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Article
Publication date: 1 April 2005

Bing Li, A. Akintoye, P.J. Edwards and C. Hardcastle

The paper aims to report the findings of research into perceptions of what makes the Private Finance Initiative (PFI) attractive or unattractive as a procurement system for…

11104

Abstract

Purpose

The paper aims to report the findings of research into perceptions of what makes the Private Finance Initiative (PFI) attractive or unattractive as a procurement system for projects in the UK.

Design/methodology/approach

The research uses a postal survey questionnaire technique for primary data collection. Literature review is used to identify relevant factors, which are then incorporated into the design of the survey instrument. Survey response data is subjected to descriptive statistical analysis and subsequently to rotated factor analysis.

Findings

Public/private partnerships (PPP)/PFI project procurement is perceived as most attractive in terms of positive factors relating to better project technology and economy, greater public benefit, public sector avoidance of regulatory and financial constraints, and public sector saving in transaction costs. Negative aspects, relating to factors such as the inexperience of the participants, the over‐commercialisation of projects, and high participation cost and time, make PPP/PFI procurement less attractive.

Originality/value

The procurement of public facilities and services under arrangements involving partnerships between the public and private sectors is claimed to provide a wide variety of net benefits to the public sector and to the private sector participants. In the project development process, the parties have to make decisions based on suitable evaluation criteria. At the early stage of preparing a business case, a clear and common understanding of the positive and negative factors surrounding PPP/PFI procurement will provide a more informed basis for decision making.

Details

Engineering, Construction and Architectural Management, vol. 12 no. 2
Type: Research Article
ISSN: 0969-9988

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Article
Publication date: 1 March 2005

J.E. Tookey, P.A. Bowen, C. Hardcastle and Murray

The construction industry in the UK has been subject to frequent reports over recent years, all focusing on perceived inefficiencies within the industry and how processes can be…

444

Abstract

The construction industry in the UK has been subject to frequent reports over recent years, all focusing on perceived inefficiencies within the industry and how processes can be improved to deliver construction projects on time, and within cost and quality targets. Most notable of these reports have been Latham (1994) and Egan (1998), which contend that construction should come closer to manufacturing in design, development and supply chain practices to achieve ambitious improvement targets. The most frequently mentioned industries for such “benchmarking” are the aerospace and automotive industries. Concurrent Engineering (CE) appears to offer significant potential to the construction industry as a means to achieve these targets. This paper identifies key aspects of CE practice in aerospace manufacturers and, in the spirit of the Egan report, possibilities for their adoption in UK construction projects.

Details

Journal of Engineering, Design and Technology, vol. 3 no. 1
Type: Research Article
ISSN: 1726-0531

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Book part
Publication date: 10 November 2020

Suresh Mony and Narayani Ramachandran

The attraction of public private partnerships (PPPs) for governments is that the on-ground fructification of infrastructure projects is far higher than the traditional…

Abstract

The attraction of public private partnerships (PPPs) for governments is that the on-ground fructification of infrastructure projects is far higher than the traditional implementation route through public sector or departmental undertakings. Besides, time overruns are also considerably reduced. However, empirical evidence does not clearly establish that PPPs are cost efficient. This coupled with the risk intensity has impacted the long run flow of private capital to infrastructure PPPs and it therefore calls for a more scientific approach to management of profitability related risks. Appropriate management control systems (MCS) could be the answer, provided they can favorably impact profitability. Aggregating data from road, ports, airports, urban infrastructure, railways and power PPP ventures implemented in India, this chapter attempts to study the relationship between MCS and returns to sponsors through regression analysis. The study concludes that multiple MCS have a significant relationship with sponsors’ profitability.

Details

Financial Issues in Emerging Economies: Special Issue Including Selected Papers from II International Conference on Economics and Finance, 2019, Bengaluru, India
Type: Book
ISBN: 978-1-83867-960-6

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Article
Publication date: 1 February 2016

Titus Ebenezer Kwofie, Samuel Afram and Edward Botchway

The nature and characteristics of critical success factors (CSFs) that influence success on public private partnership (PPP) arrangements on different project typologies vary…

1537

Abstract

Purpose

The nature and characteristics of critical success factors (CSFs) that influence success on public private partnership (PPP) arrangements on different project typologies vary between countries and regions. Studies confirm the lack of success on PPP approach on public housing project (PHP). The main challenge to PPP-PHP success has been identifying, analysing, categorizing and matching CSFs that are likely to influence the PPP-PHP outcome. The purpose of this paper is to identify the CSFs that influence PPP-PHP delivery in Ghana. This is premised on the theoretical implications that understanding the factors that influence the success on PPP-PHP projects is critical.

