'Significant' size and complexity
You are preparing a proposal of ‘significant’ size and/or complexity. You will need to prepare a full business case, including an appropriate economic assessment.
An output initiative of ‘significant’ size and/or complexity involves the preparation of a full business case, which requires a detailed evaluation of the shortlisted options and a recommended solution for funding and implementation.
A description of the ‘investment lifecycle’ describes the full process of developing and implementing initiatives.
An overview of the DTF guidance regarding the process for developing a full business case can be found on the DTF website.
The template for a full business case can be found here.
Note that you are encouraged to check with your departmental finance team for the most up-to-date process.
How should I undertake the economic assessment?
Guidance on undertaking economic assessment ( docx - 262.9 KB) 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.
Q: What is the purpose of the economic assessment?
A: I am preparing a business case.
Q: What is the business case for?
A: A program or output investment.
Q: What is the size and complexity of the proposal?
A: The proposal is ‘significant’ in size and/or complexity.
Page last updated: 17 July 2017