TABLE OF CONTENTS
TTF-TN-4/E
Technical Note   How to Construct a Public Sector Comparator

1. Introduction
1.1 The status of this Technical Note
1.2 The structure of this Technical Note
2. The role of the PSC in PFI
2.1  The objective of Public Private Partnerships
2.2 competition, Value for Money and the PSC
2.3 definition of the PSC
2.4 risks and the PSC
2.5 PSCs and Affordability
2.6 Accounting Treatment and Risk
2.7 Output Specification and the PSC
2.8 In- House Bids and the PSC
2.9 Other Sources of Information
2.10 Sharing Information

3 The contents of a PSC
3.1 The format of a PSC
3.2 The overview
3.3 Basic Capital Costs 
3.4 Basic Operating Costs
3.5 Third Party Revenues
3.6 Property Values
3.7 Risk Matrix
3.8 Discounted Cash Flow
3.9 Sensitivity Analysis
3.10 Appendices

4 Risk analysis
4.1 Risk Matrix
4.2 Identification if Risks
4.3 Quantifying the Consequences of Risks
4.4 Estimation of Likelihood of Risk
4.5 Risk and Insurance
4.6 Sensitivity Analysis
4.7 Allocation of Risks 
4.8 Retained Risks

5 The PSC in the step-by-step process
5.1 The Nature of the process
5.2 Stage One - Establish Business Need
5.3 Stage Two - Appraise the Option
5.4 Stage Three - Business Case and Reference Project
5.5 Stage Four - Developing the Team
5.6 Stage five - Deciding Tactics
5.7 Stage Six - Invite Expressions if Interest; Publish OJEC Notice
5.8 Stage Seven - Prequalification of Bidders
5.9 Stage Eight - Selection of the Shortlist
5.10 Stage Nine - Refine the Appraisal
5.11 Stage Ten - The Invitation to Negotiate
5.12 Stage Eleven - Receipt and Evaluation of Bids
5.13 Stage Twelve - Preferred Bidder and Final Evaluation
5.14 Stage Thirteen - Award Contrast and Financial Close
5.15 Stage Fourteen - Contract Management

6 Further help and information
6.1 Use of External Advice and Assistance
6.2 Teams within the Treasury Taskforce
6.3 Other Treasury Publications
6.4 Other Publications

APPENDIX A
	Abbreviations and Glossary
APPENDIX B
	Frequently Asked Questions and Common Programs
APPENDIX C
	Risk Likelihood and Value for Money
APPENDIX D
	Cost and Time Overruns in Public Sector Construction Projects
APPENDIX E
	A Short Example of a PSC 
APPENDIX F
	A Example of a Risk Matrix
APPENDIX G
	PSC Construction Checklist