Value for money is more than creating efficiencies with time and money. It’s about delivering tangible public value through a transport solution.
It’s about ensuring legitimacy and support for a transport infrastructure asset from early development throughout delivery, and for its operational life.
In 2014, Roads Australia ran a series of national workshops to investigate value for money.
The discussion in Sydney is highlighted in the outcomes and analysis report. The report finds defining value for money challenging, as each project has individual characteristics.
Developing essential criteria to meet value for money objectives, creating diagnostic tools to demonstrate delivery of the public value promise and collaborating to satisfy ecosystems, local communities and a broad range of experienced stakeholders are keys to success.
Monitoring and measuring each identified criteria for value for money is an ongoing and detailed process. Understanding how learnings from one project can be transferred to future project is an important legacy that can enhance value for money.
Standardising how to capture value for money proponents of a project across the life of an asset may help government and industry find efficiencies and a common understanding on how value for money can be delivered.