Li, B; Akintoye, A; Edwards, P J and Hardcastle, C (2004) Value for money factors in the development of PPP/PFI Construction projects. Journal of Financial Management of Property and Construction, 9(1), pp. 43-52. ISSN 1366-4387
Abstract
The provision of public services by the private sector, through public private partnerships (PPP) and the Private Finance Initiative (PFI) in the United Kingdom, is based upon the premise that this approach delivers better value for money. The paper describes the findings of research which explores the perceptions of people involved in PPP/PFI construction projects, and elicits their opinions about the factors that contribute towards value for money in such projects. VFM factors were ranked in terms of their perceived importance. Additional factor analysis of the survey data revealed four factor groupings: cost saving factors (those which contribute towards project cost-effectiveness); sustainability factors (factors associated with the long-term effectiveness of the relationships between the public and private sector stakeholders); risk transfer factors (the adequacy of risk transfer mechanisms incorporated into project agreements); and effective procurement measures (efficiencies derived from the procurement system itself).
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | project procurement, public private partnership, private finance initiative, value for money, factor analysis, risk transfer |
| Index terms: | cost saving, public private partnership, agreements, effectiveness, factor analysis, procurement system, private sector, public services, efficiency, value-for-money, project procurement, private finance initiative, construction project, United Kingdom, project cost, survey |
| Subjects: | production management, Geography, evaluation, contractual arrangements, economics, performance management, administrative law, industry analysis, statistical analysis, data collection methods, contract formation |
| Topics: | Contract Administration, Cost Management, Business Strategy, Research Practice, Legal Issues, Quality Management, Value Management, Procurement, Project Management, Geographical Context |
| 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