6 STEPS TO A COMPLETE BUSINESS CASE. Business Case Development Framework
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1 6 STEPS TO A COMPLETE BUSINESS CASE 6D Business Case Development Framework
2 6 Steps to a Complete Business Case Jeff Jackson Copyright 2013 Solution Matrix Pacific Ltd. All rights reserved. No part of this book shall be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording or otherwise, without permission from the author. No liability is assumed from damages resulting from the use of the information contained herein. Published by Solution Matrix Pacific Ltd 43 Omega Street Albany Auckland New Zealand 1
3 THE 6D FRAMEWORK INTRODUCTION Many people find themselves in a situation where they have been asked to prepare a business case for a proposed action or project with very little guidance as to what is required. Those who have had to face the challenge of preparing a business case will know how difficult it is to find a comprehensive source of information about the structure of a business case, what should be included or the how to go about the development process. Most organisations have a basic process for managing capital expenditure; but when it comes to value creation projects, each project tends to be managed as a one off with each developer applying their interpretation of what a business case should contain. This lack of definition as to the content and structure of a business case makes comparisons between proposals difficult. In addition as there are no rules with respect to documentation the knowledge and experienced gained during the process is often lost to the organisation. THE 6D FRAMEWORK is designed to avoid these problems. THE 6D FRAMEWORK is a toolkit for systematically recording the important and relevant information this is required for the preparation of the business case report. Documenting the information progressively facilitates compiling of the Business Case Report while also providing a repository for the information for future use. This is an important factor in improving the quality of the information; and the speed and cost of business case preparation. THE 6D FRAMEWORK covers the full lifecycle of a proposed action from vision to value. The framework takes the development process beyond the standard financial metrics and approval stage; and includes templates for risk and sensitivity analysis; project management and an operational blueprint to ensure to delivery of business value. BASED ON DECISION THEORY The more informed decision makers are the better the quality of their decisions. Being better informed requires access to information that is complete, accurate, validated and consistent. The six step process follows a logical development process based on decision theory and lays down pathway for sound and informed decision making. The process has the following steps: 1. Identify the action situation and objectives 2. Identify alternatives 3. Analyse the data and develop models and metrics for each alternative. 4. Review metrics and select the best option 5. Develop implementation and operational plans 6. Develop performance checklist to measure value delivered. 2
4 6D FRAMEWORK BENEFITS THE 6D FRAMEWORK is based on the Solution Matrix team s experience in helping organisations develop their business case skills for almost 20 years and is designed to provide business case developers with systematic and logical guide to business case development. Business cases that focus on value delivery are emerging as powerful tools for closing the gap between business strategy and operations. With this in mind the 6 D Framework has been designed as a planning and development tool that makes value delivery, the focus of the business case development process. THE 6D FRAMEWORK is a powerful tool for the development and assessment of new business models; developing and executing strategic initiatives and developing new projects for growth and performance improvement. THE 6D DEVELOPMENT FRAMEWORK is designed to: 1. Deliver the highest quality business case results in the shortest possible time. 2. Expose the action scenarios to a rigorous process of evaluation to ensure that the best options are selected. 3. Force managers to think about the dynamics of cash flow and to identify risk and sensitivities. 4. Provide a pathway for taking an idea from insight or vision, through to operational impact and delivery of value. 3
5 6D FRAMEWORK The logic of the 6D FRAMEWORK is incorporated in the 6D BUSINESS CASE FIELD BOOK including: The design and development of alternative scenarios The development of cost and benefit models The development of an assumptions register Incorporation of ranges for assumptions to model uncertainty The generation of the sensitivities of the key drivers The calculation of probabilities for a range of financial outcomes The development of certainty/value profiles for each alternative The development of the benefits realisation register CREATING THE BUSINESS CASE REPORT 6D BUSINESS CASE FIELD BOOK is designed to guide business case developers systematically through a logical process capturing the relevant information from which the business case report can be built. The output of the 6D BUSINESS CASE FIELD BOOK is a world class Business Case Report based on the content and structure described by Dr Marty Schmidt in Business Case Essentials. Standardised business cases lead to better information for decisions makers. Standardised financial metrics provide for more effective comparisons. Risk and sensitivity analysis provides for more informed decision making. Project charters and timelines aid implementation and deployment. Operational blueprints ensure delivery of projected values and benefits. 4
6 5
7 1 Define The define stage includes: Designing the Business Case Report contents and structure. Describing the subject of the case and the defining the proposed action. Describing the purpose of the case. Identifying the stakeholders, designing the case for the business case audience. Establishing the current situation and the rationale for the case. Identifying the organisations strategic objectives and defining the measures. Establishing the roles and responsibilities for the business case development team. 6
8 2 Design In the design stage: Scenario assessment criteria are established. The current business model is reviewed and challenged. Opportunities for improvement are identified. Alternative business models and action scenarios are designed to close performance gaps Qualitative assessments of the alternative scenarios are undertaken using scenario assessment criteria. 2-3 Scenarios are selected for further development The Business Model Generation Business Model Canvas is used as a template to create 2-3 alternative scenarios. 7
9 3 Develop In the data development stage: The relevant data is collected for each scenario. The scope of the business case is identified. Cost models are developed for each scenario. Benefits for each scenario are identified. Benefits are linked to organisational objectives. Benefits vales are assessed and assigned. All the key data is recorded in an assumptions register. 8
