A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Option Appraisal, Risk Management and Whole Life Costing
An investment of resources in a new asset, product or service, or a change to an existing asset, product or service, implies a desire to enhance an asset and/or improve product and service delivery. To ensure that the investment offers best value for money, effort should be expended in appraising optional solutions to the identified requirements by undertaking value management, risk management and whole life costing. All options should be explained in a business case. This chapter describes the advice given in the HM Treasury Green Book (updated 2011) for option appraisal and business case presentation, and includes a discussion of risk management and a description of whole life costing. The extent to which risk management can be integrated with value management is discussed alongside a debate on optimism bias. A case study illustrates the application of HM Treasury Green book principles to a complex public sector project.
Option Appraisal, Risk Management and Whole Life Costing
An investment of resources in a new asset, product or service, or a change to an existing asset, product or service, implies a desire to enhance an asset and/or improve product and service delivery. To ensure that the investment offers best value for money, effort should be expended in appraising optional solutions to the identified requirements by undertaking value management, risk management and whole life costing. All options should be explained in a business case. This chapter describes the advice given in the HM Treasury Green Book (updated 2011) for option appraisal and business case presentation, and includes a discussion of risk management and a description of whole life costing. The extent to which risk management can be integrated with value management is discussed alongside a debate on optimism bias. A case study illustrates the application of HM Treasury Green book principles to a complex public sector project.
Option Appraisal, Risk Management and Whole Life Costing
Kelly, John (editor) / Male, Steven (editor) / Graham, Drummond (editor)
2014-10-01
40 pages
Article/Chapter (Book)
Electronic Resource
English
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