How can you verify a business case?

Business Case is based on assumptions, hence begin by looking into the data sources and methodologies used to confirm their credibility and relevance. Most importantly, compare these assumptions with industry standards and past data to evaluate their practicality. Try performing a risk assessment to pinpoint uncertainties and their effects and try to get input from stakeholders for viewpoints and validation. Make sure that the assumptions are in line, with the projects goals and overall organizational objectives.

Are the assumptions provided backed up with credible sources and methodologies. It's difficult to prove assumptions true unless one begins the journey, so similar past cases with a similar environment and variables need to be examined.

To verify a business case, review its objectives and assumptions, validate financial projections, assess risks, and ensure alignment with strategic goals. Gather stakeholder feedback and compare alternatives for the best solution.

Examine each assumption in your business case critically. Ask yourself: "Are these assumptions grounded in the latest data?". Challenge their validity by considering current market trends and conditions. Identifying assumptions that no longer hold true can prevent costly errors. Regularly revisit these assumptions to ensure they remain relevant.

Assumptions used a a basis for a business case should be actively monitored and verified to minimize the risk they impose. Second step is to look for leading indicators that helps you to forecast the validity of your assumptions. For example, if you are looking for rain, maybe you can start by monitoring the sky for dark clouds?

Market analysis: Examine the market research data to confirm the target market's size, growth potential, and competitive landscape. Financial projections: Scrutinize the revenue and cost forecasts, ensuring they are realistic and based on credible sources. Operational assumptions: Verify the assumptions about resource availability, technology requirements, and implementation timelines.

Verifying a business case by evaluating the benefits involves assessing both tangible and intangible outcomes. You can start with a cost-benefit analysis to quantify tangible benefits like increased revenue or cost savings. You can use techniques like ROI (Return on Investment) and NPV (Net Present Value) to measure financial gains. For intangible benefits, such as improved customer satisfaction or enhanced brand reputation, employ qualitative methods like stakeholder surveys and expert interviews. Ensure the benefits align with strategic goals and are realistic based on historical data and industry benchmarks.

Assess the projected benefits by breaking them down into measurable components, such as Cost savings or % Revenue growth. Use specific metrics such as Payback period or Total cost of ownership. Ensure these benefits are realistic and aligned with the company's strategic goals.

Benefits only apply to a dedicated target group. Make sure to spend enough time to derive valid target groups because each of them values different aspects of your offering. Additionally, try to convert the the benefits into Unique Selling Points (USPs). this can increase your margin a lot!

Ideally the benefits should have measurable success factors or KPIs, to allow tracking through-out (and after) the project. Benefits should also be assessed in retrospect, at regular intervals one the project has been delivered - did the organisation realise the anticipated benefits and if not, why?

Cost Benefit Analysis can prove useful in this case. The basic question here being "Should this be something worth doing? Let's look at the upfront costs (buying, setting up, keeping it running) and the potential gains (more money coming in, saving money, working faster).

Verifying a business case by testing the feasibility of the proposed solution involves using techniques like PESTLE analysis (Political, Economic, Social, Technological, Legal, Environmental) to assess external factors that might impact the project. You can also conduct a SWOT analysis to evaluate internal strengths and weaknesses, and identify opportunities and threats. You can also perform a pilot test or a proof of concept to validate the solution’s practicality in a real-world scenario.

Typically a new business faces three dimensions of uncertainty: 1. Desirability: Is there a big enough, continuously demanding market? 2. Viability: Is my business model acceptable and will it pay off? 3. Feasibility: Do I have ALL required capabilities to make it happen. Take your time to thoroughly test all of them!

Soliciting feedback is basically involving and engaging with key stakeholders, team members, managers, clients, and industry experts. Present the business case to these stakeholders and request their input on the feasibility, benefits, and potential challenges. You can also use surveys, focus groups, and one-on-one interviews to gather diverse perspectives.

In my experience as a business analyst, verifying a business case effectively requires strategic stakeholder engagement. Start by identifying key stakeholders across various departments and levels. Present the business case to them individually or in small groups, soliciting specific feedback on its relevance and feasibility. Use a structured feedback form to ensure consistency. This approach enhances the business case with diverse insights and fosters stakeholder buy-in, which is crucial for successful implementation.

Surveying key stakeholders to get an idea of what they think before going ahead will at least initiate a discussion of concerns and key areas where there may be risks. This initial survey or feedback gathering is key to getting everyone on board before commencing the process.

Gather feedback from a diverse group of stakeholders such as team members and clients. Use their input to identify blind spots and refine your work. Engaging different perspectives ensures your business case is comprehensive and robust.

Feedback is the most critical step to verify a business case. You must identify ALL of the stakeholders, even those that are are not participants, but are affected by the outcome or provide inputs to the process. Leaving out a group of stakeholders can cause real inefficiencies as the project moves back to the beginning. Brainstorming and workshops are great BA techniques to thoroughly explore the business case. After these, use flow charting to create a visual representation. Ask the stakeholders to sign off on the flow chart to verify the steps. Always ask the next question. My favorite version is "...and then what happens?".

Considero tambien clave mantener estructuras versátiles que permitan cambiar, modificar e incluso ir en sentido contrario a lo propuesto inicialmente. Esto garantiza una mayor probabilidad de éxito, ya que la flexibilidad es esencial en un entorno de negocios dinámico. No podemos pretender tener éxito si nos mantenemos estoicos y sin capacidad de adaptación. Esta versatilidad, combinada con la habilidad de comunicar de manera clara el caso, sus hallazgos y objetivos, nos llevará en la dirección correcta.

Updating the business case as per all above points is essential but it requires a thorough review to ensure its robustness and realism. You can start by examining assumptions for credibility and conducting a risk analysis to identify uncertainties. You can evaluate expected benefits using ROI and NPV for tangible outcomes, and stakeholder surveys for intangible benefits. Test the feasibility of the proposed solution with PESTLE and SWOT analyses, and pilot tests. Solicit feedback from key stakeholders through surveys and focus groups to gather diverse perspectives. Based on these insights, update the business case as necessary to reflect verified information and ensure alignment with organizational goals and stakeholder expectations.

Based on your findings, make necessary revisions to the business case. Ensure it remains accurate and relevant by incorporating new data and insights. Keep the document clear and concise, following organizational standards. Regular updates will maintain its credibility and demonstrate a commitment to informed decision making.

One common mistake when crafting a business case for large organisations is underestimating the importance of aligning with the company’s strategic goals. In my experience, proposals that closely tie their objectives to the broader corporate strategy garner more support and face fewer implementation hurdles. Always cross-reference your business case with strategic priorities to ensure relevance and resonance with key decision-makers.

The best business cases demonstrate a chronology and evolution of thinking or of the solution. Don't be afraid to include alternative solutions in early business case drafts and show decision making that has led to following one specific option/solution. It makes it easier in future years to evaluate what thinking and decision making went in to following a specific course of action.