4.30 The performance of PFI in small projects has been good, with the proportion of projects completed on time and on budget, and operating to client expectations, in line with the results for larger projects. However, average procurement times were similar - at around two to two and a half years - meaning that times were disproportionately long for the projects with a small capital value. Small schemes also typically faced similar transaction and bid costs as major capital schemes, again indicating that these were disproportionately high.