HBR Quiz 1

What should the maximum size of your core group be?

6 people

How does a business case differ from pitching a start-up?

Not pitching to a vacuum, pitching to people you know, in your org, selling people on you and your idea vs just idea. For a startup, you are selling yourself as well as your idea

What do you need to build a strong case?

Paint a broad picture of how the solution would be implemented

What is a tollgate process?

Project lead prepares a business case for initial discovery phase, not the entire project

What are you to imagine?

You're telling a story

Why should you think carefully about your audience's audience?

Your audience is likely going to have to justify their decision to that audience, and react accordingly to their concerns.

What is the purpose of Section 1 "Prepare"?

Put yourself in the right frame of mind

Senior leaders are looking for project and initiatives that (__ __ ___ ___)?

Reflect the company's strategy

Which four types of people should be on your cross-functional team?

A finance representative Beneficiaries Someone who regularly talks with customers External experts

All good stories start with (__ ___)?

A problem

What is the major advantage of tollgate process?

Allows managers to hedge their bets, committing more resources only as it is seen that benefits outweigh the costs.

Typically, the people evaluating your business case (__ __ __ __ __ __ __ __ __ __)?

Are also charged with meeting the larger objectives of the company.

Who did a better job - Jim or Catherine?

Both succeeded - helped senior managers make informed decisions

What three things can't you do until the business need is crystal clear?

Build your team Brainstorm solutions Crunch the numbers

Why should you seek out cross-functional support for your project?

Building a cross-functional team allows you to examine solutions from multiple angles

What is the (__ __) for a business case?

Business need

What are the three common reasons for an internal business case?

Create a new product or service Invest in a large IT system Improve company facilities

Why should you assure that your beneficiaries' opinions are included here?

So that you have their buy-in when it comes time for them to contribute

Now that you know what your audience cares about most (__ __ __ __ __ __ __ __ __ __)?

You can turn to gathering information you need, starting with the pain point or opportunity you've identified.

What two specific benefits come from painting a broad picture of solution implementation?

Determine whose support you will need Reveal transition costs

Should you include everything in your case?

Do not include anything that may push the buttons of a shareholder

What are the five essential answers concerning how your organization approves projects?

Does your company have a formal process for evaluating cases? If so, what's involved and how is it connected to other processes? Does your company review cases as they come up vs on the fiscal year? Do stakeholders look at projects individually or as a portfolio? What level of detail will your audience want? Does your organization approve whole projects at once or in distinct phases?

What should you record?

Everything you learn - Where the pain comes from Who's experiencing it What the solution needs to accomplish

What do you need to do to identify a "project champion"?

Find out whose goals and concerns your project addresses most directly

What are best practices for brainstorming?

Forgo precision Push beyond the obvious Consider a do-nothing option Narrow down your responsibilities

What are the two ways to help you get the information you need about your audience?

Gather intelligence from above Examine stakeholders track records

What are methods to "Push Beyond the Obvious"?

Generate alternatives quickly Don't get hung up on particulars Don't fixate on one option

At this point, you are to create a (____) project plan.

High level

What three actions are required for both an internal business case and pitching to a start-up?

Identify clear business need Get to know stakeholders Tell a compelling story on how to profitably meet those needs

Why should your group consider a Do-Nothing Option?

It will help you articulate the business need when you present your case

Regardless of company size, what will you need to know?

Know who has the authority to approve or reject your case

After this step, whom should you meet with and why should you meet with them?

Meet with your champion and ask for guidance

Will there be only one solution to your problem?

No

What characteristics are you looking for when you hand pick your team?

People you work well with Those who will be generous with their time and information

What are the four other reasons a business case process may be used?

Prioritize projects and propose cutting a few Obtain additional resources for ongoing initiative Invest in building new capability Decide to outsource a function

What tool should you use when analyzing processes?

Process-flow analysis: lay out all the steps

Why should you know who has "influence"?

Projects under its purview have the best chance of approval

What does it mean to "Make the Plan Directionally Correct"?

Sort out the types of tasks rather than specific tasks, E.g. "We will need this translated into three languages and tested in three countries, but we'll decide which three later" It helps you determine what kind of work will have to be done without getting too specific

What are the three critical groups, or characters, in your story?

Stakeholders Beneficiaries Subject matter experts

Now that you have selected your team, it is time to (___ ____)?

Start brainstorming

If your group is struggling, what three actions can you take to broaden your perspective?

Start with the desired end state Think about how other departments would address the issue Consider how you'd do the project with different constraints

Above all else, your (____) needs to be (____).

Story, Clear

Why should you know who is evaluating your business case?

Tailor case to them

What are the four steps required to clarify the need?

Talk to beneficiaries Analyze processes Agree on what the solution should accomplish Document, Document, Document

When talking to beneficiaries, what two key things should you remember?

The beneficiaries may not know the underlying reason for the problem The beneficiaries may have a solution in mind

When pitching an entrepreneurial idea, potential partners are more likely to invest if (__ ___ __ __ __ __ __ ___)?

They have an emotional connection to the project and confidence in the financials

Why is knowing who has "influence" important to your case?

To cast your idea in light of that group's goals

What is the primary purpose of a "project champion"?

To help you get a fair review, because they will lobby on behalf of your case

What are the three simple questions you can use to guide your discovery about your stakeholders?

What are your group's objectives this year? How do you measure success? What are your barriers?

What should you know before you dive into the work?

What decision makers look for in a business case

When examining your stakeholders' track records, what two questions should you ask yourself?

What do projects they approve have in common? What do projects they killed have in common?

What question does your business case answer?

What happens if we take this course of action?

What are the seven questions to ask your subject matter experts at this time?

What work must be done before the company can switch to the new system? Who needs to do it? What, and whom, will the actual switch involve? Where will major costs be incurred before, during & after the switch? Will we roll out the system companywide or multiple times for different customers, departments, or locations? What training will employees need? What systems, products, or processes will be eliminated when this new system is implemented?

What five questions should you use to guide your defining success for your project?

Where will the solution be used? (offices/facilities, countries, ...) Who will be affected by the solution? (department, entire org, ...) How quickly does the solution need to be in place? (over time vs all at once) How should we measure the solutions effectiveness? Need a baseline for comparison? Should we combine the solution with another related initiative?

What should you keep track of?

Who told you what