Design/methodology/approach

By adopting a 16 CSFs from literature and using a questionnaire survey, the factors that are critical to success on PPP-PHP approach in Ghana were identified. The questionnaires were administered on participants that have been involved in PPP-PHPs in Ghana.

Findings

The results revealed six CSFs that are critical towards success on PPP-PHPs in Ghana. The results also do not show significant variability in the agreement by the public and private stakeholder.

Practical/implications

The findings present useful lessons for parties in PPP-PHPs in Ghana to focus their attention to engender the needed atmosphere towards successful delivery in Ghana in the formulation of policies, decision frameworks and delivery strategies.

Originality/value

The study presents a critical success model that is applicable to PPP-PHP delivery in Ghana and potentially to other developing countries with similar socio-economic, political and organizational characteristics especially in Sub-Saharan Africa. It also affirms the fact that CSFs are contextual to project typologies and that different project types will reveal CSFs with varying significance in ranking. The findings should help in the development of efficient frameworks and policies for successes on PPP-PHPs in Ghana.

Details

Built Environment Project and Asset Management, vol. 6 no. 1
Type: Research Article
ISSN: 2044-124X

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Book part
Publication date: 30 January 2025

Seyi S. Stephen, Ayodeji E. Oke, Clinton O. Aigbavboa, Opeoluwa I. Akinradewo, Pelumi E. Adetoro and Matthew Ikuabe

This chapter delved into the multifaceted landscape of construction partnering, exploring its key aspects, promotion factors, and associated challenges. It examined how partnering…

Abstract

This chapter delved into the multifaceted landscape of construction partnering, exploring its key aspects, promotion factors, and associated challenges. It examined how partnering principles are applied in various construction contexts, including stealth construction, where integration of advanced technologies and collaborative practices is pivotal. Moreover, it highlighted the significance of partnering in addressing crucial considerations such as environmental protection, health and safety, project delivery duration, aesthetics, and economy during and after the construction phase. Through collaborative efforts and shared responsibilities, construction partnering emerges as a cornerstone for achieving excellence and sustainability in the built environment.

Details

Stealth Construction: Integrating Practices for Resilience and Sustainability
Type: Book
ISBN: 978-1-83608-183-8

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Book part
Publication date: 8 November 2019

Peter Raisbeck

Abstract

Details

Architecture as a Global System: Scavengers, Tribes, Warlords and Megafirms
Type: Book
ISBN: 978-1-83867-655-1

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Article
Publication date: 1 September 2006

Marcus Jefferies

The purpose of this paper is to examine perceptions of Build‐Own‐Operate Transfer (BOOT) schemes in order to develop a framework of critical success factors (CSF).

5799

Abstract

Purpose

The purpose of this paper is to examine perceptions of Build‐Own‐Operate Transfer (BOOT) schemes in order to develop a framework of critical success factors (CSF).

Design/methodology/approach

Success factors are identified from relevant literature and a project specific CSF framework is produced with key issues discussed. Discussion focuses on a case study of a current Australian BOOT project, the Sydney SuperDome.

Findings

The SuperDome is proving to be an example of how both government and private industry is attempting to meet Australia's need for infrastructure in the new millennium. The project had a streamline finance process and project participants had an appetite for risk that exceeded the other tenderers. PPPs are now established as a worldwide means of developing public services with private sector finance and expertise.

Originality/value

The SuperDome model is setting the benchmark for Australian BOOT projects, acting as the framework for future PPPs initiated by the NSW Government.

