Henjewele, C; Sun, M and Fewings, P (2008) Uncertainties and the challenge of long-term value for money in the delivery of PFI projects. In: Dainty, A (ed.) Proceedings of 24th Annual ARCOM Conference, 1-3 September 2008, Cardiff, UK.
Abstract
PFI has successfully transformed the management of public sector construction projects by minimising construction risks and delivering projects with higher certainty in the price, cost, quality, and client satisfaction than is with the counterpart traditional approach. However, this has not entirely met the expectations of the procuring authorities or that of the government due to lack of consistency in achieving the desired and planned value for money. The analysis of case studies and official reports reveal that uncertainties in value for money (vfm) progress through all stages of the project life. The fluctuating vfm trend is mainly caused by turbulent market conditions, changing policies, and frequent shifts in the client requirements. Although clients have little control over external factors, a prudent management of the requirements and shorter appraisal and approval periods could potentially reduce the degree of uncertainties and improve long-term vfm.
| Item Type: | Conference Paper (Paper) |
|---|---|
| Uncontrolled Keywords: | private finance initiative; uncertainties; value for money |
| Index terms: | public sector, market condition, case study, approval, value-for-money, appraisal, client satisfaction, planned value, client requirements, construction project, private finance initiative |
| Subjects: | factor and component analysis, professional development, evaluation, production management, administrative law, client relations, data collection methods, contractual role, economic and policy analysis, financial and cost management, contractual arrangements |
| Topics: | Contract Administration, Value Management, Legal Issues, Procurement, Stakeholder Management, Research Practice, Project Management, Information Management, Cost Management |
| Descriptive scope: | 3 PCE |
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