The Infrastructure Prioritisation Tool considered both the economic merit and strategic fit of a proposed project. The strategic fit used a stylised multi-criteria analysis (MCA) approach to determine the alignment of a project to government objectives, while the economic assessment used components of both conventional cost-benefit analysis (CBA) and computable general equilibrium (CGE) modelling to assess how different infrastructure projects are likely to affect certain parts of the economy in the long run. The tool prioritised proposed projects based on a combination of their economic and strategic alignment scores. By approaching the study in this manner, the tool produced outputs that could be used in a consistent manner to compare and rank projects in the different sectors (e.g. transport project vs water project) and likewise within the sectors (e.g. port project vs public transport project).
The Infrastructure Prioritisation Tool is an Excel based model that is easy to use and interpret by economists and non-practitioners.
The result was a bespoke tool that enabled the Government to compare projects across the three sectors on a consistent and fair basis.