Whether the ultimate choice is traditional public procurement or a PPP, a due-diligence analysis provides valuable insights. A report from the Georgia Institute of Technology comparing PPPs in Canada, the UK, the Netherlands, Hong Kong, Australia, and South Africa says, "It is important to note that the very exercise of conducting a value for money analysis helps an agency to develop better knowledge of the project and have a better grasp of the potential scenarios that can all unfold." The report goes on to say that the experience of costing a project early on using VfM analysis is a key management tool for public-sector agencies, making them more aware of the potential costs, risks, and other issues to consider before embarking on the planning and procurement phases of a project. In the UK, for example, the Treasury conducts value for money assessments at three different stages: during its annual budgeting process, when making the business case before the bidding process, and after bid submission to select a final candidate.25
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25 Dorothy Morallos and Adjo Amekudzi, "The State of the Practice of Value for Money Analysis in Comparing Public-Private Partnerships to Traditional Procurements," Public Works Management & Policy, October 2008.