Tell us about a time when you prepared a business case? How'd you get started? What was the final outcome?

Question Analysis

This is a behavioral interview question that aims to assess your experience and skills in preparing a business case. The interviewer is interested in understanding your approach to starting the process, the steps you took, and the outcome of your efforts. The question is structured to evaluate your problem-solving abilities, strategic thinking, and the impact of your work. Using the STAR method (Situation, Task, Action, Result) will help you provide a structured and comprehensive answer.

Answer

Situation:
In my previous role as a project manager at XYZ Corporation, the company was considering investing in a new software solution to streamline operations. However, there was uncertainty among stakeholders about the potential return on investment.

Task:
My task was to prepare a detailed business case to justify the investment by evaluating the benefits, costs, and risks associated with the new software. The goal was to present a clear and compelling argument to the executive team to secure approval and funding.

Action:

• Research and Data Collection: I began by gathering data on the current operational inefficiencies and the expected improvements with the new software. This involved conducting interviews with department heads and analyzing existing process metrics.
• Cost-Benefit Analysis: I performed a cost-benefit analysis that covered initial acquisition costs, implementation costs, ongoing maintenance, and potential savings in operational expenses.
• Risk Assessment: I identified potential risks, such as implementation challenges and user adoption issues, and proposed mitigation strategies.
• Drafting the Business Case: I compiled all the data into a comprehensive business case document, including an executive summary, detailed financial projections, and a risk management plan.
• Presentation: I presented the business case to the executive team, highlighting the strategic alignment of the investment with the company’s long-term goals.

Result:
The business case was well-received, and I secured approval for the software investment. The implementation of the new software resulted in a 20% increase in operational efficiency within the first year, significantly exceeding the projected benefits outlined in the business case. This success reinforced the importance of thorough planning and analysis in decision-making processes.