4.8 VfM is a comparative concept, and so it is important that any JV option is considered alongside other real delivery options. The analysis of the JV and other potential delivery options must include a full assessment of the benefits, drawbacks and risks. It is important to draw out the various drivers and constraints that affect VfM that are relevant to different options.
4.9 The delivery options should be analysed and be subject to both quantitative and qualitative analysis to ensure that the chosen delivery option is the one best able to deliver VfM. In assessing different delivery options at each of the different business case stages a balance should be struck between qualitative and quantitative factors. The nature of many JVs will be such that the decisive aspects are more likely to be qualitative, particularly those that relate to increased focus, flexibility, agility and the better management of risks.