Define and Discuss the Business Plan, Business Case and Project Plan and how the

Question

Define and Discuss the Business Plan, Business Case and Project Plan and how they relate to each other. Be detailed. a. Select an existing business and provide an overview of the business (strategic) plan - 2-3 paragraphs. b. Then identify 2 possible business case ideas that would be relevant to the business you selected - 1 paragraph each. Include why these ideas are relevant to this business. c. Further, select 1 business case idea and outline the high level project plan that you would submit with the business case.

Explanation / Answer

A business plan for a start up company will be constructed especially so as to show potential investors or loan sources that the company's business prospects are good, that management is competent, that management understands the company's products, markets, and competition, that planning is solid and realistic, and that investors can expect a good return on their investment. A business case is an argument,
usually documented, that is intended to convince a decision maker to approve some kind of action. The strength of the business case is every bit as important as the value inherent in the project. If you cannot demonstrate the project’s value to the company, that value may not be understood. And if the project’s value to the company is not understood, your proposal is unlikely to be approved.

A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that timeframe.A business plan for an established company that is not performing satisfactorily will emphasize sections that show that management understands the reasons for poor business performance, that management has promising strategies and objectives in view for improving performance and that management has the means and abilities to implement an improvement plan.

Business case are refer to Some business people use the terms cost benefit analyis, financial justification, total cost of ownership, or return on investment analysis to emphasize the special purpose of the study, though what is usually meant by these terms fits the business case analysis. While all are essentially "business cases," decision makers and analysts should remember that none of these terms is
supported by universally agreed standards. Individual organizations and companies sometimes establish their own standards for content, structure, and the case building process, but business cases written elsewhere, under other local standards, can be quite different.

Business case results support decision making and planning, but they also provide valuable guidance for managing and controlling projects, programs, or the life cycle of assets. Good case analysis, for instance, shows which critical success factors and contingencies are most important in controlling business results, measures risks and uncertainties, and provides early warning indicators when the risks of schedule slip, cost overruns, or delayed benefits threaten to rise.a well written business case analysis provides a strong form of accountability for decision makers and leaders who must show, either now or in the future, that the business decisions made today are good business decisions, based on currently available information and currently reasonable assumptions.

Project plans, sometimes known as project frameworks, describe the goals of a particular project. They may also address the project's place within the organization's larger strategic goals.The project manager creates the project management plan following input from the project team and key Project stakeholders. The plan should be agreed and approved by at least the project team and its key stakeholders. the project plan must also describe the execution, management and control of the project. This information can be provided by referencing other documents that will be produced, such as a Procurement Plan or Construction Plan, or it may be detailed in the project plan itself.

There are lof of fiel where Business Plan, Business Case and Project Plan are related to each other.

Requirements Management
Schedule Management
Financial Management
Quality Management
Resource Management
Risk Management
Marketing management
Sales management

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