The study sets out to examine the extent to which the privatisation of QinetiQ has met its objectives. In doing this we have examined the process followed, from the decision to pursue a Public Private Partnership to the flotation. One of the challenges we faced was the significant length of time that had elapsed since the decision was taken. QinetiQ was formed in 2001 and the sale of a stake to Carlyle took place in 2003. Although the NAO has previously reported on aspects of the deal, this has not been from a value for money perspective. For this reason we conducted a thorough review of all available documentary evidence. The main techniques we used to gather and process evidence are as follows: