Business Case & Project Justification 1.2

Business Case

A document used to explain why a project is needed.

Cost-Benefit Analysis

What the project is expected to cost and what the expected benefits will be.

Feasibility

The practicality and potential for the success of a proposed project or undertaking.

Needs Assessment

The process of identifying and analyzing gaps between the current state and desired outcomes to determine whether a project is necessary and what it should achieve.

Problem or Opportunity Statement

A concise statement in a business case that addresses what issue the project will solve or the opportunity that will be taken advantage of.

Agile Methodology

A type of project management approach that involves working in short phases, with lots of testing and reassessment, so that teams can quickly adapt to new information or feedback.

Agile Project Management

A flexible, iterative approach to managing projects that emphasizes collaboration, customer feedback, and rapid delivery of small, functional pieces of a project.

Kaizen

A Japanese term that means “continuous improvement,” from which the idea of Lean methodology originated.

Kanban Methodology

A visual project management method used to manage work as it moves through a process.

Lean Methodology

A business and project management approach focused on maximizing value to the customer while minimizing waste.

Methodology

A structured approach or system of practices, techniques, procedures, and rules used to plan, execute, and complete a project.

Scrum Master

A person who guides and supports the team, ensures that everyone follows the Scrum methodology process, and removes any obstacles that might slow down the team’s progress.

Scrum Methodology

A type of Agile project management that acts more like a framework than a strict method; work is divided into short cycles called sprints.

Sprint

A short cycle of work, usually lasting about 1–2 weeks, where the team focuses on completing specific tasks from the backlog.

Waterfall Methodology

A traditional way to manage projects that involves completing tasks and phases one after the other, in a straight line.

Closing Phase

The last phase of the project’s life cycle, where the final product is delivered; involves all the activities that occur when a project is done.

Execution Phase

The third phase of a project, where the project plan is put into action.

Initiation Phase

The first phase of a project’s life cycle, where the business case is written and formal approvals are given to start the project.

Monitoring and Controlling Phase

The fourth phase in the project’s life cycle, which usually occurs during the execution phase; during this phase, the project is monitored, and adjustments are made as needed.

Planning Phase

The second phase of a project’s life cycle, where a plan is created that details the specifics of the project, like budget and timeline.

Project Life Cycle

The phases of a life cycle represent the path a project takes. They consist of the initiation, planning, execution, monitoring and controlling, and closing phases.

Project Plan

The detailed road map that outlines how the project will be executed, monitored, and completed.

Project Charter

A document that explains what a project is all about. It describes the scope, which means what the project will cover, and the objectives or goals it aims to achieve.