A measure to quantify the benefit of stakeholder engagement in infrastructure projects
A measure to quantify the benefit of stakeholder engagement
Valuing Better Engagement Report
16 December 2015 - With the technical and advisory input from several leading infrastructure consulting firms, including Aurecon, Consult Australia (an association that represents the business interests of consulting firms operating in the built and natural environment), in conjunction with PwC, recently launched its Valuing Better Engagement report.
The report provides a high-level framework that puts a dollar value on the cost savings and benefits of stakeholder engagement across infrastructure projects.
Aurecon Technical Director Communication and Stakeholder Engagement, Kylie Cochrane, has been involved with the project’s engagement sub-committee for the past three years. The report is the culmination of the committee’s work in recent years.
“Valuing Better Engagement will serve as a tool to calculate the savings and benefits of stakeholder engagement, allowing stakeholders to better explain the investment and benefits. By using the effective practices presented in the report, project managers could potentially save thousands, if not millions of dollars,” said Kylie.
Valuing Better Engagement
Using an economic framework, the report quantifies the value of stakeholder engagement for project managers, advisors and engagement professionals and explores the wider benefits it yields for infrastructure design and delivery.
Conservative by design, the framework focuses on identifying and summing up avoidable costs. It takes into account both the design and the construction stages of the project life-cycle, while recognising the benefits of conducting project-specific stakeholder engagement.
“People value what they can measure and for Aurecon clients, this formula means we can now quantify the benefits of the communication and stakeholder engagement within infrastructure projects. We will be sharing this tool with our clients,” stated Kylie.
Valuing Better Engagement was unveiled at Aurecon's Brisbane office on 11 November 2015.