which of the following is included in a business case
action plans
scenario planning
hiring plans
cost benefit analysis
All of the above are typically included in a business case.
Action plans: These outline the specific steps and measures that will be taken to achieve the objectives stated in the business case.
Scenario planning: This involves assessing various potential future scenarios and their potential impact on the business, allowing for better decision-making and risk analysis.
Hiring plans: This outlines the staffing requirements and strategies for the business, including projected hiring needs, job descriptions, recruitment plans, and estimated costs.
Cost benefit analysis: This is an evaluation method used to determine the financial viability of a project or decision by comparing the costs involved with the expected benefits or returns. It helps determine the potential profitability or value of the proposed business case.
In a business case, the following elements are commonly included:
1. Action plans: These are detailed plans outlining the specific steps and tasks required to achieve the objectives of the proposed project or initiative.
2. Scenario planning: This involves analyzing different potential future scenarios and their potential impact on the project or business. It helps to identify risks, develop contingency plans, and evaluate alternative courses of action.
3. Hiring plans: This refers to the projected personnel requirements for the project or initiative. It includes information on the number and type of employees needed, their roles and responsibilities, and the estimated costs associated with recruitment and onboarding.
4. Cost benefit analysis: This is a systematic process of evaluating the potential costs and benefits of a project or business initiative. It helps in assessing the financial viability and determining the return on investment. It involves comparing the costs and benefits of different alternatives to make informed decisions.
So, all of the options you mentioned (action plans, scenario planning, hiring plans, and cost benefit analysis) can be included as part of a business case.
To determine which of the following is included in a business case — action plans, scenario planning, hiring plans, or cost benefit analysis — we need to understand what a business case is and its purpose.
A business case is a document that outlines the justification for a proposed project or investment, typically focusing on the financial aspects and potential benefits. It serves as a tool to evaluate the feasibility and potential value of a business initiative.
Now let's break down each option and see if it typically appears in a business case:
1. Action plans: These are detailed plans outlining specific steps and tasks required to achieve specific goals or objectives. While action plans are essential for project implementation, they are not typically included in a business case itself. Action plans may be developed based on the recommendations made in a business case but are separate documents.
2. Scenario planning: Scenario planning involves assessing and understanding potential future situations and their implications on business decisions. While it is a valuable technique used in strategic planning, it may not necessarily be a formal component of a business case. However, scenario planning outcomes could influence the content and projections included in a business case.
3. Hiring plans: Hiring plans, which outline the staffing requirements and strategies for a project or initiative, can be an integral part of a business case. A business case may include estimates of human resources needed, their associated costs, and the impact on project timelines and deliverables.
4. Cost benefit analysis: Cost benefit analysis is a systematic process that compares the costs and benefits of a project or investment. It helps weigh the potential benefits against the costs and determine whether the initiative is financially justifiable. Cost benefit analysis is a crucial component of a business case as it quantifies and evaluates the expected returns and financial impacts.
Based on this analysis, the option that is typically included in a business case is cost benefit analysis. While hiring plans and scenario planning could be incorporated when relevant, they are not always present. Action plans, on the other hand, are implemented after the business case is approved and are separate from the document itself.