34. The Project Level Assessment should be carried out as part of the development of an individual project's Review Note (analogous to an Outline Business Case (OBC)) and before there is any formal bidding process with industry. Stage 2 tests the Stage 1 programme level assumption that PFI is the most appropriate procurement route in light of the project's specific characteristics and requires the quantitative and qualitative assessments to be revisited. Where a Stage 1 assessment has not been undertaken, for example because the project is unique and not part of a wider programme, Stage 2 should be applied at project inception as part of the spending round and then again for the Review Note;