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Public private partnerships, reevaluating value for money

Eadie, Robert, Millar, Phillip and Toner, Luke (2013) Public private partnerships, reevaluating value for money. International Journal of Procurement Management, 6 (2). pp. 152-169. [Journal article]

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URL: http://www.inderscience.com/jhome.php?jcode=ijpm#issue

DOI: 10.1504/IJPM.2013.052467

Abstract

Recession imposes significant pressures on resources, efficiency and effectiveness requiring inevitably, a detailed consideration of what constitutes the current understanding of value for money (VFM). Although a frequently quoted term, the literature indicates the historical development and understanding of VFM within the public private partnering (PPP) context is ambiguous, offering competing understandings. Against this background the study presents, analyses and evaluates quantitative and qualitative data obtained from 50 companies that participated in a web-based survey. Its purpose determined if contractors considered the PPP process constituted VFM. Practitioners’ responses resolved ambiguities around VFM and established which literature confirms the best current understanding. Factors essential to achieving and measuring VFM are considered in detail and clarified including a series of key performance indicators (KPI) listed by Kagioglou et al. (2001). These are shown to perform differently for PPP projects. Conclusions confirm that in recession, practitioners still consider the PPP process constitutes VFM.

Item Type:Journal article
Keywords:value for money; VFM; public private partnering; PPP; private finance initiative; key performance indicators; KPI; finance; pricing accuracy.
Faculties and Schools:Faculty of Art, Design and the Built Environment
Faculty of Art, Design and the Built Environment > School of the Built Environment
Research Institutes and Groups:Built Environment Research Institute
Built Environment Research Institute > Studies Allied to Built Environment Research (SABER)
ID Code:24687
Deposited By: Dr Robert Eadie
Deposited On:30 Jan 2013 14:14
Last Modified:09 Dec 2015 11:10

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