Benchmarking and Should Cost Models

The use of benchmarking data will drive consistency and the overall robustness of cost estimates. Benchmarking is the analysis of information and good practice from past projects and programmes to create data reference points. It can generate the inputs required for Should Cost Models, provide the building blocks for whole life cost evaluation, and provide a comparator for project and programme performance.

Projects and programmes should undertake benchmarking of key project deliverables including cost, schedule, GHG emissions and agreed outcomes at each stage of business case development. This will be supported by a new data IPA benchmarking hub in 2021. A firm understanding of cost and performance is critical to good decision-making and successful project and programme delivery. Inaccurate estimates may lead to unrealistic expectations, which can derail a project's chances of success.