Flashcards in 3.1.A Skill in creating business cases for talent development initiatives using economic, financial, and organizational data. Deck (6)
True or False?
Although a business case is often written for the senior leadership team, it’s also a useful communication tool for others.
What is the key purpose of creating a business case?
Gaining buy-in from stakeholders
When creating a business case, how can a TD Professional best demonstrate talent development's impact or return on investment?
Focus on how the initiative will create organizational value.
Business cases are generally organized with a similar format and contain certain components. Name as many of those 8 components as possible.
*environmental analysis and alternatives
*business and operational impacts
*preliminary risk assessment
*implementation timeline and strategy.
A TD Professional at an electronics retail store is creating a business case to gain buy-in from senior leadership to support a customer service training program and initiative. The TDP has examined the organization’s strategic priorities and clearly defined the situation, the need, and the opportunity for the initiative in terms of the priorities. What should they do as the next step of creating the business case?
Identify possible solutions and how talent development can contribute to the organization’s priorities. TD professionals should quantify the benefits and forecast the costs that may be involved for potential solutions. They should incorporate financial, economic, and organizational data. They should also determine any risks or issues for each solution.