The Problem Definition workshop discussion is where the first version of the investment story is extracted. What happens in the following 48 hours is just the finalisation of the discussion. This finalisation should be decisive and only include those people who participated in the discussion. After the first version has been finalised it is then able to be provided to anyone to make whatever comments they wish. The investor takes ultimate responsibility for any subsequent changes to the ILM.
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Within 24 hours of the session send version 0.1 of the ILM to all participants. Often taking a photo of the whiteboard and circulating this ensures that participants have a copy of the original output prior to wordsmithing and tidying up by the facilitator. Sending the whiteboard output is a matter of personal style.
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Download the current version of the ILM format from the Investment Management website and complete it with the data from your workshop.
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Use your storytelling and wordsmithing skills to create a plain-English story that encapsulates the discussion and meets the five tests of the ‘Quality assessment form – Investment Logic Map’ (Appendix 6.).
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Make any observations you have of the draft ILM and suggest where its strengths and weaknesses are and how it might be improved. If you think it worthwhile, provide an alternative version (0.2) for their consideration but be careful that it still reflects their work. Include the list of issues and any interventions that have been gathered during the workshop.
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Send an email with version 0.1 (and whiteboard output) of the ILM and your observations directly to each of the participants at the session avoiding, if possible, channelling it through a single person. It is important that all participants are involved in finalising the discussion.
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In the email ask participants to advise you (and copy in all other participants) of any suggested changes within 24 hours and advise them you will make changes and provide them with version 1.0 within 24 hours of that time. All of this reinforces the ‘what do we think today’ principle that underpins this approach. The ‘sample email – after the Problem Definition workshop’ (Appendix 9.) may help.
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Within 48 hours of the discussion send all participants version 1.0 of the ILM.
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This should respond to any feedback that was provided in response to version 0.1. If no feedback was received finalise this as you have suggested.
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Suggest or confirm any agreed next step (e.g. Benefit Definition workshop). If it is agreed that there should be the next workshop, a one- to two-week break is thought to be ideal (allowing time for the dust to settle, but still being fresh in the mind of the investor particularly).
Templates and examples
The templates and examples are available for download at www.dtf.vic.gov.au/investmentmanagement.
The function of ILMs is to portray the logic underpinning a potential investment on a single page and in a form that can be quickly understood by decision-makers. The things that work when creating an ILM well have been identified and they are provided in ‘Design guidelines – Investment Logic Map’ (Appendix 4.). Use these guidelines to develop your ILM. They will help to ensure your map is an effective communication tool that articulates the argument clearly, exposes the logic of your argument and identifies the value proposition inherent in this investment.
Appendix 1.Shaping new investments using the IMS
The Victorian Government’s Investment Management Standard (IMS) establishes a set of simple practices that enable organisations to select the investments that matter most and shape and implement them so they deliver the maximum benefit and best value for money. The practices can also be used to help prioritise investments, develop policy, evaluate programs and improve the effectiveness of an organisation.
The standard supports a way of thinking characterised by the use of simple logic (commonsense), bringing together the best thinkers on a subject, evidence-based discussion and simple storytelling. It also aims to eliminate unnecessary process. In shaping new investments the practices use facilitated two-hour discussions (workshops) to address the four questions that are fundamental to investment decision making:
The number of workshops required is determined by the nature of an investment. Large and complex investments might require four separate workshops that would produce four documents critical to establishing a sound business case. Small and simple investments might require just one workshop and would only produce an Investment Logic Map (ILM). The full set of workshops for major investments are depicted below.
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PROBLEM
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Investments are made as a considered reaction to an identified problem. This workshop focus is to:
define the problem(s) that need to be addressed;
validate that the problem is real; and
specify the benefits that will result from addressing the problem.
The output of this workshop is the first version of an ILM with the problems and benefits defined.
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BENEFIT
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Investments are often shaped with little understanding of the benefits expected to be produced. This workshop will:
identify the KPIs, measures, targets and timelines that the investment will need to deliver; and
specify how the delivery of the benefits will be measured and reported.
This workshop will produce a BMP including a benefit map.
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STRATEGIC RESPONSE
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Business cases for new investments often fail to properly consider the strategic spectrum of things that could be done to address the identified problem. This workshop will:
explore the interventions that could deliver the expected benefits;
formulate and evaluate a mix of strategic options; and
decide the preferred response.
A strategic options analysis document is produced at the end of the workshop.
Note: The assumptions made in this workshop are validated as a desk exercise by the group before moving to the next workshop.
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SOLUTION
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A solution is developed consistent with the foundations established in previous workshops. This workshop will:
identify and evaluate the changes and assets that are required to implement the strategic response and deliver the benefits; and
identify cost range, timeframe for project and benefit delivery, key risks, dis-benefits and assumptions associated with the preferred solution.
The workshop will produce an ICB, the ILM and BMP will be updated to reflect the agreed solution.
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