All the above are important for a project or initiative to be successful. A good business case will have clear objectives, be aligned with the organization goals and have the required stakeholder support.

Saying a project is “Strategic” is probably not enough. Each organization, and part of an organization, has a different perspective on value. For one, people in the same organization may provide different strategic goals or interpretations of them. Cross organizational and functional projects make it more difficult to get alignment on the same objectives. Having a broader view of benefits is necessary for companies to be Sustainable (as per the ‘triple bottom line’ Profit/People/Planet introduced by John Elkington). Finding the balance between generic and detailed is key to having clear objectives. One way to check is the SMART method (SMART = Specific, Measurable, Achievable, Relevant, and Time-bound). Build the buy in to project by engaging the stakeholders: sponsors, managers, users, customers.

While recognizing there are tangible and intangible benefits, the Value Proposition in Goal Nabber focuses on quantified benefits. That is to encourage a few best practices: developing key performance indicator metrics, confirming benefits with stakeholders, and aligning with the organization strategy. Visualizing the value of a project’s outcome against the cost becomes a powerful element of the communication and monitoring the project delivery. For example, many project face scope changes. An analysis of the impacts on the business case can separate positive changes from negative ones. Potentially, a losing project can be turned into a winner. If cost continues to outweigh value, it raises the question to continue or reallocate resources to more productive projects. Studies show that organizations that incorporate Benefits/Value Management in projects avoid more project pitfalls and are more successful in generating business value.

A free trial period is available for you to try this and other features available in Goal Nabber.