This process will enable agencies to identify, assess, and prioritise the investments which are most deserving of attention from government.
To achieve this departments and agencies need to:
- identify and properly characterise the problem or service need;
- define the benefits that would result from fixing the problem or addressing the service need;
- explore the appropriate strategic response; and
- outline high level solutions that are deliverable.
Based on this examination and assessment, agencies are required to develop one of the three outputs below and submit to government for consideration:
- strategic assessment (for non-High Value High Risk (HVHR)); or
- preliminary business case (for HVHR) submission; or
- if an agency has insufficient resources to undertake a full business case, it should include an investment development funding section in its submission.
High Value High Risk investments
Agencies need to:
- engage early with Department of Treasury and Finance (DTF) and Department of Premier and Cabinet (DPC);
- undertake a Gate 1: Concept and feasibility review prior to submitting the preliminary business case to government;
- submit a preliminary business case so government can decide whether to proceed to a full business case.
Investment decisions maker's checklist