The right project should answer “strategic fit and business needs, provide value for money, be commercially viable as well as affordable, fundable and achievable”, said Joe Flanagan, adviser to the Welsh Government and State of Guernsey on Better Business Cases, and Andrew Carty, Member of Senior Management Team, UK Infrastructure and Projects Authority, at an EIB Institute seminar.
Many public and private projects experience costs and time over runs because they are not properly prepared, the speakers underlined. The 5 Case Model or Better Business Cases Model, used by the UK and New Zealand Governments and currently considered by the World Bank, takes into account the strategic, economic, commercial, financial and management aspects of a project.
It offers a proportionate, scalable, flexible, efficient and effective method to deliver the right project, they concluded.
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