  • Details of your Chosen Option. …
  • Conclusion.
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What information should not be included in a business case?

Do Not Include: Too Little or Too Much Detail

Most, if not all, questions regarding the daily operations and function of the company should be answered in the document. Thus, do not be too vague. Additionally, don’t overload investors with overly technical details.

Who should prepare a business case?

Who prepares the Business Case? – The Sponsor (or in PRINCE2 the “Executive”) owns the Business Case but will often delegate its preparation. – The Project Manager or Business Analyst may physically write the Business Case.

What are the key components of a business case?

When you develop your business case, be sure you answer the following questions as they relate to these seven critical sections:

  • Executive summary. …
  • Problem statement. …
  • Analysis of the situation. …
  • Solution options. …
  • Project description. …
  • Cost-benefit analysis. …
  • Number of recommendations.

What is the 5 case business model?

The Five Case Model is the approach for developing business cases recommended by HM Treasury, the Welsh Government and the UK Office of Government Commerce. It has been widely used across central government departments and public sector organisations over the last 10 years.

What is outline business case?

An Outline Business Case (OBC) sets out the preliminary thoughts regarding a proposed project. It should contain the information needed to help the institution make decisions regarding the adoption of the project. It should state envisaged outcomes, benefits and potential risks associated with the proposal.

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