Research report INL/EXT-20-59371 captures the generation and demonstration of a process and a related business case tool to enable a Business Case Analysis (BCA) of a Safety-Related (SR) Instrumentation & Control (I&C) upgrade to show such upgrades can be economically justified. The BCA methodology was produced by ScottMadden, Inc., in collaboration with LWRS researchers. Key support of this effort was also provided by subject matter experts from MPR Associates, Inc., and Exelon’s Limerick Generating Station.