A credible AI business case includes five components: a problem definition stated in business terms, a quantified value estimate with a clear methodology, an honest readiness assessment of the organization's capability to execute, a structured risk analysis covering implementation, data, governance, and strategic risk, and a phased implementation plan with specific milestones and success metrics. Most AI business cases fail not because the opportunity is unclear, but because they are structured around technology features rather than business outcomes — a framing that does not survive board scrutiny.