What is one of the primary goals of developing a business case?

One of the primary goals of developing a business case is to enable informed decision-making by stakeholders. A business case serves as a comprehensive tool that presents essential information pertaining to a proposed project or initiative, including its objectives, benefits, costs, risks, and alternatives. By providing a clear and structured analysis of this information, stakeholders can effectively evaluate the merits and implications of the proposal, leading to better-informed choices regarding whether or not to proceed.

This informed decision-making process is crucial because it involves assessing not only the financial aspects of the proposal but also the strategic alignment, potential impacts, and likelihood of success. The aim is to ensure that stakeholders understand the full context of the business case, allowing them to weigh the benefits against the risks and costs comprehensively.

In contrast, focusing merely on a detailed project budget does not encompass the broader picture necessary for informed decision-making. Similarly, while managing risks is an essential part of project planning, the business case's goal is not to eliminate all risks but rather to provide a balanced view of risks versus benefits. Lastly, concentrating solely on financial returns overlooks the other critical factors and considerations necessary for sound decision-making in a project context.