Business Case Flashcards

1
Q

How to establish business case

A

Identify opportunities / problems

Understand the market and competition.

Define what you want to achieve.

Check Feasibility

Explore Alternatives: Look at different ways to solve it.

Calculate costs and potential gains.

Assess Risks

Consider Stakeholders: Know who’s affected and how.

Document Everything

Get Approval

Monitor progress and adjust as needed.

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2
Q

What is Cost Implication ?

A

the financial consequences or impacts of a decision, action, or event.

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3
Q

Advantages of Cost Implications

A

Budget Control

efficient use of resources.

Facilitates informed decision-making

Identifies potential financial risks and allows for mitigation

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4
Q

Disadvantages of Cost Implication

A

Discourage innovative ideas due to strict cost constraints.

Inflexibility in adapting to changing circumstances

Sacrificing quality to reduce costs.

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