You are preparing a proposal of between $10 million and $100 million. You will need to prepare a full business case, including an appropriate economic assessment.

An asset initiative of between $10 million and $100 million 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 covers the full process of developing and implementing initiatives.

The following guidelines and templates can be found on the Stage 1: Business case page of the DTF website to help you prepare your business case:

• Project Profile Model (High Value High Risk Framework)
• Investment Lifecycle and High Value High Risk Guidelines - Business case
• The template for a long form business case

Steps to book a Gateway Review can be found on the DTF website and includes the Project Profile Model form and instructions.

Note that you are encouraged to check with your finance area for the most up-to-date process.

How should I undertake the economic assessment?

Guidance on undertaking economic assessment Guidance-on-how-to-undertake-economic-assessment-internet.DOCX (DOCX 127.36 KB) has been developed for staff to assist when performing, commissioning and evaluating economic assessments. Further guidance on specific processes, methods and variables 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.