Appendix A: Product Description outlines | How to measure achievement of expected 237 benefits, and when they can be measured What resources are needed to carry out the review work Baseline measures from which the improvements will be calculated How the performance of the project's product will be reviewed. anticipated benefits to be gained and offset by any associated risks. The outline Business Case is developed in the Starting up a Project process and refined by the Initiating a Project process. The Directing a Project process covers the approval and re-affirmation of the Business Case. The Business Case is used by the Controlling a Stage process when assessing impacts of issues and risks. It is reviewed and updated at the end of each management stage by the Managing a Stage Boundary process, and at the end of the project by the Closing a Project process. A.1.3 Derivation Business Case Project Product Description (and the acceptance criteria in particular) The programme's benefits realization plan (if part of a programme) Corporate performance monitoring function (such as a centre of excellence), if one exists. A.2.2 Composition executive summary Highlights the key A.1.4 format and presentation A Benefits Review Plan can take a number of formats, including: Document, spreadsheet or presentation slides Entry in a project management tool. A.1.5 Quality criteria Covers all benefits mentioned in the Business Case The benefits are measurable and baseline measures have been recorded Describes suitable timing for measurement of the benefits, together with reasons for the timing Identifies the skills or individuals who will be needed to carry out the measurements The effort and cost to undertake the benefits reviews is realistic when compared with the value of the anticipated benefits Consideration is given to whether dis-benefits should be measured and reviewed. A.2 Business CAse A.2.1 Purpose A Business Case is used to document the justification for the undertaking of a project, based on the estimated costs (of development, implementation and incremental ongoing operations and maintenance costs) against the points in the Business Case, which should include important benefits and the return on investment (ROI) Reasons Defines the reasons for undertaking the project and explains how the project will enable the achievement of corporate strategies and objectives Business options Analysis and reasoned recommendation for the base business options of: do nothing, do the minimal or do something expected benefits The benefits that the project will deliver expressed in measurable terms against the situation as it exists prior to the project. Benefits should be both qualitative and quantitative. They should be aligned to corporate or programme benefits. Tolerances should be set for each benefit and for the aggregated benefit. Any benefits realization requirements should be stated expected dis-benefits Outcomes perceived as negative by one or more stakeholders. Dis-benefits are actual consequences of an activity whereas, by definition, a risk has some uncertainty about whether it will materialize. For example, a decision to merge two elements of an organization onto a new site may have benefits (e.g. better joint working), costs (e.g. expanding one of the two sites) and dis- benefits (e.g. drop in productivity during the merger). Dis-benefits need to be valued and incorporated into the investment appraisal timescale Over which the project will run (summary of the Project Plan) and the period over which the benefits will be realized. This