Private - Selecting the Best Projects to Meet Business Objectives (1 Day)
About course

This concise course will examine the pre-project work to identify a business need, develop potential alternative solutions, and the business case analysis to justify the investment to deliver the solution. This pre-project work is essential to ensure the right projects are selected to accomplish business objectives. The importance of the organization having a strategy tied to a mission and vision will be explained, along with how development of the strategic plan leads to business needs. Tools to help identify business needs will be reviewed, including root cause analysis, process modeling and benchmarking. The use of decision analysis and feasibility studies for determining the solution approach will be discussed. The importance of the business case to justify the project investment will be reviewed, including the typical contents of a business case and the financial analysis techniques used to evaluate and justify the project. The final course topic is benefits realization, ensuring that product and project acceptance criteria are established and the project benefits are achieved.

Who should attend

This course will benefit business analysts, executives, portfolio managers, project managers and other project personnel involved with the activities to define new projects to meet business objectives.

Course features

Upon completion of the course, attendees will be able to:

  • Explain how the mission, vision and strategy for an organization leads to business needs
  • Prepare a process model 
  • Use the root cause analysis technique
  • Understand the components of a feasibility study
  • Prepare the business case for a project
Course outline

Defining Business Needs

  • Importance of Organization Mission, Vision and Strategy
  • Strategic Planning, Business Goals and Objectives
  • Use of Problem/Vision Statements 
  • Use of Benchmarking, Root Cause Analysis and Process Modeling for Identifying Business Needs

Determine Solution Approach and Options

  • Possible Solution Approaches 
  • How to Determine Solution Options
  • Use of Decision Analysis and Feasibility Studies
  • Functional Decomposition for Defining Solution Scope
  • Scope Modeling
  • Preliminary Budget and Schedule Estimates

Project Financial Analysis Techniques

  • Time Value of Money
  • Compound Interest Formulas
  • Net Present Value (NPV)
  • Internal Rate of Return (IRR)
  • Return on Investment (ROI) and Payback
  • Financial Analysis Using Excel 

Business Case Fundamentals

  • Business Case Elements
  • Types of Benefits and Expenditures 
  • Financial Analysis Worksheet
  • Business Case Sensitivity Analysis 

Project Selection

  • Categorizing Potential Projects
  • Prioritizing Projects Using Scoring Models
  • Balancing the Portfolio

Benefits Realization

  • How to Establish Product and Project Acceptance Criteria 
  • Value Achievement Process After Project Completion
  • Use of Performance Metrics and User Feedback
Course information
Duration: 7 hours
Earn: 7 PDUs
Delivery Method: Virtual or Traditional Classroom
Knowledge areas addressed

This course is intended to address the Strategic-Business Management portion of the PMI® Talent Triangle.