The investment management standard (IMS) is a tool for agencies to confirm an investment need and help shape a proposal prior to commencing a business case.
It is grounded on three principles:
- The best way to pool knowledge is through an informed discussion that brings together those people with the most knowledge of a subject
- The ‘investment story’ is best depicted on a single page using language and concepts that can be understood by a lay person
- Each investment should have clearly defined benefits that align with the outcomes the organisation is seeking.
IMS ‘line of enquiry’
The IMS involves a series of up to four facilitated workshops which step participants through a ‘line of enquiry’ and helps decision-makers determine whether:
- there is a real, evidence-based problem that needs to be addressed, now and by this government
- the benefits which will be delivered through successfully addressing the problem are of high value to the organisation and the community
- the benefits’ KPIs are meaningful, measurable and attributable to the investment and are worth tracking and reporting
- the way the problem will be addressed is strategic, feasible, and innovative
- the solution is likely to be delivered within time and budget constraints
- the solution can be applied flexibly to manage uncertainty and adapt to changing conditions and demand.
2017 IMS update
DTF updated the IMS in May 2017. Information about the refresh and a description of major changes from previous practice are contained in Frequently Asked Questions.
Investment management standard version 5 archive
Victorian Government practitioners are required to use the IMS 2017 edition, however the Investment management standard version 5 remains available below. This document for Victorian Government departments and agencies, provides an overall guide to the Investment Management Standard. It provides an aggregation of the contents of the website in context for anyone who requires or prefers a hard copy.