Originally published as a guidance note in 2011 this document has been rewritten as practice information, so as to account for changes in legislation, case law and construction contracts introduced since 2011.
This practice information summarises the purpose and process of both cost analysis and construction project benchmarking.
It is based on current practice within the UK and covers the general principles applying to each operation. It does not seek to cover every approach to cost analysis or benchmarking but looks at the subject areas from a practical aspect.
In addition, while the processes of cost analysis and benchmarking are applicable to the whole life costs and carbon footprint associated with the construction and operation of a building, this guidance note considers capital cost only. The principles covered may, however, also be applied to costs in use.
Although each operation is considered individually, the relationship between the process of cost analysis and benchmarking is discussed, as well as looking at how the results from both can help inform the design development and cost planning activities of a planned project.
Published date: 09 August 2024