Abstracts – Browse Results
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Burke, R D, Parrish, K and El Asmar, M (2018) Environmental Product Declarations: Use in the Architectural and Engineering Design Process to Support Sustainable Construction. Journal of Construction Engineering and Management, 144(05).
Delgado, L, Shealy, T, Garvin, M and Pearce, A (2018) Framing Energy Efficiency with Payback Period: Empirical Study to Increase Energy Consideration during Facility Procurement Processes. Journal of Construction Engineering and Management, 144(05).
Doloi, H (2018) Community-Centric Model for Evaluating Social Value in Projects. Journal of Construction Engineering and Management, 144(05).
El-Sabek, L M and McCabe, B Y (2018) Framework for Managing Integration Challenges of Last Planner System in IMPs. Journal of Construction Engineering and Management, 144(05).
Farshchian, M M and Heravi, G (2018) Probabilistic Assessment of Cost, Time, and Revenue in a Portfolio of Projects Using Stochastic Agent-Based Simulation. Journal of Construction Engineering and Management, 144(05).
Liang, Q, Leung, M and Cooper, C (2018) Focus Group Study to Explore Critical Factors for Managing Stress of Construction Workers. Journal of Construction Engineering and Management, 144(05).
Lines, B C and Ravi Kumar, G G (2018) Developing More Competitive Proposals: Relationship between Contractor Qualifications-Based Proposal Content and Owner Evaluation Scores. Journal of Construction Engineering and Management, 144(05).
Mahpour, A and Mortaheb, M M (2018) Financial-Based Incentive Plan to Reduce Construction Waste. Journal of Construction Engineering and Management, 144(05).
Nguyen, D A, Garvin, M J and Gonzalez, E E (2018) Risk Allocation in U.S. Public-Private Partnership Highway Project Contracts. Journal of Construction Engineering and Management, 144(05).
- Type: Journal Article
- Keywords: Public-private partnerships; Contract; Risks; Risk allocation; Highways; Content analysis;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0001465
- Abstract:
Risk is often discussed in connection with public-private partnerships (P3s), and risk allocation is likely a determinant of P3 success or failure. Despite being central to the delineation and allocation of risks, contracts have not been used directly to examine risks in P3s, particularly in the United States. Employing a systematic content analysis framework, the allocation of 31 risks in 21 U.S. highway P3 contracts was determined. These contracts represent the entire population of U.S. highway P3 projects from 2004 through first quarter of 2016 with the exception of one project whose contract was not made available. The results were internally validated through interrater testing and externally validated using bond offering statements. Hence, the investigation is unique in its approach and comprehensive scope. The allocation results demonstrate that some risks were retained by the public sector, but the majority of the 31 risks were either transferred to the private sector or shared. The former outcome is not unexpected because risk transfer is generally viewed as fundamental to the P3 value proposition; however, the prevalence of sharing in the United States market is greater than that conveyed in the literature examining risk allocation in other large markets such as Australia and the United Kingdom. Risk sharing arrangements uncovered ranged from deductible schemes to event mechanisms with the latter employed quite frequently; hence, contract designers rely on ex post remedies to address risks once an event, such as a change in law, occurs. Parametric analysis did not reveal any dominant trends in risk allocation, but examination by the most active jurisdictions (Florida, Texas, and Virginia) and source of risk (exogenous versus endogenous) illustrated that project context influences risk allocation. While some consistency was found in the treatment of the 31 risks, the variation in allocation is further evidence that project-specific factors and environments will continue to challenge efforts to create uniformity in P3 contractual provisions. Additionally, with the U.S. P3 market still evolving, the results provide practitioners implementing P3s or considering their implementation a comprehensive overview of risk allocation practices and contractual language across a variety of project characteristics. Consequently, the results can inform practitioner decisions regarding risk allocation and contract design.
Rocha, C G d, Anzanello, M J and Gerchman, M (2018) Method to Assess the Match between Clients’ Input and Decoupling Points in Customized Building Projects. Journal of Construction Engineering and Management, 144(05).
Schuldt, S and El-Rayes, K (2018) Optimizing the Planning of Remote Construction Sites to Minimize Facility Destruction from Explosive Attacks. Journal of Construction Engineering and Management, 144(05).
Tembo-Silungwe, C K and Khatleli, N (2018) Identification of Enablers and Constraints of Risk Allocation Using Structuration Theory in the Construction Industry. Journal of Construction Engineering and Management, 144(05).
Yap, J B H, Abdul-Rahman, H and Wang, C (2018) Preventive Mitigation of Overruns with Project Communication Management and Continuous Learning: PLS-SEM Approach. Journal of Construction Engineering and Management, 144(05).
Zhang, M, Cheng, W and Wang, Y (2018) Multiple-Fault Classification for Hot-Mix Asphalt Production by Machine Learning. Journal of Construction Engineering and Management, 144(05).