If a complex infrastructural project has been implemented in three different phases with three different financing decisions, would you carry out three different ex-post CBA for each of the phases or one single CBA for the individual project? If, after the implementation of the third phase, a further expansion of the infrastructure has been necessary to accommodate the excess demand, would you consider the additional capacity in your ex-post CBA? Would it be justifiable to carry out a post-approval CBA of the first phase, after five years of construction, if the last phase is still not complete?