Government’s investment life cycle is made up of four phases: think, plan, do and review. A business case turns an idea (think) into a proposal (plan).
The four life cycle phases can be sequential, but there is also an ongoing dynamic as ideas are tested, refined and adopted or discarded within an agency and across government. Each phase has different implications for agencies and decision makers.
The Plan phase examines how to translate the Think to the Do. A business case is the vehicle to demonstrate that a proposed investment is strategically aligned, represents value for money, and is achievable. A business case turns an idea (think) into a proposal (plan). It enables decision makers to invest with confidence knowing that they have the best information available at a point in time.
The business case is also a reference point during the “Do” phase to support delivery, and is used in the “Review” phase to determine whether the benefits in the business case were realised.