According to BABOK, what is a 'Business Case'?

A 'Business Case' is a document that provides a justification for pursuing a particular project or initiative. It comprehensively outlines the reasoning behind the project, highlighting the expected benefits, costs, risks, and any other relevant considerations that inform decision-making. By delving into these aspects, a Business Case helps stakeholders understand not just the financial implications, but also the broader strategic value of the project.

This document serves as a crucial tool in the business analysis process, ensuring that the proposed initiative aligns with the organization's goals and that decision-makers have clear, evidence-based information to support their decisions. The benefits describe how the project will add value, while the risks present potential challenges that could jeopardize the project's success.

In contrast to the other options, the Business Case is not limited to specific project timelines or expenses, nor is it focused exclusively on stakeholder engagement levels. Rather, it provides a holistic view that encompasses multiple factors essential for evaluating the viability of proceeding with the project.