What is the Infrastructure Investment Lifecycle?
The process of planning, proposing and delivering investments, together with measuring their benefits in practice and feeding back lessons learnt to future projects, is known as the Infrastructure Investment Lifecycle.
The six stages of the Infrastructure Investment Lifecycle are:
Stage 0 – Plan:
identifying the strategic service need
Stage 1 – Develop:
identifying the problem or opportunity that needs to be addressed and the benefits that will result; and commencing project development
Stage 2 – Prove:
assessing in more detail the need for investment and the benefits that will result, identifying and analysing options, and determining the recommended project option and the project’s scope. This stage also includes initial design development of the recommended project option to enable a robust estimate of the project’s likely cost and delivery timeline
Stage 3 – Procure:
procuring the project
Stage 4 – Implement:
finalising the design, constructing the project and putting it into operation
Stage 5 – Measure:
assessing the project’s processes and outcomes, including monitoring and reporting on benefits realisation, and feeding back lessons learnt to future projects.
The Infrastructure Investment Lifecycle diagram below presents these six stages, their outputs and the key questions the Project Team needs to answer in each stage.
Figure 1: Infrastructure Investment Lifecycle
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