Welcome to illustrate a business case. After watching this video, you will
be able to explain how you finalize the business case finalization
during the plan phase. And complete a business case document
using relevant product management documents. >> Let's take a moment to
talk about the business case. The preliminary business case is
developed during the conceive phase. The business case is
finalized in the plan phase. It is very important to note this is
the final document developed before entering the develop phase. If this business case is approved, then
full scale product development will begin. Refer back to your
product concept document. The business case validates data
previously shared in that document and updates information as applicable. There are a number of components
that should be entered into the final business case,
let's go ahead and review each component. First of all, summarize
the marketing need and opportunity. This is information that you previously
included in the product concept document. If new information is available, by all means include that
information in the business case. Define the primary competition, we define the overall competition in
the initial product concept document. Sometimes we may add additional
competitive factors that we have identified, they need to be part
of the business case as well. Define the product capabilities,
we defined our initial product capabilities earlier in
the product concept document. However, as planning continues,
oftentimes new capabilities are added and
prior capabilities are deleted. We need to ensure that this is
a current list of all the product capabilities that will be required
when we enter the develop phase. Summarize the product vision,
we developed a product vision along with our product concept document previously,
if that is still valid. Summarize the product vision in the
business case, if there have been changes, then update the product vision. Include a value proposition and
positioning statement. Again, a value proposition is
an overview of how our product exceeds the features and functions and
capabilities of the competition. And a positioning statement is normally
a statement of what we are going to share with customers to hopefully
encourage them to make the purchase. Outline how this product concept
aligns to strategic objectives. It is critically important to
ensure that every product concept that we propose is able to be traced
back to the overall corporate vision or strategic initiatives,
there must be synergy. Describe the go to market plans oftentimes
we can refer to a product roadmap, which we discuss in
this particular course. The go-to-market plans
are normally an overview of how the product is going to be developed and
launched step by step. Provide a summary financial analysis, it's worth noting that the two
financials that are most appreciated by decision makers are internal rate
of return and net present value. Make sure that those
financials are healthy. Provide a summary risk assessment as
we have gone through the conceive and plan stages, we have identified new risks. We need to summarize all of those
risks that we have identified in the business case. So that they can be considered prior
to final business case approval, and last but not least,
list any open issues. For our 3D printer, we have two
inventory levels are an issue and contracts are an issue that
need to be worked as well. You will have an opportunity to complete
a business case to support the solar water heater scenario in a hands-on lab. >> In this video, you learn that you'll finalize
the business case during the plan phase. You'll validate the information,
the product concept document and update the information
in the business case. And you'll include the following
components in the business case, a summary of marketing needs and
opportunities, the primary competition and
product capabilities. The product vision summary, the value
proposition and positioning statement. The strategic objectives the go-to-market
plans, the summary financial analysis, the summary risk assessment and
information about open issues. [MUSIC]