What is the first step in business case development?

The first step in business case development is determining the strategic context. This foundational element involves understanding the broader environment in which the organization operates, including its strategic goals, challenges, and any external factors that may influence decision-making. By establishing the strategic context, stakeholders can ensure that the business case aligns with the overall vision and objectives of the organization.

Determining the strategic context serves as a guide for the entire business case development process. It helps identify key drivers for change and justifies the need for a new project or initiative. Without a clear understanding of the strategic context, subsequent steps may not be effectively tailored to meet the organization's objectives, leading to misalignment and wasted resources. Therefore, this step is critical in building a solid foundation for the next phases of business case development.