This statement describes what RVI participants want from an approach that supports them to better value resilience, the decisions they want to focus on first and the outcomes this would drive.
RVI participants believe that better valuing resilience must involve methodologies to quantify the impacts, risks, costs, benefits and performance of resilient assets and activities. This helps to embed the economic case into investment decisions. It also builds the business case for investment along with commercial whole-of-life cost considerations.
Such insight can inform, influence or otherwise support decision-making that delivers more resilient assets, networks, systems and communities. It would clarify the best-value opportunities for investing in interventions that enable adaptation responses.
What Initiative participants want from an approach
RVI participants, individuals, organisations and communities make decisions every day that impact Australia’s natural hazard and climate resilience. This can take two forms:
- Resilience is the driver for action i.e., improving the ability of coastal suburbs to absorb coastal inundation; or
- Resilience is an overlay i.e., the driver for change may be a road congestion problem, but how has resilience been factored into planning and design.
Each have their own processes and context for making investment decisions, seeking or allocating funding. They balance different priorities, values, resource levels, stakeholder interests and mandates.
Decision-makers want to improve their understanding of the impacts, costs and benefits of resilience and be able to measure or report against them.
RVI participants identified a need for an approach to valuing resilience that is functional and reliable. The outputs must enable different storytelling approaches that speak to both the hearts and minds of their stakeholders.
This means that: