Stage 2: Prove confirms that the recommended project solution offers value for money and can achieve the benefits sought, and indicates the likely costs and risks to the State.
Before committing to an investment the decision-maker needs to be confident that:
- proposed investment idea is worthwhile and has merit over others competing for budget;
- solution is the best value-for-money option compared to other potential solutions ; and
- it can be delivered as planned (on time, within budget, quality etc).
The key deliverable for this stage is the completion of a full business case for submission to government.
Role of the investment management standard (IMS)
If you are using the IMS, you should revisit your IMS outputs (investment logic map, concept brief, benefits map etc.) to check that the information and assumptions are still valid, and update as necessary. See related publications for the 16+ questions checklist.
High Value High Risk investments
Before submitting the full business case to government, you must submit a draft version of the full business case to the Treasurer for a deliverability assessment.
A Gate 2 business case review must be carried out before the Government considers the full business case.