Outputs
The key deliverable for this stage is the completion of a full business case for submission to Government.
Before committing to an investment, the decision-maker needs to be confident that the following questions are answered in the business case:
- What is the problem, issue or service need?
- What are the benefits from addressing the problem?
- Is there a compelling case for investing?
- Can the project be delivered as planned?
High Value High Risk (HVHR) investments
For all HVHR projects, Gate 1 (concept and feasibility) and Gate 2 (business case) reviews must be carried out before the Government considers the full business case.
For projects over $10 million, the Project Profile Model must be submitted with the Business Case.
Guidelines, templates and technical supplements
Part two of the Procurement Investment Lifecycle and High Value High Risk Guideline details the development of a procurement strategy, as part of business case requirements, that supports optimal project structuring, packaging, bundling and procurement model selection.
It also provides an overview of the three categories of procurement and eight defined procurement models.
The Digital Asset Policy provides clear requirements for digital asset information management to support the planning, design, construction, and operation of Victorian Government projects and assets. It sets consistent information requirements for Victorian Government departments, agencies, and projects to improve productivity and deliver better outcomes for all Victorians.
Investment Management Standard
Project Assurance Plan template
The Project Development and Due Diligence Guidelines (PDDD) provide a guide for project proponents on how to integrate PDDD activities into Victoria’s High Value High Risk Framework and the Gateway Review Process. The guidelines recommend various activities to be undertaken during the project planning and development stages of Victorian Government sponsored infrastructure projects.
The new Risk, Time, Cost, and Contingency (RTCC) Guidelines provide consistent cost and schedule approaches across all major Victorian infrastructure projects, incorporating the use of modern statistical methods to define and measure risk. This document supersedes two previous technical supplements; Preparing Project Budgets for Business Cases Technical Guide and Project Risk Management. Additional requirements and expectations are defined based on project scope, stage, and project value and risk context to ensure reporting and management are fit-for-purpose.
The Sustainable Investment Guidelines support project teams to incorporate environmental, social and economic sustainability in Victorian government Infrastructure Investments. It is contemporary with sustainability best practice and government priorities and policies including the Victorian Government Climate Strategy, the Recycled First policy, Green Bonds, and aspirations to mitigate project cost escalation by building a more circular economy.