When should a business case first be prepared?

The business case serves as a crucial document that outlines the justification for the project, detailing the benefits, costs, and risks associated with the initiative. Preparing the business case after a feasibility study has been completed is essential because it can incorporate the insights and findings obtained from the study. The feasibility study assesses whether the proposed solution is viable and provides necessary information regarding technical, operational, and economic factors.

By waiting until the feasibility study is complete, the business case can be more formally aligned with the realities revealed during the study. This allows stakeholders to make informed decisions based on validated data, rather than assumptions or incomplete information. Ultimately, this ensures that resources are directed towards viable projects that align with strategic objectives.

In contrast, preparing the business case before conducting a feasibility study would lead to a lack of critical insights, making it difficult to justify the project's potential success. Similarly, composing the business case during project implementation or at project closure would be too late to guide decision-making effectively or to secure necessary approvals and budgets before project commencement.