Solverboard allows you to identify, assess and track project benefits. It provides the information to support project justification and ongoing assessment of the business case to make sure the project remains viable and aligned to your organisation’s strategic objectives throughout the project lifecycle.
With all the information stored in one place, accessing the viability of a project at any time by anyone with the correct permission is simple and you can easily compare multiple projects and your overall portfolio performance.
Solverboard manages project justification, the business case and the tracking of outcomes in the following areas:
- Context setting – defining and evaluating the strategic and market context, and how the project will create something of value.
- Financial benefits – estimating and tracking the financial projection that the project intends to realise.
- Non-financial benefits – identifying, assessing and tracking the non-financial benefits that the project intends to realise.
- Investment appraisal – financial metrics comparing predicted financial projections against the project cost and risk profile (investment cost) to evaluate cost-benefit to support the project justification.
- Click the 'Benefits' tab.
- Click the edit mode pencil icon.
- Describe the strategic context and drivers for this project. Use tools like SWOT analysis to add further analysis and evaluation.
- Explain how the project satisfies the need. Create a vision of how this project will make a positive and significant benefit to inspire stakeholders audience and project team members.
- Align the project to your organisation’s goals.
- Categorise the project to innovation type, ambition and horizon 123 this will drive your analytics. Please note: For steps 5 & 6 if you graduated this project from another entity, then these fields may be prepopulated so simply check to make sure they remain correct.
Now that you’ve described and evaluated your internal strategic drivers for change, it’s time to assess the external market factors.
- Describe the market context; for example, what is the problem(s) in the marketplace this project will solve? Use tools like PESTLE or Porter’s Five Forces analysis to explain the market forces such as ease of entry and buyer /seller power etc.
- Determine and explain your value proposition - why would the market buy/use from you over a competitor or substitute?
- Identify the target market, demographic and buyer personas.
- Estimate the potential size of the target market size, stating your assumptions.
- Identify and assess the key competitors currently in the marketplace.
- Identify and assess the substitute solutions currently in the marketplace.
- Continually assess these steps throughout the project lifecycle to inform other areas of your business case and project plans as any change could have an impact on project viability.
- Click the 'Save’ button on the top bar to save your changes so far.
Section 2: Benefits Management & Investment Appraisal
- Click on the ‘Financial Projection’ section and see “Creating and managing Financial Projections”.
- Click on the ‘Non-financial Benefits’ section and see “Creating and managing Non-financial Benefits”.
- Evaluate your Investment Appraisal metrics and determine whether to:
- Launch the project if in the Planning Phase
- Approve to proceed to the next stage if in the Live Phase and conducting a Stage Review