The purpose of a P3 business case is to ensure that the delivery of the project is planned with sufficient detail in order to:
• Minimize the likelihood of problems occurring later in its lifecycle,
• Maximize the likelihood of achieving project objectives, and
• Improve management of risk and its consequences.
A well developed P3 business case is one way for project sponsors to reduce risks such as:
• Selection of an inappropriate or sub-optimal delivery model,
• Cost under-estimation or optimism bias at the outset,
• Unforeseen risks materializing, and/or
• Poor project management during delivery.
A P3 business case is an important tool for project sponsors to use in:
• Ensuring proper project planning and risk assessment,
• Managing timeframe pressures for projects,
• Managing stakeholder and market sentiment, and
• Focusing on value drivers.
The P3 business case is an essential tool for decision-makers to use in determining how best to procure a major infrastructure project.