Refine Business Case

In the context of the PRINCE2 7 'Initiating a Project' (IP) process, refining the Business Case is a pivotal activity that transforms the initial justification into a firm baseline for the project. During the earlier 'Starting Up a Project' process, an Outline Business Case was sufficient to author… In the context of the PRINCE2 7 'Initiating a Project' (IP) process, refining the Business Case is a pivotal activity that transforms the initial justification into a firm baseline for the project. During the earlier 'Starting Up a Project' process, an Outline Business Case was sufficient to authorize the initiation stage. However, to authorize the main delivery stages, the Project Board requires a detailed Full Business Case based on concrete planning data. The primary objective is to justify the project's value. This activity relies heavily on data generated during the 'Create the Project Plan' activity. The Project Manager updates the outline with detailed costs and timescales derived specifically from the newly created Project Plan, as one cannot accurately determine viability without understanding the specific resources, time, and costs required to deliver the products. Key actions within this activity include: 1. Investment Appraisal: Refining calculations such as Return on Investment (ROI) and Net Present Value to demonstrate value for money. 2. Risk Analysis: Cross-referencing the Risk Register to ensure that major risks do not undermine the expected benefits. 3. Benefits and Dis-benefits: Detailed quantification of the positive outcomes and any negative consequences. 4. Sustainability: Ensuring the justification aligns with the organization's sustainability targets, a focus emphasized in PRINCE2 7. Parallel to this, the 'Benefits Management Approach' is developed to define exactly how and when benefits will be measured. The output—the Full Business Case—becomes a central component of the Project Initiation Documentation (PID). It serves as the benchmark for the 'continued business justification' principle, assessed at every Stage Boundary to ensure the project remains desirable, viable, and achievable.