One of the key documents needed in project management is the Business Case. You can adjust the contents of the Business Case to suit the project and also any organisational standard or methodology you’re using. The basic contents that you need as a minimum for any project are:
Benefits: Information on the benefits, but usually also when they’ll come on stream, when they’ll be measured, buy whom and how.
Context: For example, the fit with the organisational five-year strategy or just to say it’s a small stand-alone project to improve performance in a particular area of the business.
Cost: Ballpark at first, but kept up to date as better information comes to hand.
* Justification: Is the project solely benefits driven, or does it have any element of compliance, such as there being a legal requirement to run the project?
Timescale: A rough estimate at first, but updated from better information later.
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Source:http://www.dummies.com/how-to/content/producing-a-basic-business-case.html
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