Collate and analyse information from a range of sources to develop a business case
Overview
This standard covers the competences you need to collate and analyse information to support the preparation of a business case for a new project.
You will be required to demonstrate that you understand the business objectives of the project and will be required to confirm the project objectives and agree the project’s critical success factors with stakeholders.
You can identify the sources of relevant information, collate and then analyse the information.
You will also identify any intellectual property constraints and opportunities, any relevant competition and possible collaborations.
You will use the gathered information to support the development of a business case for the project.
The activity is likely to be undertaken by someone supporting the development of a business case.
Performance criteria
You must be able to:
P1 define and prioritise the aims and objectives of the work
P2 identify all the relevant stakeholders and agree project requirements with stakeholders
P3 confirm with each stakeholder their critical success factors
P4 develop and agree measurable success criteria for the project
P5 determine the sources, type and extent of information required to achieve objectives of the work
P6 collect the required information and format to allow for detailed analysis
P7 analyse critically the information to support the objectives of the work
P8 identify current thinking, knowledge and research, highlighting added-value and differentiation of the proposed work
P9 identify any potential collaborators and competition
P10 establish the boundaries of confidentiality between yourself, stakeholders and potential collaborators
P11 use an appropriate financial model to support the business case
P12 identify potential intellectual property barriers and opportunities associated with the ideas
P13 support the preparation of a business case in a format suitable for submission to the next stage of action for approval or implementation
P14 identify ways to improve the quality of information you collect
Knowledge and Understanding
You need to know and understand:
K1 your organisation's business objectives, research and development strategy and the intellectual property policy
K2 the aims and objectives of the project
K3 the relevant legislative, regulatory and organisational requirements relating to the project
K4 the relationship between project objectives, the project critical success factors and the approach to the project
K5 how to identify and measure the project’s critical success factors
K6 how to prioritise and agree project objectives and critical success factors requirements with stakeholders
K7 the reasons why it is necessary to confirm project objectives and critical success factors with stakeholders and manage stakeholder expectations
K8 the current thinking, knowledge and research relating to the proposed project
K9 the sources of information that will support the project objectives
K10 methods for identifying the sources of information and expert advice that will support the project
K11 how to evaluate new sources of information for authenticity and accuracy
K12 how to extract and analyse information to support the project objectives
K13 the competition and potential collaborators who could support the project
K14 the importance of defining and maintaining confidentiality boundaries with stakeholders and potential collaborators
K15 the intellectual property constraints and opportunities relating to the project
K16 the practical, financial and time constraints affecting the project
K17 how to identify and apply suitable financial models in the preparation of a business case
K18 how to review and assess risks to the project
K19 methods for evaluating the success of the project
K20 the general principles and processes for developing a business case
K21 the areas that the business case should cover and the necessary supporting information
K22 how to present the business case to relevant stakeholders to support decision making
K23 the reasons why effective communication is important, and the methods used for communicating effectively
K24 how to review and improve the information gathering process
K25 the limits of your own authority and to whom you should report if you have problems that you cannot resolve