Article2009

Enhancing value for money in public private partnership projects

Esther Cheung · Albert P.C. Chan · Stephen L. Kajewski

60 citations0/0 files storedJournal of Financial Management of Property and Construction

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Public-Private Partnership Projects Construction Project Management and Performance Capital Investment and Risk Analysis

Abstract

Purpose The purpose of this paper is to study the measures that enhance value for money (VFM) in public private partnership (PPP) projects from the findings achieved in a questionnaire survey. The questionnaire survey was conducted in Hong Kong (also known as the Hong Kong Special Administrative Region) and Australia, and is compared to the results conducted by other researchers in the UK. Design/methodology/approach Respondents to the questionnaire were asked to rate 18 VFM measures in PPP projects. Findings The results found that the top five VFM measures ranked by the respondents from Hong Kong included: efficient risk allocation (allocating the risk to the party best able to manage it); output‐based specification; competitive tender; private management skill; and private sector technical innovation. The first and second of these VFM measures were also found to be ranked high by the respondents from Australia and the UK, indicating that these were true for these jurisdictions. Practical implications When the risks are handled well, less pitfalls are experienced and as a result VFM is more achievable. Hence, an efficient risk allocation is vital in determining whether VFM can be achieved in PPP projects. A clear output‐based specification can enable a more obvious project design and concept hence minimizing the possibility of delivering the wrong product for the user. Therefore, this measure is also important in determining whether VFM has been achieved for a PPP venture. Despite the interest in PPP, there is need for more systematic and in‐depth research to examine the measures that enhance VFM in PPP projects in Hong Kong. Originality/value In addition, this project also forms a comparative study for the use of PPP in Hong Kong, Australia and the UK.

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References

2004Critical Success Factors for Public–Private Partnerships in Infrastructure Development 2004Public Private Partnerships: The Worldwide Revolution In Infrastructure Provision And Project Finance 2004Public Private Partnerships 2002Critical success factors of the BOOT procurement system: reflections from the Stadium Australia case study 2005Financing Public Infrastructure: Darrin Grimsey and Mervyn K Lewis, Public Private Partnerships: The Worldwide Revolution in Infrastructure Provision and Private Finance, Edward Elgar, Cheltenham, 2004 2005Perceptions of positive and negative factors influencing the attractiveness of PPP/PFI procurement for construction projects in the UK 1996An evaluation of construction time performance in the building industry 2001Framework for Critical Success Factors of BOT Projects in China

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2018Evaluating issues and outcomes associated with public–private partnership housing project delivery: Tanzanian practitioners’ preliminary observations 2020Exploring the impact of stakeholder management strategies on managing issues in PPP projects 2015Data Review of Transportation Infrastructure Public–Private Partnership: A Meta-Analysis 2017

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