Which document advocates the initiation of a project by outlining benefits, costs, and risks?

The document that advocates the initiation of a project by outlining benefits, costs, and risks is the business case. A business case serves as a crucial tool for decision-making, providing a comprehensive understanding of the justification for a project. It details the expected outcomes, advantages, and return on investment, alongside an assessment of potential risks and challenges.

The primary focus of a business case is to inform stakeholders and decision-makers about why a project should be undertaken, enabling them to weigh the potential benefits against associated costs and risks. This facilitates informed choices about project approvals and funding.

In contrast, while other documents like the feasibility report and project charter are important in their own right, they serve different purposes. A feasibility report typically assesses whether a project is viable or worth pursuing based on specific criteria but does not always include a detailed cost-benefit analysis or overarching justification. A project charter, on the other hand, formally initiates the project and outlines its objectives but may lack the detailed financial and risk analysis that characterizes a business case. A business plan typically encompasses broader strategic goals and market analysis rather than focusing solely on a specific project’s justification.