Definition
A business case is a documented justification for undertaking a project or initiative, outlining its objectives, benefits, costs, and risks. It serves as a critical tool for decision making, ensuring that proposed work aligns with strategic goals and offers a positive return on investment. In practice, a business case is developed early in the project lifecycle and is used to secure funding and stakeholder approval. It matters on the job because it provides a clear rationale for resource allocation and helps prevent wasted effort on unviable ventures. For instance, a business case might justify the purchase of new software by detailing expected efficiency gains and cost savings. It is distinct from a project charter, which formally authorizes the project's existence and names the project manager. This concept is fundamental to project management principles and appears on exams like the PMP and CAPM.