Robust Decisions Delivering Fit for Purpose Investments

Abstract

Ensuring prudent and efficient decision making is legislated however to achieve this is quite challenging for many Local Governments. Additionally, Gladstone Regional Council were grappling with under delivery of their capital budgets causing angst in the community. Council committed to these challenges and identified the need for improved structure and governance around investment decisions, both operational and capital in nature. The Investment Decision Framework was developed and implemented over the last 2 years and continues to be improved as part of business as usual. The framework is a series of seven (7) phases and gates that ensure investments are fit for purpose, valid and prioritised. Each phase and gate builds on the previous to establish the initial idea, identify the problem or opportunity, assess all possible options through a business case, select the concept solution and delivery approach, define the details, execute the investment, close out the project and then sustainably operating. The success of the framework is primarily due to the disciplined end to end investment management, scalability of the framework and the mantra of progress over perfection. This paper shares the details of the framework, the lessons learnt along the way and the benefits Council is now realising.