4.3 At initial stages, a Strategic Outline Case (SOC) and an Outline Business Case (OBC) are needed to consider, at a strategic and programme level, whether a JV, when compared with other options, has the potential to be an appropriate, desirable, and workable means of the delivering the required outcomes. Governance systems should be employed to test and approve the emerging case for action.
4.4 After further work and formal engagement with potential partners, the process should conclude with a Full Business Case (FBC) which should be presented and finally approved through the appropriate governance arrangements prior to the formation of the JV. The relevant parts of the FBC should consider in depth the drivers of potential VfM and how they are to be delivered, and provide an explanation of the benefits, drawbacks and risks of a JV compared with other delivery options. The aim is to provide a balanced and cogent case for pursuing a JV.