What is a Business Case? Project Management in Under 5

Before you get funding and approval for your project, you will first need to produce a Business Case. So, what is a Business Case?

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Please:
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[matthewbennet]

Thanks Mike. You explained it clearly.

[jeremiahozi]

Had to subscribe. You teach good. Much appreciated

[ahadibuge]

This is good, i like the demo that you made on this, great clarity.

[kingvdarkness]

Hi Mike, hope you are well! Please may I ask 2 quick questions: What is the difference between a Project Charter, Project Mandate and (Project) Business Case?

This is my guess at the moment:
Project Mandate is the initial document that gets the idea on paper.
Project Charter is the brief overview of the whole project (requirements, approximate estimates, plan of high-level work, and cost estimates - detail dependant on the size of the project)
Business Case is the same as the project charter?

Question 2: Methods to estimate the cost? I'm thinking use WBS to gather quotes from suppliers and subject matter experts, what would you say are the best methods?

[aissabendjedda]

However, I am PMP certified (pmbok 6th) since 2020, I still have difficulty dissecting this definition:
Business case: A documented economic feasibility study used to establish validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.
A selected component lacking sufficient definition? .... for the authorization of further project management activities?
I would be very grateful if you could reformulate the definition for me.

[poojatalukdar]

Hi
Can you please let me know what all to include in a business case