Uncertainties and the challenge of long-term value for money in the delivery of PFI projects
Henjewele, C., Sun, M. and Fewings, P. (2008) Uncertainties and the challenge of long-term value for money in the delivery of PFI projects. In: Dainty, A., ed. 24th Annual ARCOM Conference, UK Association of Researchers in Construction Management, Cardiff, UK, 1st - 3rd September, 2008., pp. 227-236
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PFI has successfully transformed the management of public sector construction projects by minimising construction risks and delivering projects with higher certainty in the price, cost, quality, and client satisfaction than is with the counterpart traditional approach. However, this has not entirely met the expectations of the procuring authorities or that of the government due to lack of consistency in achieving the desired and planned value for money. The analysis of case studies and official reports reveal that uncertainties in value for money (vfm) progress through all stages of the project life. The fluctuating vfm trend is mainly caused by turbulent market conditions, changing policies, and frequent shifts in the client requirements. Although clients have little control over external factors, a prudent management of the requirements and shorter appraisal and approval periods could potentially reduce the degree of uncertainties and improve long-term vfm.