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Benchmarking allows you to compare your project against similar developments in the N3 database, providing cost validation, market insights, and performance analytics.

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How Benchmarking Works

The N3 Platform automatically identifies similar projects using a sophisticated scoring algorithm that evaluates over 50 dynamically weighted factors:

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Similarity Scoring

Projects are matched based on weighted criteria, with lower scores indicating better matches: Primary Matching Factors:
  • Building Process Type (highest weight) - New build, refurbishment, conversion, etc.
  • GIA Size Tier - Gross Internal Floor Area categorisation
  • Location & Regional Costs - Geographic proximity and cost indices
  • Building Features - Structural systems, services, finishes
  • Site Characteristics - Density, constraints, access
  • Procurement & Contract - Delivery method and contract form
  • Data Quality - Completeness of cost information

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Process-Specific Weighting

Different development types have varying similarity requirements:
  • Air Rights & Extensions
  • New Build
  • Conversions
  • Refurbishments

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Understanding Comparison Grades

Each similar project receives a quality grade based on its similarity score when used as a comparison source for benchmarking:

Strong Match

Score: ≤15 points Excellent similarity across all key factors. Highest confidence for cost validation and benchmarking insights.

Good Match

Score: 15-20 points Strong similarity with minor differences. Reliable for comparison and trend analysis.

Fair Match

Score: 20-25 points Acceptable similarity but with some notable differences. Use with caution for cost validation.

Weak Match

Score: 25-30+ points Poor similarity with significant differences. Limited value for benchmarking purposes.

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Accessing Benchmarking

  1. Navigate to your project in the N3 Platform
  2. Select the Benchmarking tab from the project menu
  3. The system automatically identifies similar projects upon loading
  4. Review the suggested comparisons and their quality grades

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Using the Benchmarking Interface

The benchmarking interface is organised into three main tabs:

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Prediction Tab

  • Cost Predictions - Statistical models generate cost forecasts based on similar projects
  • Human Control - Predictions are able to be manually updated by users before saved offering maximum control.
  • Real-time Updates - Predictions refresh automatically when you modify comparisons

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Configuration Tab

  • Select Similar Projects - Choose which projects to include in your benchmark
  • Quality Indicators - Source Health ratings show comparison and source reliability
  • Multi-Development Support - Handle composite projects with multiple building types

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Insights Tab

  • Parallel Coordinates Charts - Interactive visualisations comparing cost breakdowns
  • Performance Analytics - See how your project compares across key metrics
  • Cost Distribution Analysis - Understand market ranges and your project’s position

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Understanding the Insights Tab

The Insights tab provides powerful visual analytics to help you understand your project’s performance:

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Parallel Coordinates Chart

This interactive visualisation shows:
  • Cost Categories - Each vertical axis represents a different cost element
  • Project Lines - Each line represents a project, showing its cost profile
  • Your Project - Highlighted to show how it compares to similar developments
  • Market Range - Visual representation of typical cost ranges

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Interactive Features

  • Hover for Details - Get specific values and project information
  • Highlight Categories - Emphasise specific cost elements
  • Export Charts - Save visualisations for reports

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Key Insights Available

  • Cost Performance - Is your project above or below market rates?
  • Cost Distribution - Which elements drive the most variation?
  • Market Position - How does your project rank among similar developments?
  • Risk Indicators - Are there unusual cost patterns to investigate?

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Best Practices

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When to Use Benchmarking

✅ Ideal Scenarios:
  • Early design stages for cost validation
  • Value engineering decision support
  • Market analysis and feasibility studies
  • Performance review against completed projects
❌ Less Effective For:
  • Highly unique or specialized projects
  • Projects with insufficient similar data
  • Detailed trade-level cost estimating

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Maximising Comparison Quality

  1. Complete Your Project Data - More complete profiles improve matching accuracy
  2. Focus on Strong/Good Matches - Prioritise higher quality comparisons
  3. Consider Multiple Projects - Use 3-5 similar projects for robust benchmarking
  4. Review Contextual Factors - Consider market conditions and timing differences

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Acting on Benchmark Insights

  • Cost Outliers - Investigate areas where your project significantly differs
  • Market Trends - Use insights to inform design and procurement decisions
  • Risk Management - Identify potential cost risks early in development
  • Value Engineering - Target elements with high variation for optimisation

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Understanding Limitations

Important Considerations:
  • Benchmarking provides market context, not detailed cost estimates
  • Historical data may not reflect current market conditions
  • Unique project characteristics may not have comparable references
  • Quality depends on the availability and completeness of similar project data
Benchmarking is continuously improved through community data contributions and algorithm refinements. The quality and breadth of comparisons grow as more projects are added to the platform.