The main components of the strategic assessment are as follows:
• Project description through the full life cycle (design, construction, operations and maintenance, and decommissioning if applicable);
• Description of cost components, and estimates if available, for each phase of the project life cycle;
• A preliminary list of P3 models to be considered for the project;
• A review of any project-specific objectives or constraints The City may have with respect to the project;
• A qualitative risk assessment4, which:
o identifies which risks are of importance in selecting a delivery model for the project
o assesses the risk (i.e. likelihood and severity) the project is exposed to under both traditional delivery, and the P3 models under consideration
o applies each P3 model's risk allocation to assess the risk to The City under each model
• A review of the market of service providers and assessment of the likely interest of the market in bidding competitively for the project (and optionally, a market sounding as described under Value for Money Assessment);
• A review of any relevant precedent projects or similar projects;
• A preliminary comment on the potential for cost savings, based on precedent/similar projects, other relevant experience of The City and its advisors, and the findings of the qualitative risk assessment;
• A determination of the preferred P3 delivery model; and
• A distillation of the above into a determination of preferred delivery model for the project (i.e. either traditional, or the preferred P3 model).
___________________________________________________________________
4 For additional information on the process for identifying and assessing project risks, refer to Section 3.6 - Risk Assessment and Quantification