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Wolverhampton Intellectual Repository and E-Theses > School of Technology > School of Engineering and the Built Environment > Construction and Infrastructure > Achieving Best Value in Private Finance Initiative Project Procurement

Please use this identifier to cite or link to this item: http://hdl.handle.net/2436/28874
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Title: Achieving Best Value in Private Finance Initiative Project Procurement
Authors: Akintoye, Akintola
Hardcastle, Cliff
Beck, Matthias
Chinyio, Ezekiel A.
Asenova, Darinka
Citation: Construction Management and Economics, 21(5): 461-470
Publisher: Routledge (Taylor & Francis)
Journal: Construction Management and Economics
Issue Date: 2003
URI: http://hdl.handle.net/2436/28874
DOI: 10.1080/0144619032000087285
Additional Links: http://www.ingentaconnect.com/content/routledg/rcme/2003/00000021/00000005/art00003
http://direct.bl.uk/bld/PlaceOrder.do?UIN=134753449&ETOC=RN&from=searchengine
Abstract: The wherewithal of achieving best value in private finance initiative (PFI) projects and the associated problems therein are documented. In the UK, PFI has offered a solution to the problem of securing necessary investment at a time of severe public expenditure restraint. In PFI schemes, the public sector clients must secure value for money, while the private sector service providers must genuinely assume responsibility for project risks. A broad-based investigation into PFI risk management informs the discussion in this paper. It is based on 68 interviews with PFI participants and a case study of eight PFI projects. The research participants comprised of contractors, financial institutions, public sector clients, consultants and facilities management organizations. The qualitative software Atlas.ti was used to analyse the textual data generated. The analysis showed that the achievement of best value requirements through PFI should hinge on: detailed risk analysis and appropriate risk allocation, drive for faster project completion, curtailment in project cost escalation, encouragement of innovation in project development, and maintenance cost being adequately accounted for. Factors that continue to challenge the achievement of best value are: high cost of the PFI procurement process, lengthy and complex negotiations, difficulty in specifying the quality of service, pricing of facility management services, potential conflicts of interests among those involved in the procurement, and the public sector clients' inability to manage consultants. (Routledge)
Type: Article
Language: en
Keywords: Best Value
Risk management
Private Finance Initiative
PFI
Risk analysis
UK
Outsourcing
Construction procurement
Public sector
ISSN: 01446193
1466433X
Appears in Collections: Construction and Infrastructure

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