According to studies, organizations investing in proven project management practices save 28 times more money because it allows project managers to complete a greater number of their strategic initiatives. It is no surprise that Project Portfolio Management (PPM) has emerged as one of the project management office’s key functions. The PPM helps evaluate potential projects by accounting for each project’s anticipated successes and risks and its alignment with organizational strategy. How beneficial is a robust business case to portfolio managers? In this article at ISACA, Guy Pearce explains how a good business case helps project portfolio managers understand the project’s dependencies on various organizational resources.
Importance of Good IT Business Case
“An IT business case is a key part of good IT governance, and good IT governance facilities good corporate governance,” explains Guy. A good business case helps the portfolio managers to select the right projects according to business goals, risks, resource availability, and other criteria. Further, it helps in staying focused on the organization’s strategy and ensures IT innovation.
Benefits for Portfolio Managers
A robust business case provides decision-makers, stakeholders, and managers with tools for evidence-based and transparent decision-making. It is the business case that presents opportunities, risks, and threats involved in the investment. Thus, it is not just a record of return on investment (ROI) from a financial perspective but summarizes all the benefits delivered.
With a good business case in place, portfolio managers can align all resources focused on the project, thereby improving the likelihood of success and challenging the common perception that most projects fail.
To read the original article, click on https://www.isaca.org/resources/news-and-trends/isaca-now-blog/2018/love-them-or-loathe-them-good-it-business-cases-are-of-inestimable-value-to-good-it-portfolio-manage.