All new large-scale projects with total costs of at least KRW 50 billion (about USD 47.5 million) are subject to a PFS (save for a few' exceptions). Line ministries are required to submit a project proposal to the MOSF two years before the project. The procedure is organised in three phases, based on interactions between the line ministry, the MOSF and PIMAC: 1) the line ministry selects PFS candidate projects and submits them to the MOSF, which selects projects in consultation with a PFS committee, 2) PIMAC conducts the PFS (through a team composed of external and internal experts), 3) the MOSF makes the investment decision.