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Akintoye, A, Beck, M, Hardcastle, C, Chinyio, E A and Asenova, D (2000) Management of risks within the PFI project environment. In: Akintoye, A (Ed.), Proceedings 16th Annual ARCOM Conference, 6-8 September 2000, Glasgow, UK. Association of Researchers in Construction Management, Vol. 1, 261–70.
- Type: Conference Proceedings
- Keywords: risk; procurement; public private partnership; finance; grounded-theory; private finance initiative; risk management
- ISBN/ISSN: 0 9534161 4 3
- URL: http://www.arcom.ac.uk/-docs/proceedings/ar2000-261-270_Akintoye_et_al.pdf
In the autumn of 1999, Glasgow Caledonian University was awarded an EPSRC/ DETR grant to investigate an aspect of standardisation in PFI projects. This research, aims at developing a state-of-the-art framework for identifying, evaluating, reporting and managing risks in PFI schemes. Literature on risk assessment and management and PFI procurement has been, and is still being reviewed. The initial stage of this project involves an investigation of current best practice in risk assessment and management. Twenty three interviews have been conducted with PFI participants towards identifying contextual factors as well as management approaches, which have facilitated the successful implementation of PFI projects. Having chosen a 'grounded theory' approach, data acquisition is being conducted in discrete stages in conjunction with the analyses, with the outcome of each analysis being cumulatively brought to bear in subsequent data collection exercises. A preliminary analysis of our interviews indicate, that PFI participants tend to identify risks through 'experience' and the use of 'risk prompts'. Both qualitative and quantitative approaches are utilised in evaluating risks. Amongst the major PFI participants, insurance cover and sub-contracting appear to be the principal strategies employed for mitigating risks.