Free Template · Word · Updated March 2026
Free Business Case Template
Word Download
Write an investment case that decision-makers can trust. The template has ten sections, from strategic fit and cost-benefit analysis to options, risks and formal approval. Every field has guidance, so you know exactly what to write.
10 complete sections
Executive summary through to approvals. Every section you need to get investment approved.
Guidance in every field
Placeholder text tells you exactly what to write, not just "[enter text here]" but specific guidance on what makes each section strong.
PRINCE2 & PMI aligned
Structure follows both PMI and PRINCE2 business case requirements. Works for any methodology.
Business Case Template
Free Word template: instant download
Format
Word (.docx)
Sections
10 structured sections
Framework
PMI & PRINCE2 aligned
Guidance
Full placeholder guidance
Compatible
Word, Google Docs, LibreOffice
Price
Free: no signup needed
No email required. Instant Word download.
Quick answer
A business case is the document that justifies investing in a project by setting out its costs, benefits, options and risks. This free ten-section Word template covers strategic alignment, cost-benefit analysis, an options appraisal, a risk summary and formal approval.
This page is for justifying the investment, before anything is approved. Business case vs charter in one line: the business case asks "should we do this project?", while the charter says "we are doing it, and this project manager has authority to start". For the second one, use my project charter template.
Business Case template at a glance
| Format | Word (.docx), fully editable |
|---|---|
| Sections | 10, from strategic fit to approval |
| Lifecycle phase | Pre-project, before the charter |
| Owned by | Project sponsor |
| Best for | Getting investment approved by decision-makers |
01 · Template Structure
What's in the business case template?
The template follows the usual business case structure used in both PMI and PRINCE2. Each section has guidance that tells you what to include and what makes it convincing to the people approving it.
✦
From my experience: Sponsors approve a project on its business case, and later they judge it against the same document. On my projects in the UAE, the cases that held up were short, clear about the options and honest about risks such as late authority approvals or long-lead materials. That is what this template helps you write.
1
Executive Summary Write Last
The problem, proposed solution, investment required and recommendation in one page. Decision-makers often read only this section. It must stand alone. The template reminds you to write it last so it accurately reflects the full document.
2
Strategic Alignment
How the project supports organisational strategy, current priorities and any regulatory or compliance drivers. Includes fields for strategic objective, regulatory driver and priority level.
3
Problem / Opportunity Statement
The quantified business need. Guidance prompts you to express the current situation in business terms, cost of the problem, revenue opportunity, compliance risk, not just a description of inconvenience.
4
Proposed Solution
What will be done, why this approach was chosen over alternatives, and what it will deliver. Distinct from the options section. This is your positive case for the recommended approach.
5
Benefits Realisation
Separate fields for financial benefits (with £/$ value and realisation date) and non-financial benefits (with measurable KPI). Every benefit should be measurable, not just "improved customer satisfaction" but "NPS score from 34 to 50 within 12 months".
6
Cost Summary
CapEx, OpEx (Year 1 and Years 2–5), total 5-year cost, total 5-year benefit, NPV, payback period and ROI. Fields are pre-labelled so finance reviewers can find every figure quickly.
7
Options Considered
Three structured option slots: Do Nothing (always required), Recommended Approach and Alternative. The "do nothing" option is mandatory in a credible business case, see the options section below.
8
Key Risks
Three risk fields with likelihood, impact and mitigation for each. Prompts you to include risks to the business case itself, not just project delivery risks.
9
Recommendation
The formal recommendation, Approve / Reject / Defer, with rationale. Guidance reminds you to be explicit and not hedge. Decision-makers need a clear ask, not a summary of both sides.
10
Approvals Sign-Off
Signature table with fields for author, finance approval, executive sponsor and investment committee. Four-way sign-off is standard for projects above a defined cost threshold in most organisations.
02 · Options Appraisal
Why is the options section the most important part?
The options section is where most business cases win or lose. If you show only one option, it looks like you decided first and justified it later, and experienced approvers will push back. A proper options section shows you did the thinking and makes your recommendation easier to trust.
PRINCE2 note: PRINCE2 expects the business case to show the options considered, and the usual set is do nothing, do the minimum and do something. If an approver sees only one option, they can fairly ask for a proper options appraisal before signing. That costs you time and credibility.
Scoring Options Objectively
For bigger investments, add a simple weighted scoring table. Score each option against criteria such as cost, risk, timeline and strategic fit, weighted by what matters most to your organisation. It makes the choice more objective and harder to challenge as personal preference.
03 · Writing Tips
How do you write a business case that gets approved?
1
Start with the problem, not the solution
Many people write a business case backwards. They start with the solution they want and then look for reasons. Start with a clear problem in numbers instead. "Our manual invoicing costs £180,000 a year in staff time and has a 12% error rate" is far stronger than "we need a new invoicing system".
