Guest Name – Elizabeth Harrin
LinkedIn – https://www.linkedin.com/in/elizabethharrin/

In this episode, we delve into the intricacies of maintaining a viable business case throughout the project management lifecycle with our guest, the experienced author of a recent article on this important topic. We explore what it means to continually review the business case and ensure it remains fit for purpose, and offer practical advice to project managers at each stage.

Important discussion points:
– Strategic alignment: How to ensure your project stays aligned with your company's evolving goals, especially during multi-year projects or after strategic changes.
– Affordability: Understand the financial health of your project and consider cost overruns, scope changes and the thorny issue of sunk costs.
– Risk: Assess and manage the changing risk profile of your project in the context of overall portfolio risk.
– Feasibility: Assess whether your project can still be completed given changes in resources, schedules and external factors.
– Benefits: Ensure that the projected benefits justify the ongoing investment, taking into account delays and additional costs.

We also discuss the importance of performing these checks at key governance points and gate reviews, raising concerns with stakeholders, and making difficult decisions, including the potential need to cancel a project if the business case is no longer viable.

Join us as we uncover the essential elements of business case reviews and show you how to overcome the challenges to keep your project on track. Whether you're an experienced project manager or new to the field, this episode will provide valuable insights to improve your project management practices.

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00:00 Video starts
01:06 Importance of the business case
03:53 How often does the business case need to be reviewed?
05:37 Warning signals that trigger a review of the business case
07:38 Sunk costs and project finance
10:28 Portfolio risk assessment
13:18 Assessment of project feasibility
15:54 Impact of schedule change on benefit realization
19:32 Business Case New Trends
21:34 Contact Elizabeth

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