📚 Project Vocabulary: Business Case 💼
Definition: A documented economic feasibility study used to establish validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.
Example: Before launching a new product development project, the company would create a business case that outlines the expected costs, benefits, risks, and timeline to determine if the project is economically viable and aligns with the company’s strategy.
The business case is like the project’s elevator pitch, convincing the organization of its value and potential. 🛗📈
#BusinessCase #EconomicFeasibility #ProjectJustification #AcutePMC #instabusiness #costbenefit #vocabulary #benefits
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