The "Oxford Olympics Study 2016" estimates the outturn cost of the Beijing 2008 Summer Olympics at US$6.8 billion in 2015-dollars and cost overrun at 2% in real terms. This includes sports-related costs only, that is, (i) "operational costs" incurred by the organizing committee for the purpose of staging the Games, e.g., expenditures for technology, transportation, workforce, administration, security, catering, ceremonies, and medical services, and (ii) "direct capital costs" incurred by the host city and country or private investors to build the competition venues, the Olympic village, international broadcast center, and media and press center, which are required to host the Games. Indirect capital costs are "not" included, such as for road, rail, or airport infrastructure, or for hotel upgrades or other business investment incurred in preparation for the Games but not directly related to staging the Games. The Beijing Olympics' cost of US$6.8 billion compares with costs of US$4.6 billion for Rio 2016 and US$15 billion for London 2012. Average cost for the Summer Games since 1960 is US$5.2 billion.