What does the economic case justify in a business case?

The economic case in a business case is focused on justifying the value of a proposed project or initiative in terms of its economic benefits relative to the costs involved. Specifically, it aims to show how the project will optimize public value within the proposed spending. This involves assessing the financial implications, such as the return on investment (ROI), cost-effectiveness, and how the project aligns with strategic objectives to create maximum benefit for the public or the organization involved.

In this context, optimizing public value typically means ensuring that taxpayer money or organizational resources are used as efficiently and effectively as possible, maximizing the positive impact of expenditures. This includes looking at broader economic impacts, such as job creation, improved services, or other societal benefits that may arise from the initiative.

Other options may touch on important aspects related to project management, such as ensuring compliance or analyzing market conditions, but they do not encapsulate the specific focus of the economic case, which is fundamentally about achieving the best value for the money spent. Identifying stakeholders' needs is crucial for thorough project planning and execution but does not directly justify the economic rationale behind the financial elements of a business case.