Create the Business Case for the Autonomous Vehicle

Explain what the business case for a project is and why it is important to a business
Describe the business case for autonomous vehicles and explain why they are attractive to certain companies
Describe some of the challenges faced by autonomous vehicles that make the autonomous vehicle a risky business.
Lesson

What is a Business Case. Why Do You Need One?

A business case is a formal document or presentation thatoutlines the justification for a proposed project or investment. It isused to provide a comprehensive analysis of the benefits, costs, risks,and other important aspects of the initiative, to persuade stakeholdersthat the project is worthwhile and should be undertaken. A business casecaptures the reasoning for initiating a project or task.

A well-prepared business case helps stakeholders understand therationale behind a proposed project, assess its viability, and makeinformed decisions based on a thorough analysis of benefits, costs,risks, and implementation strategies. Business cases are presented in aformal structured format.

A business case is the justification for why a project is chosen andpursued to completion. When a business case cannot be made, the projectis abandoned as it is a waste of time, money and resource. In the casewhere we are applying new technology, here AI, to an autonomous vehicleyou can expect you can be certain a lot of effort and time was spent tocreate the business case. This is so because a lot of money will bespent, pursuing a highly risky endeavor that has many potential pointswhere failure and setback can occur. As a result, unless there is anhigh return in potential revenue, the project will not be pursued.

How to Create a Business Case

There are many different formats to a business case. Many of you haveseen examples of business cases in Systems Analysis and Design withSystems Request and Systems Proposals and Requirements DefintionStatements. Preparing the business case involves an assessment of thefeasibility as well as the benefits and risks of a project. They answerthe question, is the project worth doing.

They are often composed with the following parts:

Problem/Opportunity.
Benefit and Risks of the Proposition
Review of the Technology solution
The organizations ability to complete the project.
Costs of the Project including research and development
Evaluation of Alternatives.
How the project will impact current operations, and
Recommendation.
If a project is worth doing you need to answer 4 simple questions:

What is your goal?
Whats stopping you from reaching the goal? This is a risk assesement of several factors such as
Risk of using the technology in the product
Do we have the technological expertise to complete this project?
Can we build what we are proposing
Can we integrate the technological advance to the development project
Will customers accept and purchase our product
How much change is needed to overcome any of the problems above?