A Business Analyst and a project Manager are producing a business case for an initiative, which aims to improve the cyber defense of a large financial services provider.
They met recently to review progress, and made the following notes for the next draft:
The benefits of cyber will be describes in quantitative terms, so we will need to describe these
Qualitatively.
We need to make it clear that we have fully explored the solution market, and we have considered a range of approaches to meeting the objectives of this project.
The threat posed to the organization from cyber attack, and therefore the justification for the project, needs to be clearly articulated.
Which of the following sets of elements of a business case will cover ALL of these points?
A business case is a formal written proposal that details the costs and benefits of a proposed business change or solution. It helps to justify and secure the approval and funding for a proposed business change or solution. A business case typically consists of several elements, such as description of the current situation, analysis of costs and benefits, options considered, recommendations, impact assessment, risk assessment etc. Therefore, option A is the correct answer, as it identifies which set of elements of a business case will cover all of these points respectively. Description of the current situation is an element that describes the problem or opportunity that exists in the current state and the need or rationale for a change or solution. It helps to explain what is wrong or missing in the current state and what are the objectives and outcomes of a change or solution. This element will cover the point that the threat posed to the organisation from cyber attack, and therefore the justification for the project, needs to be clearly articulated. Analysis of costs and benefits is an element that evaluates the financial and non-financial impacts of a proposed change or solution. It helps to compare and contrast the costs and benefits of different options or solutions and determine their feasibility and desirability. This element will cover the point that the benefits of cyber will be described in quantitative terms, so we will need to describe these qualitatively. Options considered is an element that identifies and describes the alternative ways of addressing a problem or opportunity. It helps to explore and analyse the pros and cons of different options or solutions and select the best one based on criteria and evidence. This element will cover the point that we need to make it clear that we have fully explored the solution market, and we have considered a range of approaches to meeting the objectives of this project. Option B is not a correct answer, as it does not identify which set of elements of a business case will cover all of these points respectively. Impact assessment is an element that assesses the effects or consequences of a proposed change or solution on people, processes, organisation and technology. It helps to identify who or what will be affected by a proposed change or solution and how they will be affected. This element will not cover any of these points. Recommendations is an element that proposes and justifies the preferred option or solution for addressing a problem or opportunity. It helps to persuade and convince decision makers or influencers to approve and fund a proposed change or solution. This element will not cover any of these points. Option C is not a correct answer, as it does not identify which set of elements of a business case will cover all of these points respectively. Recommendations is an element that proposes and justifies the preferred option or solution for addressing a problem or opportunity. It helps to persuade and convince decision makers or influencers to approve and fund a proposed change or solution. This element will not cover any of these points. Risk assessment is an element that identifies and evaluates the uncertainties or threats that may affect a proposed change or solution. It helps to estimate the likelihood and impact of risks and plan how to avoid or mitigate them. This element will not cover any of these points. Option D is not a correct answer, as it does not identify which set of elements of a business case will cover all of these points respectively. Description of the current situation is an element that describes the problem or opportunity that exists in the current state and the need or rationale for a change or solution. It helps to explain what is wrong or missing in the current state and what are the objectives and outcomes of a change or solution. This element will cover the point that the threat posed to the organisation from cyber attack, and therefore the justification for the project, needs to be clearly articulated. Impact assessment is an element that assesses the effects or consequences of a proposed change or solution on people, processes, organisation and technology. It helps to identify who or what will be affected by a proposed change or solution and how they will be affected. This element will not cover any of these points. Risk assessment is an element that identifies and evaluates the uncertainties or threats that may affect a proposed change or solution. It helps to estimate the likelihood and impact of risks and plan how to avoid or mitigate them. This element will not cover any of these points.
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