Details of Grant 

EPSRC Reference:	GR/M86408/01
Title:	STANDARDISED FRAMEWORK FOR RISK ASSESSMENT & MANAGEMENT OF PRIVATE FINANCE INITIATIVE PROJECTS
Principal Investigator:	Akintoye, Professor A
Other Investigators:	Hardcastle, Professor C Beck, Professor M
Researcher Co-Investigators:
Project Partners:	AMEC Bank of Scotland Centre for Built Environment Morrison Construction GRP plc Public Private Partnerships Tarmac
Department:	Sch of Engineering & Built Environment
Organisation:	Glasgow Caledonian University
Scheme:	LINK
Starts:	15 December 1999	Ends:	14 December 2001	Value (£):	140,501
EPSRC Research Topic Classifications:	Construction Ops & Management
EPSRC Industrial Sector Classifications:	Construction Financial Services
Related Grants:
Panel History:
Summary on Grant Application Form
The proposal seeks to establish a standard framework for assessment and management of risk associated with the Private Finance Initiative projects within the context of Best Value. Two fundamental requirements of PFI schemes are that the public sector must secure value for money (vfm) and the private sector must genuinely assume responsibility for risk. In essence, optimum risk allocation (through a combination of risk sharing and risk transfer) is required to achieve (vfm). The operation of PFI attributes, therefore, place additional responsibiliti8es for risk management to both the construction sector and the public sector clients' groups, which go beyond the risks relevant to project design and construction. The intention is the thorough empirical research involving a combination of case study materials and interview analyses; involving clients group, PFI operators, construction contractors, and financial institutions best practices will be identified leading to the development of a standardised PFI risk assessment and management framework. Review of literature and analysis of PFI practices within a client's group (local authorities) documented in the research undertaken by the authors for the RICS shows that both clients' groups and private sector are yearning for such framework which should provide a catalyst for effective privately financed projects.
Key Findings
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Potential use in non-academic contexts
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Further Information:
Organisation Website:	http://www.gcal.ac.uk