PFI
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Recent papers in PFI
Sustainability in any business venture is a growing trend. Most business have incorporated sustainability in their activities due to the variety of benefits they accrue. Sustainability incorporates measures such as energy saving modes,... more
The 2014 update of this note is now available at http://bit.ly/LPS-5cc — The Last Planner System (LPS) manages the relationships, conversations and commitments that together enable program & production planning decisions to be made... more
This article presents results from the first statistically significant study of cost escalation in transportation infrastructure projects. Based on a sample of 258 transportation infrastructure projects worth US$90 billion and... more
Back cover text: Megaprojects and Risk provides the first detailed examination of the phenomenon of megaprojects. It is a fascinating account of how the promoters of multi-billion dollar megaprojects systematically and self-servingly... more
The article first describes characteristics of major infrastructure projects. Second, it documents a much neglected topic in economics: that ex ante estimates of costs and benefits are often very different from actual ex post costs and... more
As megaprojects have become ubiquitous, their real benefits and costs have come under increased scrutiny. We interviewed Bent Flyvbjerg, who has extensively studied megaproject development. Flyvbjerg has found systematic problems in the... more
The Supplementary Green Book Guidance on Optimism Bias (HM Treasury 2003) with reference to the Review of Large Public Procurement in the UK (Mott MacDonald 2002) notes that there is a demonstrated, systematic, tendency for project... more
"Over budget, over time, over and over again" appears to be an appropriate slogan for large, complex infrastructure projects. This article explains why cost, benefits, and time forecasts for such projects are systematically... more
This article presents results from the first statistically significant study of traffic forecasts in transportation infrastructure projects. The sample used is the largest of its kind, covering 210 projects in 14 nations worth U.S.$59... more
Do different types of megaprojects have different cost overruns? This apparently simple question is at the heart of research at the University of Oxford aimed at understanding the characteristics of megaprojects, particularly in terms of... more
As megaprojects have become ubiquitous, their real benefits and costs have come under increased scrutiny. We interviewed Bent Flyvbjerg, who has extensively studied megaproject development. Flyvbjerg has found systematic problems in the... more
The purpose of this paper is to examine the sustainability performance of an individual highway Private Finance Initiative (PFI) scheme in the UK, mainly to scrutinize its economic benefits at three levels: project, local and national.... more
Back cover text: This book aims to enlarge the understanding of decision-making on mega-projects and suggest recommendations for a more effective, efficient and democratic approach. Authors from different scientific disciplines address... more
This paper focuses on problems and their causes and cures in policy and planning for large infrastructure projects. First, it identifies as the main problem in major infrastructure development pervasive misinformation about the costs,... more
Risk, including economic risk, is increasingly a concern for public policy and management. The possibility of dealing effectively with risk is hampered, however, by lack of a sound empirical basis for risk assessment and management. This... more
Out-of-control information technology (IT) projects have ended the careers of top managers, such as EADS CEO Noël Forgeard and Levi Strauss’ CIO David Bergen. Moreover, IT projects have brought down whole companies, like Kmart in the US... more
This paper focuses on problems and their causes and cures in policy and planning for large-infrastructure projects. First, it identifies as the main problem in major infrastructure developments pervasive misinformation about the costs,... more
A major source of risk in project management is inaccurate forecasts of project costs, demand, and other impacts. The paper presents a promising new approach to mitigating such risk, based on theories of decision making under uncertainty... more
Dan Lovallo and Daniel Kahneman must be commended for their clear identification of causes and cures to the planning fallacy in “Delusions of Success: How Optimism Undermines Executives’ Decisions” (July 2003). Their look at overoptimism,... more
Results from the first statistically significant study of the causes of cost escalation in transport infrastructure projects are presented. The study is based on a sample of 258 rail, bridge, tunnel and road projects worth US$90 billion.... more
This paper explores how theories of the planning fallacy and the outside view may be used to conduct quality control and due diligence in project management. First, a much-neglected issue in project management is identified, namely that... more
Après vingt années d’expérimentation, la PFI fait l’objet des critiques les plus vives au Royaume-Uni. L’endettement considérable qui a accompagné le programme PFI suscite des réactions excessives, qui sont le résultat des défauts... more
This paper is concerned with some of the silences in New Labour‟s Five Year Strategy for education (DfES, 2004a). The focus is on four particular absences: federations of schools, the Private Finance Initiative (PFI), human capital, and... more
The United Kingdom is committed to cutting greenhouse gas emissions by 80 percent by 2050 as part of a strategy to mitigate climate change. As housing is responsible for approximately 26 percent of all UK carbon emissions, housing carbon... more
The use of Private Finance Initiative (PFI) as a way for Governments to deliver high quality and cost effective public services is developing rapidly throughout the world. However, there are still many issues and problems that need to be... more
Climate change is the greatest environmental threat facing the UK. In response the British Government has set a number of challenging targets to limit climate change through reducing greenhouse gas emissions such as Carbon Dioxide. As the... more