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A business case is defined as an objective analytical evaluation of the manner to best address a defined business opportunity or problem. The analysis carried out consists of an assessment of business impacts, risks, and costs/benefits of different viable alternatives. In the context in which a decision is made based on a business case, this objective analysis offers the justification for making that decision. A business case emphasizes on a particular project or initiative (Geracie, 2016). A business case must always be assessed in the context of the overall business plan. A business plan answers the following questions. What happens if the company or business pursues a certain course of action? What among the alternative markets should a company invest in to create the most value? Is it necessary to make a particular investment? There are various steps followed in the preparation of a business case namely
a) Step 1: define the opportunity
b) Step 2: identify the alternatives
c) Step 3: gather data as well as estimated time frame
d) Step 4: Analyze the alternatives
e) Step 5: Make a choice and assess the risk
f) Step 6: create a plan for executing an idea
g) Step 7: communicate the case (Harvard Business Review, 2010)
For example in a given year, a company has competing proposals from different departments for the association to invest in 1) an upgrade of technology 2) development of the knowledge management system, 3) a fundamental redesign of the website, as well as 4) a new publication. All of the listed initiatives in the business will need significant investment, and the company cannot afford all of them; hence has to select the most desirable opportunity. Developing a business case for all these initiatives assists in making a proper decision by evaluating the comparative deliverable value to the membership, the appropriate investment to achieve the optimal functionality of the project, as well as the time it would take to investment return.
The business case template selected as the best suitable template for the paper is business case template 3. Besides, the business case template is arranged systematically making a comparison to the various alternatives of the proposed business and eventually proposes an option in which it provides comprehensive detail of the preferred option. In the alternative comparison, the elements compared include the benefits of all the options, disadvantages, major risks, costs and timescale. The business template also shows the project management and control which comprises of the governance, risk management, and progress monitoring hence increasing the success chances.
A business plan is defined as a detailed plan reflecting the implementation of a selected business case alternative that ensures conformity with the requirements of relevant collective agreements. It is the overarching process and vision to accomplish financial success tied to defined strategic outcomes. The elements comprised in a business plan include the complete details of the business case for outsourcing, a plan for addressing potential human resource impacts, a plan for assessing the effectiveness of the outsourcing if it is approved, and a draft request for proposals (RFP). The business plan describes the manner in which an organization or business unit will navigate through its unique competitive environment successfully. Business plans feature long-range projections of expenses, business strategy, revenues and other information. Managers and executives typically use business plans to secure financing from investors or to plan strategy execution for business or an organization. The investors would require seeing the background information concerning the association; the players in the business, the going concerns (revenue generators) as well as what proposals are made to the future concerning the new product development, the potential business partners, pro forma financial projections, timelines for rollout as well as conclusions (Cox & Radwan, 2015). The business plan eventually identifies whether the association is a viable and ongoing business concern.
Business Case Template of implementation of phone application in hospital
1. Executive Summary
Numerous challenges face the delivery of efficient and safe healthcare in the health sector. A significant problem in healthcare is the time taken for a patient to move from one location to another due to lack of familiarity with the hospital hence leading to frustrations and an increased period spent at the hospital.
Carolyn Morgan is the author of this paper. A senior editor at Melda Research in Research Paper Writing Service. if you need a similar paper you can place your order for a custom research paper from A+ Affordable Paper Writing Service.
Author is associated with MeldaResearch.Com which is a global Custom Essay Writing and Term Paper Writing Company. If you would like help in Research Papers and Term Paper Help you can visit Custom Writing Service
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