Timing and scope 

2.1  This chapter provides an overview of the VfM assessment process for PFI. Once departments consider that PFI may be a suitable procurement route based on prima facie evidence (see box 1.1), they should begin their VfM assessment.

2.2  The programme level assessment (Stage 1) should be applied during the annual budgeting round when any programme of investment is being considered. The project level assessment (Stage 2) should be undertaken at OBC before the OJEU Notice is issued. Finally, the procurement level assessment (Stage 3) should begin immediately post OBC and should continue through to financial close.

2.3  This process is summarised in Box 2.1 below: