Identify High Potential Projects for your Organization
In today’s dynamic, uncertain, and complex economic and financial environment, organizations evaluate project success based on the value they generate, instead of the quality of delivery alone. Essentially, the definition of success has shifted from ‘what did you build?’, and ‘did you deliver as per agreed parameters?’ to ‘why did you build it?’ and ‘did it justify the time and resources invested in it?’
Strengthen your project selection strategy with a business case template approach to identify and prioritize projects that:
- Align with your organization’s vision, mission, and strategic business plans.
- Generate the maximum Return on Investment (ROI) for the time, resources and money that your organization invests in them.
- Add value to the organization by enhancing employee engagement, boosting the working environment quality, and other such intangible benefits.
With an enterprise-wide business case template approach, your project selection committee can compare each proposal on similar parameters and allocate the organization’s limited resources wisely. Typically, a business case template is a standardized format that:
- Enables consolidation of the costs, benefits, and risks of a current situation vis-a-vis the proposed project outcomes. (Solving an existing business problem or maximizing a new opportunity).
- Allows the business owner or project sponsor to present a data-backed rationale of how the project goals and investment will ‘generate value’ for the organization.
In our next blog, we will discuss another project management best practice – How to define achievable project outcomes through an input-based project charter.
For more information on business case templates and other project management best practices, consult with the experts at BEVA Global. Call 1-877-669-7347 ext. 252, or contact us online.