Structure a business case using the strategic, economic, commercial, financial and management cases.
Project Management
Writing Project Business Cases with the Five Case Model
Teaches project professionals to build strategic, economic, commercial, financial and management cases that survive scrutiny and secure funding approval.
🗓️Duration5 training days
📚Content4 modules · 8 sessions
🎓On completionAccredited attendance certificate
About the programme
Course Overview
A weak business case does not fail at the funding gate because the idea is bad; it fails because the case never proved the option chosen is the right one, affordable, deliverable and procurable. This course teaches project professionals to build a business case using the Five Case Model structure adopted across public and increasingly private sector governance: the strategic case for why change is needed, the economic case that tests options against value for money, the commercial case that shows the deal is viable to the market, the financial case that proves affordability, and the management case that demonstrates the project can actually be delivered. Participants work through each case in turn on a running example, learning to define investment objectives and a robust long list before shortlisting options, to run an economic appraisal that compares options on a common basis, and to translate procurement strategy into a commercial case a supplier could actually respond to. The financial case section covers funding sources, whole-life affordability and the treatment of optimism bias, while the management case addresses governance and benefits planning. The course also covers how a case evolves from strategic outline through outline to full business case, and how to respond to challenge from an investment committee.
Expected Learning Outcomes
Define investment objectives and a long list of options before applying shortlisting criteria.
Run an economic appraisal that compares shortlisted options on a consistent value-for-money basis.
Build a commercial case that reflects a procurement strategy the supply market can realistically deliver.
Test the financial case for affordability across the whole life of the investment, not just capital cost.
Adjust the business case for risk and optimism bias using recognised adjustment methods.
Progress a business case from strategic outline through outline to full business case for approval.
Who Should Attend
Project managers and programme officers preparing business cases for capital investment approval
Finance and commercial professionals contributing financial or commercial cases to project bids
Policy and strategy staff defining investment objectives for public or private sector programmes
Portfolio office and investment committee members assessing business cases before approval
Bid managers translating client business cases into procurement and contract strategy
Consultants and advisers commissioned to draft or review business cases for clients
Course Modules
Select any module to see its sessions and points.
01The Strategic Case and Defining the Real Problem
2 sessions · 8 points
Session 1Setting Investment Objectives and Scope
- Write investment objectives that describe the change needed rather than the solution already assumed.
- Define the scope, benefits and constraints of the case so the appraisal that follows is bounded and comparable.
- Link investment objectives explicitly to organisational strategy so reviewers can see why the case matters now.
- Identify the business needs and drivers for change, distinguishing genuine need from a preferred technical fix.
Session 2Building and Filtering a Long List of Options
- Generate a long list of options that includes do-nothing and do-minimum alongside more ambitious alternatives.
- Apply explicit filtering criteria to reduce the long list to a manageable shortlist before detailed appraisal.
- Record why rejected options were filtered out so the shortlist can withstand later scrutiny challenge.
- Check the shortlist still contains genuinely different options rather than variations on one preferred solution.
02The Economic Case and Testing Value for Money
2 sessions · 8 points
Session 1Appraising Shortlisted Options on a Common Basis
- Cost each shortlisted option on the same basis, including capital, operating and disposal costs over its life.
- Quantify and monetise benefits where possible, and describe non-monetised benefits clearly where it is not.
- Apply discounting to future costs and benefits so options with different timings can be compared fairly.
- Run sensitivity analysis on key assumptions to show how robust the preferred option is to changed conditions.
Session 2Adjusting for Risk and Optimism Bias
- Identify sources of optimism bias typical to the type of project and apply a recognised adjustment to estimates.
- Distinguish risk allowance from optimism bias adjustment so both are captured without double counting.
- Present the appraisal results with confidence ranges rather than single-point figures that overstate precision.
- Recommend a preferred option with a transparent explanation of why it outperforms the alternatives on value.
03The Commercial and Financial Cases
2 sessions · 8 points
Session 1Building a Deliverable Commercial Case
- Translate the preferred option into a procurement strategy and contracting approach the market can respond to.
- Assess supplier appetite and market capacity before committing to a procurement route in the business case.
- Define the risk allocation and payment mechanism the commercial case will require in any resulting contract.
- Set out the procurement timetable and key commercial milestones the management case will need to support.
Session 2Proving Affordability in the Financial Case
- Model whole-life costs against available and projected funding to demonstrate affordability, not just cost.
- Identify funding sources and any funding gap, and set out how that gap will realistically be closed.
- Present the financial case in the format the approving body expects, including accounting treatment where relevant.
- Reconcile the financial case with the economic case so the two do not present contradictory figures.
04The Management Case and Progressing Through Approval Stages
2 sessions · 8 points
Session 1Demonstrating Deliverability in the Management Case
- Set out project governance, roles and reporting lines that show the organisation can actually deliver the project.
- Include a benefits realisation plan that names owners for each benefit and how it will be measured after go-live.
- Describe assurance arrangements, such as gateway reviews, that will monitor delivery once approval is granted.
- Address change management and communications planning so the management case covers people, not just process.
Session 2Progressing from Strategic Outline to Full Business Case
- Match the level of detail in each case to the maturity stage, from strategic outline through outline to full case.
- Prepare for scrutiny or investment committee challenge by anticipating the questions each case is likely to attract.
- Update the business case at each stage gate to reflect design development, market testing and revised cost data.
- Close out the business case with a version that will serve as the baseline for post-project benefits review.
What the participant receives
4 course modules
A structured syllabus
8 training sessions
across 5 days
32 detailed points
Applied, detailed content
Accredited attendance certificate
On completing the programme
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