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The Business Case gathers the information to allow the organisation management judge if a project is worthwhile to invest in and they can also compare with other requirements and ideas.The PRINCE2 Manual actually says “The Business Case gathers the information to allow the management judge if a project is desirable, viable and achievable”.
So when is a good time to update the Business Case during the project?
A good time to update the Business Case is at the end of every stage, as you will have the true cost of the last stage, and perhaps the updated cost of the next stage, along with any information on issues and risk.
The Business Case is first verified by the Project Board so that the project can start.
It is then verified at key decision points during the project, such as at the end of each stage. They are: This is the same as Create the Business Case.
When do you think most benefits are realized, during or after the project?
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Most project benefits are realized after the project has been shut down.
One final point to remember here is that the Executive has the responsibility to all project stakeholders for the project to remain desirable, viable and achievable at all times.
The approach to confirm the benefits is in 4 steps: As you can clearly see, these steps are all about ensuring that benefits are correctly measured.
Let’s take a look at desirable, viable, and achievable concepts:“Business Justification” is a popular term in a number of methods and is also used by PRINCE2.
Business Justification means that there is a valid business reason for doing the project and it remains valid throughout the project so this should be one of the questions the Project Board should be asking at the end of each stage: “Is the Business Case still valid?