Model for Management of Whole Life Cycle Risk Uncertainty in the PFI
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Description
Good risk management is central to the success of the Private Finance Initiative (PFI). It aims at identifying all the risks involved in a PFI project, calculating the financial consequences, establishing mitigation procedures, and allocating those risks to the parties best able to manage them. Based on empirical data, the authors have developed a dynamic model of whole-life-cycle risk uncertainty for PFI projects. This model is both an assessment and a management tool for PFI risks. It presents a clear picture of how uncertainty progresses throughout the whole life cycle, and is comprehensive so as to avoid the wishful-thinking attitude that might prevent the adoption of correct risk-management measures. The whole life cycle model of risk uncertainty can be quantified and used to classify projects according to their degree of uncertainty and maturity. It is innovative as it recognizes that uncertainty is dependent on both the particular risk and on the period of the project’s life cycle. This model is also a powerful tool for structuring strategic decisions.
Impact and interest:
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ID Code: | 8080 |
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Item Type: | Contribution to Journal (Journal Article) |
Refereed: | Yes |
Measurements or Duration: | 12 pages |
DOI: | 10.3905/jsf.2001.320237 |
ISSN: | 1551-9783 |
Pure ID: | 34023621 |
Divisions: | Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering |
Copyright Owner: | Consult author(s) regarding copyright matters |
Copyright Statement: | This work is covered by copyright. Unless the document is being made available under a Creative Commons Licence, you must assume that re-use is limited to personal use and that permission from the copyright owner must be obtained for all other uses. If the document is available under a Creative Commons License (or other specified license) then refer to the Licence for details of permitted re-use. It is a condition of access that users recognise and abide by the legal requirements associated with these rights. If you believe that this work infringes copyright please provide details by email to qut.copyright@qut.edu.au |
Deposited On: | 07 Jun 2007 00:00 |
Last Modified: | 03 Mar 2024 06:11 |
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