Output

30.  The output of the VFM Review will be a written report (copied to MOD PFU, DASA/DESA and PUK) including, but not limited to, the following:

•  A summary of how the project has performed against the original business case and approvals note in terms of quality, effectiveness, outlay, risk transfer and timescales;

•  A summary of how the project can be assessed against the NAO Framework for evaluating VFM in PFI Projects criteria and the NAO Changes to Operational PFI Deals guidance;

•  A summary of the successful features of the project;

•  A summary of the less successful features of the project;

•  A validation of the Project's insurances in terms of the cover provided, the extent to which MoD's interests are protected and the associated costs;

•  Provide a re-calculated Project IRR as specified in contract;

•  A summary of the lessons learned (including owners and an action plan) with a view to improving the quality of future decision making (including any re-let following contract expiry).