10 3 Develop In the model development stage: Financial models are created for each scenario. Cash flow and financial analytics are applied to calculate key financial metrics for each scenario. Non-financial benefits are assessed for value recognition for each scenario. The financial models are converted to a predictive simulation model to facilitate risk and sensitivity analysis. Simulations are run for each scenario. Cash flows statements are prepared. Cash flow lifecycles are developed. The core financial metrics developed. - Payback, ROI, NPV, and IRR. Cash flow model is converted to a simulation model. Monte Carlo Simulation used to identify risk and sensitivity. Risk profiles for each are scenario developed. Risks documented in the risk register. 9
11 4 Decide In the decision stage the scenarios are assessed for business value using the evaluation tools: The financial metrics generated in the development stage are used evaluate the alternative scenarios. The risk analysis and sensitivity information from the previous stage is used to identify the optimal value-certainty matrix. The preferred action scenario is selected using a combination of financial metrics, non-financial information, cash flow projections and risk and sensitivity information (value-certainty matrix). 10
12 5 Deploy In the deploy stage the deployment aspects of the preferred option are identified. Information developed in consultation with those responsible for deployment is recorded in the appropriate format to guide Project Management activities: Funding Sources Capital Budgets Project Charter Project Budgets Project Timelines Activity/Work Package Project Timeline 2013 Apr May Jun Jul Aug Sep WP 1 Project Charter WP 2 Implementation Plan WP3 Final Design and Pricing WP4 Selection of Vendor WP5 Construction Stage 1 WP6 Construction Stage 2 WP7 Commissioning WP8 Operations Handover 11
13 6 Deliver In the deliver stage the key information relating to the delivery of the expected performance is recorded for guidance to those responsible for operational matters and the delivery of the expected results and the realisation of business value, including Development of operational blueprint. Measures and timing of expected value realisation in the Benefits Realisation Register 12
14 BUSINESS CASE REPORT PREPARATION The business case report is prepared using the data collected in the 6D Field Book The output of the 6D Framework is a world class Business Case Report based on the content and structure described by Dr Marty Schmidt in his book Business Case Essentials. The report preparation stage includes: Preparing the Business Case Report using the template provided. Preparing the Recommendations. Preparing the Executive Summary. Packaging the case for presentation to the decision makers. Preparing the PowerPoint presentation using the template. 13
15 BUSINESS CASE DEVELOPMENT CAPABILITY Improving business case capability increases the value of the information provided to decision makers while decreasing the time, effort and resources needed for the development of the business case. Improving Business Case Development Capability is likely to result in the following: 1. Improved information quality 2. Reduced development time 3. Reduced development costs Information Quality The quality of the cost analysis is improved through the use of Lifecycle Costs Models. The quality of the information about benefits is improved through the use of the benefits ranking process. Development of the sensitivities of the key drivers allows for extraneous information to be excluded. Relevant and credible assumptions are documented. Risk and sensitivity information provides new insights into the likely performance of the proposed action. Speed of Development Use of the 6D Field Book provides a development pathway and a structured approach to capturing and recording information. Having access to information structured to align with the Business Case Report speeds up the entire process an allowing for the faster preparation of the Business Case Report. Faster preparation of the Business Case Report reduces delays in decision making and deployment; and the realisation of benefits. Development Costs Structured format allows for process disciplines to be applied. Previously prepared information can be accessed and reused. Less time involved in determining what information should be included in the Business Case Report 14
16 BUSINESS CASE DEVELOPMENT CAPABILITY LEVELS THE 6D FRAMEWORK is also a key tool in assisting companies to build business case capability. CHARACTERISTICS OF THE THREE LEVELS OF CAPABILITY Ad-Hoc Business case analysis is performed for planning and decision support Business case format not standardised or reused. People talk about business case analysis and ROI but most people don't know how. Standardised All major decisions require business case support. Internal business case standards are established. People are trained in Financial Analysis. Business cases measure risk and identify critical success factors. Optimised Business case results are reviewed by senior management. Deployment programmes are included in business case structure. Organisational blueprints are developed and used for on-going management. The organisation maintains an accessible central library of previous business case data. 15
17 6D BUSINESS CASE SEMINARS Our 2 - Day Seminars are designed to provide a structured approach to developing a business case that can be applied to virtually any kind of every project. Attending a seminar will give you the edge you really need to start off on the right foot with the analysis of your project. Our 2 - Day Seminars feature "hands on" workshops with real business case examples. Most participants come with little or no prior experience in finance or business planning. During the course, participants build scenarios, develop benefits and cost models, create financial models for financial and risk analysis; and prepare deployment plans and operational blueprints to guide implementation and to ensure value delivery. Participants will use the 6D BUSINESS CASE FIELD BOOK to learn: About the 6D essential building blocks of complete business case. How to select the best action scenario to ensure that best business decision is made. The important differences between the business case for private industry and the business case for government, military or non-profit organizations. How to build credibility into the business case. How to validate and measure the full range of business benefits - the so-called "intangibles." How to build a financial modelling system for asking "what if'' questions, identifying which assumptions drive results, and measuring the risk and uncertainty for a range of projected results. How to develop implementation plans and operational blueprints. How to prepare a business case report based on the Business Case Essentials content and structure. How to package and present business case results for maximum impact. Participants in our seminars master the 6D Framework, the same structured, practical approach we have used to help hundreds of people in companies and government organizations on five continents. Learn and practice our proven methods for developing business cases at a 6D Business Case Development Seminar near you. Visit our website today: to review our Seminar Schedule. 16
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