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Exploring potential success factors for procurement of privately financed infrastructure
conference contribution
posted on 2011-01-01, 00:00 authored by Xiaohua Jin, Chunlu LiuChunlu Liu, J Zuo, G ZhangAustralia 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.
History
Event
Construction Engineering and Project Management. Conference (4th : 2011 : Sydney, N. S. W.)Pagination
1 - 10Publisher
[ICCEPM]Location
Sydney, NSWPlace of publication
Sydney, N.S.W.Start date
2011-02-16End date
2011-02-18Language
engPublication classification
E1 Full written paper - refereedCopyright notice
2011, ICCEPM-2011Editor/Contributor(s)
S Han, S Davis, X Wang, J Kim, D CarmichaelTitle of proceedings
ICCEPM 2011 : 4th International Conference on Construction Engineering and Project ManagementUsage metrics
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