2
Quantify every benefit with a date
Non-financial benefits are legitimate but they must be measurable. "Improved customer satisfaction" is not a benefit until you can say "NPS score from 34 to 50 by Q4 2026, measured by quarterly survey". Every benefit needs a metric, a target and a date. If you cannot measure it, question whether it is a real benefit or just a hope.
3
Show your cost assumptions, not just the totals
Cost figures without supporting assumptions invite challenge. Show your working: "Labour cost based on 3 FTE × £450/day × 120 days = £162,000". Finance approvers will have seen too many business cases where the numbers look precise but the assumptions are vague. Transparency builds trust and speeds approval.
4
Write the executive summary last
Write the executive summary last. You can only sum up the document once the rest is finished. A common mistake is writing the summary first and never updating it, so it ends up contradicting the rest of the case.
5
Make the recommendation explicit and unambiguous
The recommendation section should contain exactly one clear statement: "We recommend that the Investment Committee approves Option 2, the automated invoicing platform, with a total investment of £320,000, targeting payback within 22 months." Do not hedge. Do not present both sides again. Decision-makers need a clear ask. If your business case does not make a clear recommendation, it is not ready to be submitted.
How to fill it in: an office move example
This is an example only. Imagine a company of 120 staff whose office lease is ending. Here is how four key sections might read. Notice how short and specific each one is.
| Section | Filled example |
|---|---|
| Problem statement | Our lease ends in 9 months. The office has 90 desks for 120 staff, so about 30 people work from meeting rooms every day. Rent is due to rise at renewal. |
| Options considered | 1. Do nothing: renew and stay crowded. 2. Do minimum: renew and rent a small extra floor nearby. 3. Move: lease one larger office in the same area. |
| Benefits | Every member of staff has a desk from move day. Lower rent per desk from Month 1 of the new lease, checked by finance. Measured again in the post-implementation review. |
| Recommendation | Approve Option 3, the move, with the budget in Section 6, so the new lease starts before the old one ends. |
Mistakes I see in business cases
- Only one option. Approvers can tell when the answer was decided before the case was written.
- Benefits with no measure and no date, like "better staff morale".
- Cost totals with no assumptions behind them. Finance will send it back.
- Hiding the risks to make the case look easier to approve. It hurts you later.
- Writing the executive summary first and never updating it.
04 · Context
Business Case vs Project Charter: What's the Difference?
People often confuse these two documents. They have different jobs and come at different times.
Business Case
✓Purpose: Justify whether the project should happen at all
✓Question: Should we invest?
✓Timing: Before the project is authorised
✓Audience: Investment committee, sponsor, finance
✦ PRINCE2: Maintained throughout project lifecycle
Project Charter
✓Purpose: Formally authorise the project to begin
✓Question: How will we deliver it?
✓Timing: After the business case is approved
✓Audience: Project team, PM, sponsor
✦ PMI: PM has authority once charter is signed
The business case comes first. The charter then refers to it as the reason for the project. If you use PRINCE2, the business case is a living document: you update it at each stage boundary to check the project is still worth doing. Download our Project Charter template to use with this business case.
PMP exam tip: In PMBOK 6 terms, which are still useful for learning, the business case is a business document and an input to Develop Project Charter. It is created before the project starts. The project manager may help write it but does not own it. The sponsor or the business does. Try our 200 PMP practice questions for scenarios on this topic.
05 · FAQ
Business Case: 4 Common Questions
A business case is a formal document that justifies spending time, money and people on a project. It explains the problem or opportunity, the proposed solution and the alternatives, the expected costs and benefits, the main risks and a clear recommendation. In PRINCE2 you keep it updated through the project. In PMI terms, it is written before the project starts and feeds into the project charter.
A complete business case should include: (1) Executive summary, the problem, solution and recommendation in one page. (2) Strategic alignment. (3) Problem or opportunity statement: quantified in business terms. (4) Proposed solution. (5) Benefits realisation: financial and non-financial with measurable targets and dates. (6) Cost summary: CapEx, OpEx, ROI, NPV and payback period. (7) Options considered. Always including do nothing. (8) Key risks with mitigations. (9) A clear recommendation: approve, reject or defer. (10) Approvals section with sign-off.
A business case answers "should we invest?" A project charter formally starts the project and gives the PM authority. The business case comes first and is approved before the charter is issued. In PMI terms, the business case is an input to Develop Project Charter. In PRINCE2, you update the business case at each stage boundary to confirm the project is still viable.
As long as it needs to be and no longer. For a small internal project, 3 to 5 pages is often enough. For a large capital investment, 15 to 30 pages plus appendices is normal. Keep the executive summary to one page, because many approvers read only that. Every section should help the approver decide. If it does not, cut it.
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