Benchmarking in the infrastructure sector
Building a strong project programme – cost, schedule and proven delivery record – is critical for the sustained infrastructure investment that will be fundamental to the economic recovery from the impact of COVID-19, and in pioneering better spaces for people to work and live.
An essential part of capital planning and programming is developing a firm understanding of project costs and performance. Benchmarking, the process of comparing projected or actual project cost and performance, is therefore central. And by impacting the economic, social and environmental outcomes of infrastructure projects, benchmarking ensures investments in the sector are effective and significant investments in major global infrastructure projects are prudently and effectively deployed. But what are the obstacles holding back consistent benchmarking across the industry? And how can we improve it?
Within this global insight paper we provide an overview of benchmarking in the infrastructure sector for RICS professionals, discussing the types of benchmarking and the processes involved, and demonstrating examples of best practice.
This paper also:
- Outlines the key benefits of benchmarking
- Discusses the use of data and analytics in modern benchmarking practices
- Demonstrates the practical relevance of benchmarking through a series of case studies.
“Benchmarking is a blueprint for future spending. The process helps both government and industry make more informed and transparent decisions about the future of infrastructure priorities.”
Denise M. Berger, SVP and Chief Operating Officer, AECOM