You are preparing a proposal of 'insignificant' size and/or complexity. You will need to prepare a short-form business case.

A short-form business case requires less detail than a full business case, however, you are still asked to describe the proposal, the problem it seeks to address, the rationale for government involvement and the proposed funding arrangements.

The template for a short-form business case should be available from your department's finance team.

A description of the investment lifecycle covers the full process of developing and implementing initiatives.

How should I undertake the economic assessment?

An economic assessment is not generally required for a short-form business case. However, seek the advice of your finance team if you are unsure.

If an economic assessment is required, guidance on undertaking economic assessment has been developed to assist when performing, commissioning and evaluating economic assessments. Further guidance on specific processes, variables and methods is also available.

Cost-benefit analysis is recognised as leading practice economic assessment and is the recommended approach across the Victorian Government. In practice it may not be possible to undertake a cost-benefit analysis for all proposals and other methods may be used on an exceptions basis.

All economic assessments should be guided by the principle of proportionality, such that the investment in undertaking an economic assessment should be proportional to the scale and risk of the particular issue, initiative or investment.