The VfM Report should be finalised within six months of the alliance achieving practical completion. However, the collection of data and information for the VfM Report should commence well before then. Continuous monitoring and progressive reporting should occur along the way to assess whether the MCOS are being achieved and the alliance's performance trends. It is considered best practice to:
• clearly document the mechanism for gathering data and information against the VfM Statement for the purpose of producing progress reports and the VfM Report; and
• collate data, information and documentation to support the VfM Report on an ongoing basis.
The progressive reporting should provide to the Owner both favourable and unfavourable analysis of whether project objectives and VfM outcomes are being achieved by the alliance. The Owner will then determine the appropriate response to such analysis through its internal governance processes.
(The Owner may feel it necessary to issue a supplementary VfM Report if significant issues arise during the defect liability period.)