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Acar, E and Göç, Y (2011) Prediction of risk perception by owners’ psychological traits in small building contractors. Construction Management and Economics, 29(08), 841–52.

Henjewele, C, Sun, M and Fewings, P (2011) Critical parameters influencing value for money variations in PFI projects in the healthcare and transport sectors. Construction Management and Economics, 29(08), 825–39.

  • Type: Journal Article
  • Keywords: criticality index; influential parameters; private finance initiative; uncertainty; value for money
  • ISBN/ISSN:
  • URL: http://www.tandfonline.com/doi/abs/10.1080/01446193.2011.592204
  • Abstract:
    Achieving good value for money (VFM) is the principal objective of any private finance initiative (PFI) project while sustaining it throughout the contract life is the greatest challenge. Empirical evidence is required to understand uncertainties surrounding VFM of PFI before finding effective ways to improve it. Variations in costs, time and client requirements are explored, between successive review stages of PFI projects from the strategic business case stage through to the operational phase. The magnitudes of these variations are established and critical parameters that influence them are identified. The research methods include a documentary analysis of the full business cases of five PFI projects and a questionnaire survey of 44 PFI projects from the healthcare and transport sectors in the UK. The findings reveal that the current VFM assessment of PFI projects is often carried out under conditions of considerable uncertainty with frequent changes in costs, timescales and client requirements. The list of critical parameters can help practitioners to identify priority areas and achieve a long-lasting VFM. The study broadens the understanding of whole life aspects of VFM of PFI projects and the interactivity of project parameters at different stages. Achieving good value for money (VFM) is the principal objective of any private finance initiative (PFI) project while sustaining it throughout the contract life is the greatest challenge. Empirical evidence is required to understand uncertainties surrounding VFM of PFI before finding effective ways to improve it. Variations in costs, time and client requirements are explored, between successive review stages of PFI projects from the strategic business case stage through to the operational phase. The magnitudes of these variations are established and critical parameters that influence them are identified. The research methods include a documentary analysis of the full business cases of five PFI projects and a questionnaire survey of 44 PFI projects from the healthcare and transport sectors in the UK. The findings reveal that the current VFM assessment of PFI projects is often carried out under conditions of considerable uncertainty with frequent changes in costs, timescales and client requirements. The list of critical parameters can help practitioners to identify priority areas and achieve a long-lasting VFM. The study broadens the understanding of whole life aspects of VFM of PFI projects and the interactivity of project parameters at different stages.

Hui, E C-M, Ng, I and Lau, O M-F (2011) Speculative bubbles in mass and luxury properties: an investigation of the Hong Kong residential market. Construction Management and Economics, 29(08), 781–93.

Iyer, K C and Sagheer, M (2011) A real options based traffic risk mitigation model for build-operate-transfer highway projects in India. Construction Management and Economics, 29(08), 771–9.

Tabish, S Z S and Jha, K N (2011) Identification and evaluation of success factors for public construction projects. Construction Management and Economics, 29(08), 809–23.

Tsolas, I E (2011) Modelling profitability and effectiveness of Greek-listed construction firms: an integrated DEA and ratio analysis. Construction Management and Economics, 29(08), 795–807.

Williams, C C, Nadin, S J and Windebank, J (2011) Undeclared work in the European construction industry: evidence from a 2007 Eurobarometer survey. Construction Management and Economics, 29(08), 853–67.