What is a formal justification for a project or initiative based on expected positive outcomes called?

A formal justification for a project or initiative based on expected positive outcomes is referred to as a business case. This document outlines the rationale for undertaking a particular project, focusing on the benefits it aims to deliver, the costs involved, and the potential risks. A well-structured business case is essential for enabling decision-makers to understand the value that the project will bring to the organization and to assess whether the expected outcomes justify the investment.

In the context of project management, the business case serves several critical functions. It not only provides a foundation for project approval but also aligns the project’s goals with the organization's strategic objectives. By clearly articulating the benefits—such as improved efficiency, increased revenue, or enhanced customer satisfaction—it helps stakeholders visualize the positive impacts that the project may generate.

While other options presented have specific roles in the project management process, they do not encapsulate the comprehensive justification and strategic alignment provided by a business case. A project proposal typically focuses on detailing the elements of the project itself rather than justifying it. A feasibility study assesses the practicality and potential success of a proposal rather than directly justifying it based on expected outcomes. A cost-benefit analysis, while useful for evaluating financial implications, does not necessarily encompass the broader strategic purpose of initiating a