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The Starting
List...potential changes in 2010
What follows is a list of problems or
opportunities that have been identified as worth considering as changes to the
planned new release of the Investment Management standard.
Reason to consider change: Overall structure
The original Investment Management standard (2005) had the single focus of
supporting the shaping and management of individual investments.
Since that time its focus has broadened to support the prioritisation of
an organisation's program of new investment based on the future service
need. This was the subject that "Service Logic and Investment
Prioritisation guideline" that was released in December 2009.
The practices of the standard are also being used to improve the
effectiveness of an entire organisation.
The standard needs to be re-structured to accommodate these different
views.
The guideline "Understanding and Evaluating a Potential
Investment" that was released in February provides a different angle
of guidance - assistance for people who were not involved in the
shaping of the investment but need to assess the value of the proposal. Improving the value
of Investment Logic Maps
In recent times, real improvement has been made to the way that we
facilitate workshops both in defining problems and, more recently, in
using Strategic Interventions to identify much better responses. However people who were not present at the workshops find it difficult to
understand how the Strategic Interventions are translated into the
identified solution. This has been discussed and alternatives tried
for some time. Organisation
Effectiveness
The application of the approach to Organisation Effectiveness has now been
tried over several years and has proven to be both practical and valuable.
The questions: Why does the
organisation exist; How effective is
it; What changes would
improve its effectiveness; and What Benefits KPI
will be produced and measured?
Program Evaluation
The function of Program Evaluation is continuing to mature and become a
pivotal aspect of good government. Increasingly the use of
investment logic is being used to underpin this function. The learnings of
the way this is being done should be documented and provided as guidance
to complete the 'line-of-sight' between the development of policy and the
eventual evaluation of its effectiveness. Options Analysis
The exploration of the range of options that could respond to an
identified problem is often a weakness with business cases. Often
the option that is chosen is the pre-determined solution. The use of
Strategic Interventions to drive the exploration of options and Investment
Concept Briefs for each option to ensure the proper consideration of
options will significantly improve the innovation and impact of government
investments. -
Benefits
definition and tracking
Whereas benefit definition and tracking has been a foundation practice of the
Investment Management Standard since its inception, it is the least understood
or practices part of the standard. We need to review the existing
practices to determine how they could be strengthened and how reporting can be
integrated into the everyday management of investments.
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Where do I
comment on the proposed changes
If you have an initial
comment on any of the changes on the starting list or you would like to add
your own changes or issues, follow this link and complete the elements of the questionnaire that
relate to your interest.
As specific changes are drafted you will be advised and invited to comment
further.
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Timing of a major
release for 2010
4 May - 11
May Canvass
possible changes (problems & opportunities)
14 May Prioritise changes for 2010 releases (problems &
opportunities)
17 May - 18 June Explore and debate
solutions to priority changes
Mid
July Make major release
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