Exploring potential success factors for procurement of privately financed infrastructure

Jin, Xiao-Hua, Liu, Chunlu, Zuo, Jian and Zhang, Guomin 2011, Exploring potential success factors for procurement of privately financed infrastructure, in ICCEPM 2011 : 4th International Conference on Construction Engineering and Project Management, [ICCEPM], Sydney, N.S.W., pp. 1-10.

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Title Exploring potential success factors for procurement of privately financed infrastructure
Author(s) Jin, Xiao-Hua
Liu, Chunlu
Zuo, Jian
Zhang, Guomin
Conference name Construction Engineering and Project Management. Conference (4th : 2011 : Sydney, N. S. W.)
Conference location Sydney, NSW
Conference dates 16 –18 Feb. 2011
Title of proceedings ICCEPM 2011 : 4th International Conference on Construction Engineering and Project Management
Editor(s) Han, Sangwon
Davis, Steven
Wang, Xiangyu
Kim, Jinu
Carmichael, David
Publication date 2011
Conference series Construction Engineering and Project Management. Conference
Start page 1
End page 10
Total pages 10
Publisher [ICCEPM]
Place of publication Sydney, N.S.W.
Keyword(s) success factors
public-private partnership
infrastructure procurement
transaction cost economics
Summary Australia has joined many governments to adopt public-private partnership (PPP) as a major strategy for procuring infrastructure for decades. However, failures have occurred although the market has been considered to be a mature and sophisticated one. Failures have typically been traced back to inappropriate economic evaluation and a lack of value-for-money. In particular, a literature review has identified that there was no holistic consideration on the evaluation of procurement transactions of PPP projects. The transaction costs of PPPs were not handled properly. In this paper, theories of transaction cost economics are proposed for the purpose of such a holistic institutional economic evaluation. These theories are analysed in order to identify potential critical success factors for a strategic infrastructure procurement framework. The potential critical success factors are identified and grouped into a number of categories that match the theories of transaction cost economics. These categories include (1) Asset Specificity, (2) Organizational Capability, (3) Transaction Frequency, (4) Behavioural Uncertainty, and (5) Environmental Uncertainty. These potential critical success factors may be subject to an empirical test in the future. The proposed framework will offer decision makers with an insight into project life cycle economic outcomes needed to successfully deliver PPPs.
Language eng
Field of Research 120201 Building Construction Management and Project Planning
Socio Economic Objective 910402 Management
HERDC Research category E1 Full written paper - refereed
Copyright notice ©2011, ICCEPM-2011
Persistent URL http://hdl.handle.net/10536/DRO/DU:30045631

Document type: Conference Paper
Collection: School of Architecture and Built Environment
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