A full Business Case is typically produced at the end of Set Up. However, at the start of an initiative, especially large initiatives it may take considerable effort to get to a point where the Business Case is understood.
In some large initiatives it may be sensible to discuss, with your Finance Manager, what activity needs to be funded and whether this is within ‘business as usual’ budgets. This funding would be requested near to the start of an initiative. We’ve termed this funding ‘feasibility funding’.
At the point feasibility funding is requested, a high level estimate of what the initiative may cost to get to the closure milestone will be needed but this will be firmed up in the Full Business Case submission.
It is important to consider that once the initiative is delivered, there could be an impact to the ongoing operating costs. Consideration of the ongoing operating costs and its impact on the University’s annual IPE process needs to be considered in the Business Case.
Hints & Tips
- When working out the full costs, you need to consider the total cost required to deliver and sustain the initiative and not just the investment ask.
- Click on the link for more help on the Business Case.