Akintoye, A; Beck, M; Hardcastle, C; Chinyio, E A and Asenova, D (2000) Management of risks within the PFI project environment. In: Akintoye, A (ed.) Proceedings of 16th Annual ARCOM Conference, 6-8 September 2000, Glasgow, UK.
Abstract
In the autumn of 1999, Glasgow Caledonian University was awarded an EPSRC/ DETR grant to investigate an aspect of standardisation in PFI projects. This research, aims at developing a state-of-the-art framework for identifying, evaluating, reporting and managing risks in PFI schemes. Literature on risk assessment and management and PFI procurement has been, and is still being reviewed. The initial stage of this project involves an investigation of current best practice in risk assessment and management. Twenty three interviews have been conducted with PFI participants towards identifying contextual factors as well as management approaches, which have facilitated the successful implementation of PFI projects. Having chosen a 'grounded theory' approach, data acquisition is being conducted in discrete stages in conjunction with the analyses, with the outcome of each analysis being cumulatively brought to bear in subsequent data collection exercises. A preliminary analysis of our interviews indicate, that PFI participants tend to identify risks through 'experience' and the use of 'risk prompts'. Both qualitative and quantitative approaches are utilised in evaluating risks. Amongst the major PFI participants, insurance cover and sub-contracting appear to be the principal strategies employed for mitigating risks.
| Item Type: | Conference Paper (Paper) |
|---|---|
| Uncontrolled Keywords: | risk; procurement; public private partnership; finance; grounded-theory; private finance initiative; risk management |
| Index terms: | interview, sub-contracting, investigation, risk management, data acquisition, best practice, risk assessment, strategy, insurance, public private partnership, exercise, implementation, state of the art, grounded theory, standardization, private finance initiative |
| Subjects: | financial risk, contractual arrangements, performance measurement, management, economic analysis, theoretical framing, business, research dissemination and communication, risk assessment, health behaviours and lifestyles, organization, data collection methods |
| Topics: | Research Practice, Risk Management, Supply Chain Management, Health and Safety, Quality Management, Business Strategy, Cost Management, Procurement |
| Descriptive scope: | 4 PCEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here