Akintoye, A; Beck, M; Hardcastle, C; Chinyio, E A and Asenova, D (2001) Risk identification practices under PFI environment. In: Akintoye, A (ed.) Proceedings of 17th Annual ARCOM Conference, 5-7 September 2001, Salford, UK.
Abstract
In an investigation that focused on best practice risk management, literature was reviewed on that subject and on 'Private Finance Initiative' (PFI) schemes. As a sequel a comprehensive instrument was developed for the investigation. A qualitative methodology was adopted in the conduct of the investigation where a grounded theory like approach was adopted. Forty-eight interviews with major PFI participants, based in England and Scotland, are discussed. These pertain to: Independent consultants (solicitors, actuary professionals, cost and management consultants); Public sector clients (Government departments/agencies, Local Authorities, etc); and, Private sector participants (financial firms, construction companies and service operators). The 'AtlasTi' software was utilized in analysing the data generated. Analysis showed the main risk identification techniques employed by the PFI participants to include the use of experience, checklists, site visits, brainstorming, workshops, case studies and intuition. A compatibility evaluation revealed that, all sectors rely primarily on experience for identifying their PFI project risks. The level of usage of the other main risk identification techniques seems to vary with the participants.
| Item Type: | Conference Paper (Paper) |
|---|---|
| Uncontrolled Keywords: | grounded theory; private finance initiative; risk identification |
| Index terms: | best practice, methodology, private finance initiative, Scotland, risk management, investigation, agency, intuition, interview, England, case study, workshop, public-sector client, local authority, private sector, grounded theory, construction company, risk identification |
| Subjects: | sociology, cognitive psychology, industry analysis, theoretical framing, research methods, Geography, financial risk, contractual arrangements, construction type, risk assessment, data collection methods, organization, business |
| Topics: | Risk Management, Stakeholder Management, Construction Technology, Procurement, Business Strategy, Cost Management, Research Practice, Geographical Context |
| Descriptive scope: | 5 PCTEA |
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