*Phase 3. management costs appraisal*

The management cost appraisal phase implies the management model definition, and manager identification. This makes it possible to identify the human resources essential for the project management analytically, and to assess the annual costs related. In addition to workers costs. Then, other management costs occur in the fully operational year, such as consumables, services, etc.

Particularly interesting is the cost items evaluation, in order to figure out the analysis to be carried out subsequently, whether annual (CFA) or multi-year (DCFA): As already said before in the two cases, cost items are treated differently, such as provisions for extraordinary maintenance and financial charges.

## *Phase 4. feasibility and*/*or economic sustainability check*

The PEF last section consists of the cash flows analysis; as seen, this activity can be aimed at verifying:

