A few weeks ago, Steven Joyce spoke regarding traditional cost-benefit basis, here is what he said reported in NZ Herald: Some projects in Auckland, such as the City Rail Link, did not stack up on a traditional cost-benefit basis, he said, although the Government has committed to funding for it.” “I think there is unfinished business now for all of us to think about what are the true wider benefits of some of these projects and trying to get a bit more discipline to them in the years ahead,” he told the finance and expenditure committee at Parliament in response to questions from Greens co-leader James Shaw.” “From my perspective, I think it is important that we go through the benefit-cost ratio discussion.” “However I would signal that some of the projects that we collectively have all committed to, including the CRL, doesn’t really stack up on a traditional cost-benefit basis.”Joyce is off the mark, however, the issue is not that we need better discipline but if whether the current way we calculate for business cases is even fit for purpose for the 21st century.…