Without a comprehensive and accurate benchmark with which to compare alternative delivery models, the Government and the private sector will be hard pressed to prove that a P3 could deliver value for money. There has been a lot of literature written on developing effective Public Sector Comparators (PSCs), some of the most valuable from the UK. Although The Council will not go into detail here, some concepts deserve special note:
1) Responsibility for drafting the PSC should lie with a completely independent body (either inside or outside government) that has no vested interest in the outcome of the process.
2) Accurate comparisons among government departments can be difficult enough, let alone against a private sector solution. Consistent accounting principles and similar treatment of capital expenditures and debt will ensure you are achieving an "apples to apples" comparison.