2.48 MOD prepared a public sector comparator (PSC) to estimate the cost of an equivalent conventionally procured project. The PSC generally followed the guidance provided by the Treasury. The initial reference project in 1995 used for this PSC was the project that MOD would have procured had they not chosen the PFI procurement route and was based on an original specification that was given to Bovis in 1995. At that stage MOD was planning a redevelopment project but had not yet considered the PFI route. The PSC was updated at each stage of the PFI procurement taking account of changes in the specification. The final PSC showed a range of possible costs between £690 million and £807 million with an estimated average cost of £746.2 million.