{"id":58696,"date":"2020-10-09T08:00:00","date_gmt":"2020-10-09T12:00:00","guid":{"rendered":"https:\/\/trainingindustry.com\/?post_type=articles&p=58696"},"modified":"2020-10-09T08:59:58","modified_gmt":"2020-10-09T12:59:58","slug":"make-a-better-business-case-for-your-projects-10-steps-to-secure-approval-when-there-is-no-budget","status":"publish","type":"articles","link":"https:\/\/trainingindustry.com\/articles\/measurement-and-analytics\/make-a-better-business-case-for-your-projects-10-steps-to-secure-approval-when-there-is-no-budget\/","title":{"rendered":"Make a Better Business Case for Your Projects: 10 Steps to Secure Approval When There Is No Budget"},"author":52,"featured_media":58697,"template":"","tags":[2935,3438,24011,5297,3801,2815],"class_list":["post-58696","articles","type-articles","status-publish","has-post-thumbnail","hentry","tag-communicating-value","tag-return-on-investment","tag-return-on-investment-forecast","tag-stakeholder-buy-in","tag-training-budget","tag-training-impact","global_topic_tax-measurement-and-analytics"],"acf":{"sponsored":false,"gated":false,"gated_content_type":"","file_attachment":null,"gated_content":"","form_instruction_header":"To access the full article, please fill out the form below:","pardot_html_embed":"","author_override":true,"author_name":"Patti P. Phillips, Ph.D., CPTD, and Jack J. Phillips, Ph.D.","author_image":"","author_bio":"Patti P. Phillips, Ph.D., CPTD, is the chief executive officer of ROI Institute, Inc., the leading source of return on investment (ROI) competency building, implementation support, networking and research. She is the author, co-author or editor of over 75 books and dozens of articles focused on measurement, evaluation, accountability and ROI. Patti serves as a member of the board of trustees for the United Nations Institute for Training and Research (UNITAR), chair of the People Analytics Board at the Institute for Corporate Productivity (i4cp), principal research fellow of The Conference Board, board chair of the Center for Talent Reporting (CTR), and fellow of the ATD CPTD Certification Institute.\r\n\r\nJack J. Phillips, Ph.D., a world-renowned expert on accountability, measurement and evaluation, is chairman of ROI Institute, Inc. The author or editor of more than 100 books, he conducts workshops and presents at conferences throughout the world and has received several awards for his books and work.","excerpt":"A return on investment forecast will compare the monetary value that your project will deliver with the anticipated cost of the project.","main_content":"As a result of the COVID-19 crisis, many leaders, including at the U.S. Congressional Budget Office (CBO), predict that the global economy will be in a recession for the remainder of 2020 and into 2021. Consequently, organizations have and will cut budgets, and it will be difficult for departmental leaders to secure their approval for projects in the future.\r\n

The Need<\/h2>\r\nWhat happens if you need a program, but there is no budget set aside for new projects? Perhaps the only opportunity you have is to show the value for the project compared to the cost. A return on investment (ROI) forecast will compare the monetary value that your project will deliver with the anticipated cost of the project. If there is a significant positive difference, it may convince executives to move forward with the project. The challenge is to make a compelling business case, one that will convince even the most conservative chief financial officer to allocate funds for your project.\r\n\r\nLet\u2019s examine how to create a forecast for an unexpected new program. This type of forecast connects the proposed program to business measures that will improve if the program is implemented. When you calculate the monetary value of this improvement and compare it to the projected cost of the program, you can forecast a financial ROI. The challenge is to be conservative with your analysis and credible with your conclusions.\r\n

The Approach<\/h2>\r\nThe approach to preparing an ROI forecast for your program involves 10 straightforward steps:\r\n

1. Start With \u201cWhy,\u201d and Connect It to the Business Measure<\/h3>\r\nThe program should begin with defining a problem or opportunity with a business measure. The key is to understand why the program is necessary. Which business measure will improve if you implement the program? This step is necessary when forecasting your financial ROI.\r\n

2. Make Sure You Have Selected the Right Solution<\/h3>\r\nIf you are implementing a learning program, make sure that it will drive the business measure. This determination may involve questions, discussions, analysis or benchmarking. The key is to make a connection to business needs.\r\n

3. Expect Success for the Project<\/h3>\r\nThis step involves developing objectives at four levels<\/a> for evaluating program success:\r\n