Details

Engineering, Construction and Architectural Management, vol. 13 no. 5
Type: Research Article
ISSN: 0969-9988

Keywords

Available. Open Access. Open Access
Book part
Publication date: 4 June 2021

Elena Cama

In recent years, the use of dating and hook up apps has become an increasingly socially acceptable and commonly used method of seeking romantic and sexual partners. This has seen…

Abstract

In recent years, the use of dating and hook up apps has become an increasingly socially acceptable and commonly used method of seeking romantic and sexual partners. This has seen a corresponding rise in media and crime reports of sexual harms facilitated through these services, including sexual harassment, unsolicited sexual imagery, and sexual assault. Emerging empirical research shows that experiences of sexual harms in this context are common and predominantly impact women and girls. The aim of this chapter is to examine the sociocultural and sexual norms that underpin online dating and which perpetuate a “rape culture” within which sexual harms become both possible and normalized. This chapter also considers how the discourses that minimize and legitimize sexual harms are encoded within the responses undertaken by dating and hook up apps to sexual harms. It is argued that together these norms and discourses may act to facilitate and/or prevent sexual harms, and may normalize and excuse these harms when they occur.

Details

The Emerald International Handbook of Technology-Facilitated Violence and Abuse
Type: Book
ISBN: 978-1-83982-849-2

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Article
Publication date: 3 September 2019

Xiuqin Wang, Lanmin Shi, Bing Wang and Mengying Kan

The purpose of this paper is to provide a method that can better evaluate the credit risk (CR) under PPP project finance.

857

Abstract

Purpose

The purpose of this paper is to provide a method that can better evaluate the credit risk (CR) under PPP project finance.

Design/methodology/approach

The principle to evaluate the CR of PPP projects is to calculate three critical indicators: the default probability (DP), the recovery rate (RR) and the exposure at default (EAD). The RR is determined by qualitative analysis according to Standard & Poor’s Recovery Scale, and the EAD is estimated by NPV analysis. The estimation of the DP is the focus of CR assessment because the future cash flow is not certain, and there are no trading records and market data that can be used to evaluate the credit condition of PPP projects before financial close. The modified CreditMetrics model and Monte Carlo simulation are applied to evaluate the DP, and the application is illustrated by a PPP project finance case.

Findings

First, the proposed method can evaluate the influence of the project’s cash flow uncertainty on the potential loss of the bank. Second, instead of outputting a certain default loss value, the method can derive an interval of the potential loss for the bank. Third, the method can effectively analyze how different repayment schedules and risk preference of banks influence the evaluating result.

Originality/value

The proposed method offers an approach for the bank to value the CR under PPP project finance. The method took into consideration of the uncertainty and other characteristics of PPP project finance, adopted and improved the CreditMetrics model, and provided a possible loss range under different project cash flow volatilities through interval estimation under certain confident level. In addition, the bank’s risk preference is considered in the CR evaluating method proposed in this study where the bank’s risk preference is first investigated in the CR evaluating process of PPP project finance.

Details

Engineering, Construction and Architectural Management, vol. 27 no. 2
Type: Research Article
ISSN: 0969-9988

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Book part
Publication date: 29 July 2019

Valentina N. Parakhina, Galina V. Vorontsova, Oksana N. Momotova, Olga A. Boris and Rustam M. Ustaev

This chapter studies the importance of implementation of innovational projects of technological growth through public–private partnership (PPP). The authors determine the…

Abstract

This chapter studies the importance of implementation of innovational projects of technological growth through public–private partnership (PPP). The authors determine the probability of implementing a project of PPP depending on distribution of risks between its participants. Usage of the mechanism of PPP allows optimizing possible risks during implementation of innovational activities, attracting large business for creation and implementation of new technologies, and forming sustainable ties between R&D departments and business structures. The types of risks in the projects of PPP are given, as well as tendencies of their emergence depending on the stage of implementation of the innovational project, including the following: formation of policy on development of PPP; preparatory, implementary, commercialization of the results of joint activities; and monitoring and control over execution of the project. The algorithm of the system of risk management in innovational projects of technological growth on the platform of PPP is presented. The methods of overcoming the risks that appear during implementation of an innovational project of technological growth within PPP are given. A special attention should be paid to the fourth (distribution of risks) and fifth (reduction of risks) stages. During implementation of innovational projects with application of a business model of PPP, the risks are dealt with by the participant who can manage them better. Reduction of risks is achieved better if several strategies are used – for decreasing the influence of the risk on the innovational project (strategies of risk evasion, acceptance of the risk situation, compensation, transfer, and reduction).

Details

Tech, Smart Cities, and Regional Development in Contemporary Russia
Type: Book
ISBN: 978-1-78973-881-0

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