Bitmap Indexes (BIs) allow fast access to individual attribute values that are needed to answer a query by storing a bit for each distinct value and tuple. A BI is defined for a single attribute and the encodings are based solely on data values; the Property Map (PMap) is a multidimensional indexing technique that precomputes attribute expressions for each tuple and stores the results as bit strings. In order to determine whether the PMap is competitive with BIs, we conduct a performance study of the PMap with the Range Encoded Bit Sliced Index (REBSI) using cost models to simulate storage and query processing costs for different kinds of query types. We identify parameters that have significant effect on index performance and determine situations in which either index is more suitable. These results could be useful for improving the performance of an analytical decision making system.