Create a comprehensive business case
The video explains the importance of a business case in project management. It emphasizes that filling out the business case thoroughly helps managers analyze and prioritize projects competing for the same resources. Once completed, submitting the business case changes the project status to “Requested” and calculates its overall score for comparison in the Portfolio Optimization Tool. While none of the fields are mandatory, more detailed information improves decision-making.
Key takeaways
The video outlines the key sections of the business case, including:
- Project Info: General details like the project sponsor and Planned Benefit, which estimates the potential financial gain from completing the project.
- Expenses: Non-labor costs, such as travel or booth rental, that impact the budgeted cost and net value.
- Resource Budgeting: Labor estimates pulled from the Resource Planner, requiring Resource Pools to be set up in Workfront.
- Risks: Identifying risks, estimating their cost and probability, and calculating their impact on the net value.
- Scorecards: Tools to assess how well a project aligns with portfolio goals, using predefined questions and values set by System Administrators.
- Custom Forms: Optional forms tailored for the business case.
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