Adjusting Optimism Bias in Decent Homes Standard Investment Programmes: A Guidance Note for HRA PFI Schemes

Published	22 March 2007
Type(s)	Good practice and guidance, Research and statistics
Site	Corporate
Product code	06 HC04379
Price	Free

Summary

Optimism Bias is the term used to describe the demonstrated, systematic tendency for project appraisers to be overly optimistic about project costs, duration and benefits. The Treasury's Supplementary Guidance on Optimism Bias recommends that project appraisers should make explicit adjustments to the estimates of project costs, benefits and duration based on empirical data to inform project decisions. This guidance helps appraisers to do this.

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