Not all projects ever get off the ground. Why?

In any organization, there is a finite amount of time and money to devote to projects. Only those projects which present themselves in the best light will be given the "green light". Which projects are selected? Those whose teams can convince management that they have the most benefits to offer the organization, depending on what that organization considers "beneficial".  

The project selection process usually involves project teams presenting the "Business Case" to "sell" their projects. Project teams must be well-prepared and well-informed when presenting the Business Case for their proposed project to the stakeholders who are in positions to approve or reject competing project selections and teams.

Sometimes, stakeholders rely on SMEs (Subject Matter Experts) to provide "Expert Judgment" in aiding the evaluation of projects. Sometimes the client will evaluate project proposals. Sometimes projects will be evaluated by the organization itself. Inevitably, not all projects proposed are approved and funded to proceed.

As a project manager, you must show how your team/project will achieve the stated project objectives better than any other option.
The Business Case is your chance to fight for funding for your project over many other competing projects.
Your team are convincing the Project Sponsor that it's worth it to spend money on your project. Your team must do some thinking about why this project will be good for the organization (its value to the organization) and how you can present this information in the most appealing and captivating way. You must SELL your project.

There are MANY ways to prepare and present a Business Case depending on the type and size of your project. Common elements include:

 Project description
 What business need the project will satisfy. (Executive summary, background)
 Project costs & returns.
 Major Risks
 Strategic analysis (intangible benefits or business opportunities)
 Conclusion

need five pages explanation and references.

Answer rating: 100% (QA)

Title Factors Influencing Project Approval and Funding Decisions Introduction In any organization the selection and approval of projects is a critical process that determines which initiatives receive ... View the full answer