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Borgeson, S and Brager, G (2011) Comfort standards and variations in exceedance for mixed-mode buildings. Building Research & Information, 39(02), 33.
Cândido, C, Lamberts, R, de Dear, R, Bittencourt, L and de Vecchi, R (2011) Towards a Brazilian standard for naturally ventilated buildings: guidelines for thermal and air movement acceptability. Building Research & Information, 39(02), 145–53.
de Dear, R (2011) Revisiting an old hypothesis of human thermal perception: alliesthesia. Building Research & Information, 39(02), 108–17.
Guo, K, Zhang, L and Wang, T (2021) Concession period optimisation in complex projects under uncertainty: a public–private partnership perspective. Construction Management and Economics, 39(02), 156–72.
Le, P L, Jarroudi, I, Dao, T and Chaabane, A (2021) Integrated construction supply chain: an optimal decision-making model with third-party logistics partnership. Construction Management and Economics, 39(02), 133–55.
Moezzi, M and Goins, J (2011) Text mining for occupant perspectives on the physical workplace. Building Research & Information, 39(02), 169–82.
Scharpff, J, Schraven, D, Volker, L, Spaan, M T J and de Weerdt, M M (2021) Can multiple contractors self-regulate their joint service delivery? A serious gaming experiment on road maintenance planning. Construction Management and Economics, 39(02), 99–116.
Strengers, Y and Maller, C (2011) Integrating health, housing and energy policies: social practices of cooling. Building Research & Information, 39(02), 154–68.
Wang, R, Lu, W and Wei, Y (2021) Owners’ use of contract-based power in construction project transactions: restrictions from process specificity and uncertainty. Construction Management and Economics, 39(02), 117–32.
Zhang, H, Arens, E and Pasut, W (2011) Air temperature thresholds for indoor comfort and perceived air quality. Building Research & Information, 39(02), 134–44.
Zhang, J and Yuan, X (2021) Stochastic modelling of maintenance flexibility in Value for Money assessment of PPP road projects. Construction Management and Economics, 39(02), 173–91.
- Type: Journal Article
- Keywords: Public–private partnerships; flexibility; life-cycle cost; deterioration uncertainty; value for money;
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446193.2020.1855666
- Abstract:
Maintenance flexibility has been promoted as a value driver for long-term public–private partnerships (PPPs). However, the value and risk associated with this value driver have not been properly quantified in the Value for Money (VfM) assessment literature. To bridge the gap, a novel stochastic modelling methodology is proposed to characterize the complex interactions among the lifecycle cost (LCC), performance deterioration and maintenance strategies. Four different maintenance strategies are designed to emulate the practice in the traditional and PPP delivery methods. The LCC includes the direct maintenance cost, user cost, residual value, and payment deduction, the last three often being neglected in VfM assessments. Simulation-based optimization and dynamic programming analysis are used to determine the probability distributions of the LCC and the VfM. A hypothetical highway PPP project under an availability payment model is selected as a case study. The results show that maintenance flexibility is indeed able to reduce the LCC for the private party. However, this private efficiency, if not properly regulated, could cause a reduced asset residual value and an increased user cost, making the public party worse off. In addition, for all potential maintenance strategies, the public sector is found to retain significant lifecycle cost risk, largely in the form of user cost.