The living business case as an enabler of dynamic project governance

The business case is an effective instrument for presenting and justifying proposals for new projects. To support project investment decisions, the business case commonly captures project key information, including its expected benefits, delivered outputs, cost, duration, and risks. However, many project owner organizations neglect the business case following project approval, representing a missed opportunity to enhance project value. Alternatively, this paper shows how project leaders can use a living business case throughout the entire project life to enable dynamic project governance. We discuss the merits of using the living business case following project approval as a governance instrument and analyze the key challenges that prevent managers from doing so. We then develop a business case governance framework that supports the use of the living business case in dynamic project governance. The paper outlines theoretical and practical implications for project governance, assurance, and benefits management. It further supports managers in monitoring, revising, and realizing the business case when making key project decisions, continuously validating initial project assumptions, and enhancing project accountability.