The correct answer is that a business case is used to justify the project's initiation. A business case is a formal document that evaluates the potential benefits, costs, and risks of a proposed project. Its main purpose is to provide decision-makers with the necessary information to determine if the project is a worthwhile investment and should be initiated. The other options describe activities that occur in later phases of the project life cycle: creating a detailed schedule happens during planning, tracking daily tasks occurs during execution, and closing contracts is part of the closing phase.
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What is the discovery/concept preparation phase of a project?
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What key components are included in a business case?
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Why is it important to evaluate risks in the business case?