A department is writing a business case for an expensive capital purchase.

Comprehensive and Detailed Explanation (from CIPS L4M2 – Business Case Construction)

A business case must outline:

Added value (benefits, performance, ROI).

Financial plan (costs, funding, payback).

Contract terms and tender criteria come after the business case is approved.

Thus, 3 and 4 only are correct.

Relevant L4M2 references:

“Essential elements of a business case”

“Cost-benefit and value assessment in procurement justification”