scope:

This module specifies the early cost advice, cost planning, cost analysis, life cycle costing and benchmarking principles required for business planning and PACE phase readiness reviews for investment projects on the rail network.

This standard is part of the Capital Delivery Core Process and relates to NR/L2/P3M/201 and NR/L2/P3M/220.

It applies to projects that require Investment Authority as defined within IR01 Investment Regulations and enhance or renew the operational railway.

Purpose

The project, programme and portfolio management (P3M) framework policy and Project Acceleration in a Controlled Environment (PACE) describe how Network Rail manages and controls investment projects on the rail network.

Network Rail has developed this approach to managing projects in order to minimise and mitigate the risks associated with project development and delivery. PACE provides a more flexible control framework enabling sponsors and project managers to tailor the controls therein to better meet the requirements of their project.

The purpose of this module is to embed consistent early cost advice, cost planning, cost analysis and benchmarking principles needed for business planning, Project Acceleration in a Controlled Environment (PACE) phase readiness reviews and Financial Authority purposes of investment projects on the rail network.

This module enables the business to manage and reduce the risks associated with the uncertainty of the costs of investment projects on the rail network.