HOW TO DEVELOP A BUSINESS CASE?
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Most organizations decide to fund a project because obviously, they anticipate a return on the investment (ROI). A business case describes this anticipated return. For a BA to know a project, he or she must understand the business case. Sometimes the BA will be asked to develop the business case as the first task of a project or before a project has been approved. Understanding the importance of developing business case is a key business analysis skill.
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Appendix ABusiness Plan AssignmentThe Business Plan will be ab.docx
Appendix A
Business Plan Assignment
The Business Plan will be about health organization thinking about buying MRI.
One of the ways that organizations prosper is through the introduction of new programs, projects, and other ventures. A business plan is a document that provides the information needed to determine whether the venture is likely to fail or to succeed. A business plan should help you assess whether the proposed venture is sensible, whether it fits the organizational mission, and whether it will be financially viable.
WHY DEVELOP A BUSINESS PLAN
The more time and effort managers put into a project, the more committed they become to it, and the harder it becomes to recognize the project’s limitations. So the first and foremost reason for developing a business plan is to discover weaknesses and eliminate bad proposals at an early stage.
If the plan provides evidence that the proposed venture is a good one, then the plan becomes a vital tool in a number of ways. It provides the details of why the idea is a good one, supporting the idea with evidence instead of merely opinion. It helps to clarify what we do and don’t know about the venture. It provides a basis to identify and analyze elementary tools for convincing others (e.g., our boss or investors) that the idea is a good one, worthy of financial support.
A business plan also serves other purposes. First, it communicates the purpose of the project to everyone throughout the organization. The plan also provides a road map for the future, laying out the steps that will be needed to fully implement the new venture. It should include a formal statement of both financial and nonfinancial goals for the project, and forecasts of what resources will be needed and how they will be obtained. These resources are not only financial, but also include elements such as management talent that will be needed to implement and run the new program. Finally, we prepare a plan so that we will have a basis for assessing and controlling organizational performance once the venture is fully operational.
QUESTIONS THAT DRIVE A BUSINESS PLAN
A business plan document represents an effort to provide answers to many questions:
· What is the venture that is being proposed?
· Why would our organization want to do it?
· Who will we provide products or services for?
· How much will potential customers pay?
· How many potential customers are there?
· What will our share of the market be?
We must be as clear as possible in defining the business concept. To make an evaluation of a project, we need to know whether we are responding to an opportunity or a competitive threat, or simply following the next logical step in achieving the organization’s mission. We must clearly identify the customer for the products or services that will be provided. Understanding the likely possible pricing and demand for the product or service is critical. Similarly, we must address questions related to marketing approaches. There .
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P.O.S.D.C of management
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The business case is
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COEPD - Center of Excellence for Professional Development is a primarily aBusiness Analyst and PMP Training Institute in the IT industry of India head quartered at Hyderabad. COEPD is expert in PMP Training and Business Analyst Training in Hyderabad, Chennai,Pune, Mumbai&Vizag. We offer PMP and Business Analyst Training with affordable prices that fit your needs.
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COEPD - Center of Excellence for Professional Development is a primarily a Business Analyst Training Institute in the IT industry of India head quartered at Hyderabad. COEPD is expert in Business Analyst Training in Hyderabad, Chennai, Pune , Mumbai & Vizag. We offer Business Analyst Training with affordable prices that fit your needs.
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HOW TO DEVELOP A BUSINESS CASE?
- 1. HOW TO DEVELOP A BUSINESS CASE?
- 2. Most organizations decide to fund a project because obviously, they anticipate a return on the investment (ROI). A business case describes this anticipated return. For a BA to know a project, he or she must understand the business case. Sometimes the BA will be asked to develop the business case as the first task of a project or before a project has been approved. Understanding the importance of developing business case is a key business analysis skill.
- 3. Have you ever tried to convince your spouse that you should get a new car? Why did you decide to buy a new pair of shoes? When you are working to persuade someone (even yourself) to take action, you are building acase.
- 4. A business case is an explanation of why the organization has decided to go with a project. The wordcase comes from the legal profession and means an argument for or against something: “we are building a case for…”, Business cases which depict the value of an endeavor.
- 5. The mechanisms to evaluate business case are: Feasibility Study: A feasibility study determines the practicability and workability of a potential solution before a project is approved. It answers the question: “Can it be done?”
- 6. Cost/benefit analysis: This activity focuses on financial analysis of the potential solution, using economic calculations to project the potential return on investment and payback period. It answers the questions, “what are the costs VS benefits of doing it?” Some costs and benefits are not easily measurable. Benefits like goodwill and positive public relations are referred to as intangible. Costs that are easily measured are referred to as tangible.
- 7. Building a business case involves bringing together research, logical reasoning, and financial estimates. In addition, business case development requires creativity and big picture thinking. Bottom line is,Business case development and cost/benefit analysis are important skills for business analysis professionals to develop early in their careers.