Thank you, Mike, I just started a new job as project coordinator, and I realize the importance of this document and the activities to build it. In my current organization, the vendor is responsible for doing this document. In general, they call it a proposal or contract it also includes the statement of work or scope of work.
Your case is familiar. In my background as a consultant, our proposals often formed part of the business case. And also, the proposal became part of any final contract. However, I would counsel any organization against letting a vendor's proposal becoming the whole business case. Your organization must own its Business Cases. That means taking the vendor's proposal as a draft and scrutinizing it and adding in your organizational context. Also, set the standards for the financial evaluation of the cash flows. Otherwise, you will get into all sorts of governance issues. Effectively, the vendor will be driving the assessment of its own work - where's the accountability in that?
@@bernardclifford672 As a matter of principle, I do not provide direct help with learning assignments. It will do you no good. You will learn best if you do all the work yourself. If you get stuck, that is what your teachers/tutors/lecturers are there for.
It's an old quote from a Gartner report that came out when I was still at Deloitte. “We recommend that, as a general rule of thumb, from 5% to 10% of the total project’s budget be spent on building and maintaining the business case as well as measuring progress against it” The source I have for it is: 'BPR Consultants: User and Market Trends' - August 12, 1996
That's interesting, thank you. Wherever people need to invest, we need to but an assessment of the case for and against that investment, to inform decision-making.
The two terms are mostly used interchangeably. However, where there is a difference, it is this: - Business case has two meanings: Either a neutral document that sets out the objective positives and negatives of each project option, or a piece of advocacy that 'makes the case' for a project. I prefer business cases to be the former - it is better in terms of good governance and rigorous decision-making. Also, I hear BC used a lot in the UK and very little in the US - Project Proposal is used a lot in the US and little in the UK. And, where it is used, it is almost always used in the sense of a piece of advocacy.
![How to Create a Business Case for Your Digital Transformation [ROI and Investment Case Analysis 101]](/img/n.gif)
Thank you, Mike, I just started a new job as project coordinator, and I realize the importance of this document and the activities to build it. In my current organization, the vendor is responsible for doing this document. In general, they call it a proposal or contract it also includes the statement of work or scope of work.
Your case is familiar. In my background as a consultant, our proposals often formed part of the business case. And also, the proposal became part of any final contract.
However, I would counsel any organization against letting a vendor's proposal becoming the whole business case. Your organization must own its Business Cases. That means taking the vendor's proposal as a draft and scrutinizing it and adding in your organizational context. Also, set the standards for the financial evaluation of the cash flows. Otherwise, you will get into all sorts of governance issues. Effectively, the vendor will be driving the assessment of its own work - where's the accountability in that?
@@Onlinepmcourses thank you for your advise!
@@Onlinepmcourses hello, where can I get sample business cases for my assignment. thank you very much
@@bernardclifford672 As a matter of principle, I do not provide direct help with learning assignments. It will do you no good. You will learn best if you do all the work yourself. If you get stuck, that is what your teachers/tutors/lecturers are there for.
@@Onlinepmcourses Oh okay.
Thank you very much for your reply.
Exactly, I still enjoy this channel as far as my career is concerned. From, Tanzania.
Thank you, Rojadeta - it's great to hear when people enjoy my content! Greetings to you in Tanzania, from me in the UK.
@@Onlinepmcourses
It's my wish one day, I will be in UK to study more about Project Management.
@@rojadetamwadri434 I hope your wish comes true for you!
another superb mini-course ;)
Thank you!
Love to see the growth in this channel. Keep it up man!
Thank you Chris - plenty of plans for the coming months!
Well done. Thanks for sharing.
Thanks, Harry.
Thanks for the video! Could you share the link of the article or the interview in which was mention the suggested 5%-10% allocation, please?
It's an old quote from a Gartner report that came out when I was still at Deloitte.
“We recommend that, as a general rule of thumb, from 5% to 10% of the total project’s budget be spent on building and maintaining the business case as well as
measuring progress against it”
The source I have for it is: 'BPR Consultants: User and Market Trends' - August 12, 1996
@@Onlinepmcourses thank you so much for your reply 😀
@@lorenzobenedusi6352 You're very welcome.
I'm from an equity research background. This is similar to initiating coverage report we do for a company/stock.
That's interesting, thank you. Wherever people need to invest, we need to but an assessment of the case for and against that investment, to inform decision-making.
Sometimes you say business case and sometimes you say proposal
What are the different ? Plz
The two terms are mostly used interchangeably. However, where there is a difference, it is this:
- Business case has two meanings: Either a neutral document that sets out the objective positives and negatives of each project option, or a piece of advocacy that 'makes the case' for a project. I prefer business cases to be the former - it is better in terms of good governance and rigorous decision-making. Also, I hear BC used a lot in the UK and very little in the US
- Project Proposal is used a lot in the US and little in the UK. And, where it is used, it is almost always used in the sense of a piece of advocacy.