Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
BBCF_Terminology_3
Section 3: Programme and project business cases
| Term | Definition |
|---|---|
| Business Justification Case (BJC) | A single stage business case, using the five case model, for the delivery of relatively low level spend for which firm prices are available. |
| Full Business Case (FBC) | The third stage in the development of a business case for a significant project, which identifies the most economically advantageous offer following procurement, confirms affordability and put in place the detailed arrangements for successful delivery. |
| Outline Business Case (OBC) | The second stage in the development of a business case for a significant project, which identifies the option offering best public value for spend, confirms the Deal and affordability, and puts in place the arrangements for successful delivery. |
| Preferred option | The most attractive (to decision makers) of a set of alternative responses (the short list) to a problem or opportunity. The preferred option is typically the one with the highest, risk adjusted net present value, based on all costs, benefits and risks having been quantified and valued robustly. Where an option has significant intangible benefits, these can out-weigh the difference in NPV between this and alternative options. |
| Project business case | A document which is used as the driver for the development of, and to evidence, the justification of a project. This encompasses both the desirability and the doability of the work. For larger, more complex projects, the work will be done in three phases (SOC-OBC-FBC) while for smaller work, a Business Justification Case may be sufficient. |
| Stakeholders | Investment partners, people who have the most knowledge of a subject and/or represent an interested or affected party. They will be consulted at various stages of business case development. |
| Strategic assessment | The strategic assessment determines: what the problem is and whether it has a consequence that needs to be addressed what outcomes will be gained from any potential investment what potential benefits will arise from investing, and whether there is stakeholder agreement to proceed or not to proceed. The strategic assessment is initially developed as part of the strategic case, but is reviewed to ensure it is still fit for purpose at every stage in the development of the business case. |
| Strategic Outline Case (SOC) | The first stage in the development of a business case for a significant project, which makes the case for change and appraises the available options. |
| Mandate | A document approved by senior management commissioning work and setting direction for an initiative. A mandate normally precedes a brief and the business case. |
| Brief | A document approved by senior management giving direction, context and assessing the viability of an initiative commissioned by a mandate. The brief normally precedes the business case |
Created by:
Sarah Ironmonger
Popular Management sets