2013 Awards for Excellence

Citation

(2014), "2013 Awards for Excellence", Journal of Financial Management of Property and Construction, Vol. 19 No. 1. https://doi.org/10.1108/JFMPC-04-2014-001

2013 Awards for Excellence

Article Type: 2013 Awards for Excellence From: Journal of Financial Management of Property and Construction, Volume 19, Issue 1

The following article was selected for this year’s Outstanding Paper Award for Journal of Financial Management of Property and Construction

"Analysis of factors affecting value for money in UK PFI projects"

Christian Henjewele, Ming Sun and Peter Fewings
Faculty of Environment and Technology, Construction and Property Research Centre, University of the West of England, Bristol, UK

Purpose – This paper aims to report findings from a study on factors that made value for money (VFM) in private finance initiative (PFI) projects vulnerable to variations. It seeks to identify the top influencing factors, rank them according to the relative strength of influence, and explore their interactivity.
Design/methodology/approach – The study uses a documentary review of full business cases of five PFI projects, published reports, and scholarly publications to identify the list of factors; and a questionnaire survey of 44 PFI projects in the UK to establish the ranking of importance.
Findings – The findings reveal that PFI projects are more strongly affected by client-driven internal factors than external factors. Internal factors, such as design change in the development phase, and requests for new works or services in the operational phase were also likely to act independently, while external factors, including conditions for approval, movement in construction costs and change in PFI guidelines, worked interactively.
Practical implications – The research findings add to the knowledge of priority factors that need to be addressed to enhance the achievement of long-term VFM in PFI projects.
Originality/value – The study is one of the few studies that have investigated VFM of PFI projects from a whole life cycle and dynamic perspective. It reveals not only a list of main influencing factors of project VFM, but also interrelationship between these factors.

Keywords: Private finance initiative, Private finance, Internal and external factors, Uncertainty management, Value for money

http://www.emeraldinsight.com/10.1108/JFMPC-04-2014-001

This article originally appeared in Volume 17 Number 1, 2012. Journal of Financial Management of Property and Construction

The following articles were selected for this year’s Highly Commended Award

“How much for cash? Tackling the cash-in-hand culture in the European property and construction sector”

Colin C. Williams, Sara Nadin and Jan Windebank

This article originally appeared in Volume 17 Number 2, 2012, Journal of Financial Management of Property and Construction

“The likelihood of subcontractor payment: downstream progression via the owner and contractor”

Hanh Tran and David G. Carmichael

This article originally appeared in Volume 17 Number 2, 2012, Journal of Financial Management of Property and Construction

Outstanding reviewers

Dr Fidelis Emuze
Central University of Technology, Free State, Bloemfontein, South Africa

Dr Michael McCord
University of Ulster, Newtownabbey, UK