What does the term 'business case' refer to?

The term 'business case' refers specifically to a proposal document that summarizes the benefits, costs, and risks associated with a project initiation. This comprehensive document serves as a critical reference in the decision-making process, providing stakeholders with the necessary information to assess the value and feasibility of a project before it proceeds.

The business case articulates not only the anticipated benefits that the project will bring to the organization but also outlines the associated costs and the potential risks involved. By presenting this information in a clear and structured manner, the business case supports the justification for the project, guiding stakeholders in their evaluations and decisions.

In contrast, the other options do not encapsulate the true essence of a business case. While the roles and responsibilities of the project team are essential for project execution, they do not directly communicate the justifications for initiating the project. Similarly, a financial report focuses specifically on budget allocations and financial performance rather than a project’s overall strategic justification. Lastly, a strategic plan for market expansion is broader and does not specifically address the costs, benefits, and risks that underpin a particular project, thus differentiating it from a business case.