What does the term 'business case' refer to?

The term 'business case' refers primarily to the reasons for a proposal. It is a document or presentation that outlines the justification for a specific initiative or project, detailing its benefits, costs, and potential impact. A well-structured business case provides stakeholders with the necessary information to make an informed decision about whether to proceed with the project. It typically includes an analysis of the expected outcomes, risks, and the strategic alignment of the proposal with the overarching goals of the organization.

In contrast, project budget estimates focus specifically on the financial aspect of a project, outlining the expected costs rather than the justifications for the project itself. The decision-making process encompasses a broader set of activities and considerations beyond just the proposal, while a project timeline details the schedule for executing the project, measuring progress against specific milestones. Each of those aspects is important within project management, but the essence of a business case lies in providing a rationale for initiating the project.