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Akbiyikli, R and Eaton, D (2004) Risk management in PFI procurement: a holistic approach. In: Khosrowshahi, F (Ed.), Proceedings 20th Annual ARCOM Conference, 1-3 September 2004, Edinburgh, UK. Association of Researchers in Construction Management, Vol. 2, 1269–79.

  • Type: Conference Proceedings
  • Keywords: concession; contract; PFI; procurement; risk; systematic assessment; uncertainty
  • ISBN/ISSN: 0 9534161 9 4
  • URL: http://www.arcom.ac.uk/-docs/proceedings/ar2004-1269-1279_Akbiyikli_and_Eaton.pdf
  • Abstract:
    PFI is a public service delivery type of public-private partnership. The public sector PFI has been driven by a centrally adopted policy to transfer risk to the private sector. The scale and duration of PFI deals are significant, because it is the responsibility of the public sector to ensure that substantial amounts of taxpayers' money are not put at risk. Public and private sector bodies must exercise diligent care in the procurement process while negotiating contracts for PFI to ensure that project risks are fairly allocated between them. The construction industry in general has a poor reputation for managing risk and many projects fail to meet targeted schedules and cost. Systematic risk management allows an early detection of risks and encourages the PFI stakeholders to identify, analyze, quantify and respond to the risks and take measures to introduce risk reduction policies throughout the life of a PFI project. This paper will review systematic management of PFI risks and suggest that risks need to be identified and managed in all phases of the PFI procurement process.