22. The Stage 1 assessment is predominately designed to assess VFM for a programme which is defined as 'a portfolio of projects that have certain common characteristics and which are selected or commissioned, planned and managed in a coordinated way and which together achieve a set of defined business objectives'. However, HMT recognise that most projects in MOD are large and unique and that they can be described as programmes in their own right.
23. HMT guidance allows Stage 1 assessment to be omitted where a department has a large unique project but Stage 2 should be applied both at the project's inception as part of the spending round and again once the IAB Review Note (Outline Business Case) stage is reached. This means that Stage 2 assessment would have to be completed twice - once at project initiation and at IAB Review Note (OBC) stage.