1.25 The Treasury VfM spreadsheet was developed to provide a simple tool to enable procuring authorities to assess VfM and its use has been mandatory for all projects for both Stage 1 and Stage 2 assessments. Individual departments have however, in some cases, continued to use more complex models as part of the Stage 2 assessment to provide for their own needs, while also using the Treasury VfM spreadsheet. The Treasury consider the VfM spreadsheet is suitable for the vast majority of projects for the Stage 2 assessment but also recognise that a limited number of complex projects may require a more sophisticated quantitative assessment. As such departments may choose not to use the Treasury VfM spreadsheet for projects which it considers to be particularly complex and where the spreadsheet provides insufficient functionality for the particular circumstances of the project. This decision is for the sponsoring department rather than the procuring authority which should seek to discuss any change in approach with its department at the earliest opportunity. The Treasury expect departments to agree to a bespoke approach only exceptionally.
1.26 Use of the VfM spreadsheet will continue to be mandatory for all Stage 1 programme assessments and for those projects being considered by the Project Review Group (PRG) unless otherwise agreed by the PRG secretariat.