The project manager is usually responsible for the preparation and production of the business case, actively engaging with key stakeholders to gather the relevant input.
The business case presents to the board the justification for undertaking the project - whether it is desirable, viable and achievable. This is based on what the project plans to deliver assessed against its strategic priority, its estimated costs, the anticipated benefits to be gained, and any major risks.
The business case should also present options for how to achieve the deliverables of the project, usually identifying a recommended option for project board decision.
It is the business case that drives all decision making by ensuring that the project remains justified and that the agreed deliverables and expected benefits can be realised.
Project board approval will confirm the investment to be assigned to the project. Following approval of the business case, it will need to be actively maintained to reflect the project status at key decision points during the project lifecycle.