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Akintoye, A, Beck, M, Hardcastle, C, Chinyio, E A and Asenova, D (2001) Risk identification practices under PFI environment. In: Akintoye, A (Ed.), Proceedings 17th Annual ARCOM Conference, 5-7 September 2001, Salford, UK. Association of Researchers in Construction Management, Vol. 1, 875–83.
- Type: Conference Proceedings
- Keywords: grounded theory; private finance initiative; risk identification
- ISBN/ISSN: 0 9534161 6 X
- URL: http://www.arcom.ac.uk/-docs/proceedings/ar2001-875-883_Akintoye_et_al.pdf
In an investigation that focused on best practice risk management, literature was reviewed on that subject and on 'Private Finance Initiative' (PFI) schemes. As a sequel a comprehensive instrument was developed for the investigation. A qualitative methodology was adopted in the conduct of the investigation where a grounded theory like approach was adopted. Forty-eight interviews with major PFI participants, based in England and Scotland, are discussed. These pertain to: Independent consultants (solicitors, actuary professionals, cost and management consultants); Public sector clients (Government departments/agencies, Local Authorities, etc); and, Private sector participants (financial firms, construction companies and service operators). The 'AtlasTi' software was utilized in analysing the data generated. Analysis showed the main risk identification techniques employed by the PFI participants to include the use of experience, checklists, site visits, brainstorming, workshops, case studies and intuition. A compatibility evaluation revealed that, all sectors rely primarily on experience for identifying their PFI project risks. The level of usage of the other main risk identification techniques seems to vary with the participants.