Abstract: The performance of drill bits proposed for use in drilling wells is analyzed for comparison and evaluation based on field experience, projected drilling and formation conditions, and performance criteria. Drill bits of different types and from different possible sources are analyzed with a common processing methodology to provide cost per foot data based on several possible drilling criteria contemplated for a well. The present invention also incorporates historical data from other wells and from similar formations to those of the planned well, as well as performance in similar conditions of the types of drill bits contemplated, and projected drilling strategies and trajectories.