The first step when developing a business case to drive the adoption of a risk remediation project by senior management is to identify the objectives of the project. The objectives are the specific, measurable, achievable, relevant, and time-bound (SMART) goals that the project aims to accomplish. The objectives should be aligned with the organization's vision, mission, and strategy, as well as the identified business problem or opportunity. The objectives should also reflect the expected benefits and outcomes of the project, such as reducing the risk exposure, enhancing the security posture, or improving the business performance.
Identifying the objectives is the first step because it provides the direction, scope, and justification for the project, and it serves as the basis for evaluating the alternative solutions, estimating the costs and benefits, and communicating the value proposition to the senior management and other stakeholders. The other options are not the first step, although they may be subsequent or concurrent steps in the business case development process. Calculating the cost is a part of the financial analysis, which estimates the total expenditure and funding sources of the project, but it does not define the purpose or the scope of the project. Analyzing cost- effectiveness is a part of the economic analysis, which compares the costs and benefits of the alternative solutions and recommends the optimal one, but it does not specify the goals or the criteria of the project.
Determining the stakeholders is a part of the stakeholder analysis, which identifies and assesses the interests, expectations, and influence of the parties involved in or affected by the project, but it does not establish the objectives or the rationale of the project. References = Business case: 7 key steps to build it and use it - Twproject: project ..., Guide to developing the Project Business Case - GOV.UK, How to Write a Business Case: Template & Examples | Adobe Workfront