Business case development (stage 3) builds on the work undertaken as part of the preliminary assessment (stage 2). Stage Three develops a comprehensive business case that analyses each of the shortlisted project delivery options in further detail.
The level of detail required for this stage is much greater than that for preliminary assessment. The extent to which each of the elements in this process need to be undertaken will depend on the specific technical solutions and project delivery options being considered. It should be recognised that where the project delivery options involve private financing, the analysis will be inherently more complex. However, where non-private finance project delivery options are under consideration, a rigorous analysis is still required. This includes a similar level of financial and technical analysis of the reference project, public private partnership projects, public sector comparator model and partnership model as outlined in this document.