The "First File" or the Pre- Feasibility Study is the initial phase of the privatization project preparation process which examines at a high level the project's service requirements and desired outcomes, and its potential, commercial, legal and financial structure. If the Work Team concludes that the results are sufficiently promising to warrant further analysis, the Work Team will recommend the project for advancement to the "Second File" and request the Supervisory Committee's concurrence. The First File is subject to review and approval by the Supervisory Committee before approval will be granted to proceed to the Second File phase.