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Chan, M-W (1997) The relationship between project funding and construction systems, Unpublished PhD Thesis, Department of Real Estate and Construction, University of Hong Kong.

  • Type: Thesis
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    In construction projects, funding has very often been considered to be isolated from construction systems by construction professionals. Yet there is evidence that project funding is vital to project success. This research treats funding as a sub-system of a project and examines the relationship between project funding and construction systems. The main focus of the research is to analyse the association or mismatch of the two systems. It also studies how such association or mismatch affects project funding performance and the effects of systems' synergy on project funding. The systems concept that has been successfully employed by researchers in studying project management and organization over the past decades is adopted throughout this study. A "combined case study and survey" research approach involving triangulation of quantitative and qualitative analyses was then used for the study. Three main hypotheses are tested in the research: i) There is a correlation of systems' objectives and risk perceptions between the construction and funding systems in construction projects; ii) There is a positive correlation between the extent of mismatch between the construction and funding systems and problems in project funding; iii) There is a negative correlation between the degree of synergy of the construction and funding systems and problems in project funding. It is concluded that construction and funding systems generally share common project objectives and risks perceptions. It is in cases where systems' mismatch exist or where synergy of the two systems are low that there are higher chances of project funding problems which may jeopardise the success of a project. The main implications of the research results to construction project management are that synergy of the funding and construction systems should be encouraged and explored and that mismatch of the two system should also be identified and resolved at the initial stages of projects. The study points to future areas of research in construction project funding.