A canvas model for risk assessment and performance estimation in public–private partnerships

Kuru, Kadir; Artan, Deniz

doi:10.1080/15623599.2020.1763898

Cited by 17 publications

(13 citation statements)

References 58 publications

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“…The aim of the policies is to avoid financial instability, shortage of funds and loss of huge investments in public projects (Aldrete et al , 2012). For instance, stable macroeconomic policies provide an avenue for increased private investment in public projects and reduce the expected overall project costs by 8–20% (Kuru and Artan, 2020). A stable economy triggers little or no fluctuations in interest charges in contracted project loan facilities and inflation of prices which increases the chances of the success of the projects (Phibbs, 2008).…”

Section: Resultsmentioning

confidence: 99%

“…Lax regulatory framework on the contract arrangements of the projects can create potential project failure . It came to light that countries at the developing 2,3,5,6,8,12,13,14,15,16,17,18,19,20,22,23,24,26,27,28,29,30,31,33,34,35,36,38,41,43,44,45,46,47,48,49,50,52,55, 56 Available, adequate and mature financial market PL2 2,5,6,8,12,13,14,15,16,17,18,19,20,21,...…”

Section: Public-private Partnership Projectsmentioning

confidence: 99%

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Critical managerial measures on financial risks of sustainable public–private partnership projects: a PRISMA review

Akomea-Frimpong

Jin

Osei‐Kyei

et al. 2023

JFMPC

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Purpose Public–private partnership (PPP), a project financing arrangement between private investors and the public sector, has revolutionized the approach to the funding and development of public infrastructure worldwide. However, the increasing cases of financial risks and poor financial risk management related to the model threaten the sustainability and financial success of PPP projects leading to huge financial investment losses. This study aims to review existing literature to establish the key measures to control the financial risks of sustainable PPP projects. Design/methodology/approach A PRISMA-compliant systematic literature review method was used in this study. Data were sourced from academic databases consisting of 56 impactful peer-reviewed journal articles. Findings The review outcomes demonstrate 41 critical factors (measures) in mitigating the financial risks of sustainable PPP projects. They include minimum revenue guarantee, strategic alliance with private investors, financial transparency and accountability and sound macroeconomic policies. The principal results of the study were categorized and conceptualized into a financial risk management maturity model for sustainable PPP projects. Lastly, the study reveals that further studies and project policies must focus more on addressing financial challenges relating to climate risks, and health and safety concerns such as COVID-19 outbreak that have negative impacts on PPP projects. Research limitations/implications The results provide essential research gaps and directions for future studies on measures to mitigate the financial risks of sustainable PPP projects. However, this study used small but significant existing publications. Practical implications A checklist and a conceptual maturity model are provided in this study to help practitioners to learn and improve upon their practices to mitigate the financial risks of sustainable PPP projects. Originality/value This study contributes to managerial measures to reduce huge losses in financial investments of PPP projects and the attainment of sustainability in public infrastructure projects with a financial risk maturity model.

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Section: Resultsmentioning

confidence: 99%

Section: Public-private Partnership Projectsmentioning

confidence: 99%

Critical managerial measures on financial risks of sustainable public–private partnership projects: a PRISMA review

Akomea-Frimpong

Jin

Osei‐Kyei

et al. 2023

JFMPC

View full text Add to dashboard Cite

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“…In the last step, face-to-face interviews were conducted with 15 senior managers working in the Turkish real estate and construction sector to validate the factors identified as a result of the comprehensive literature review. Validation of the literature review results by expert interviews is an established method in similar studies tackling the identification of factors in various fields of construction management [7,8]. All of the participants in the study were selected from experienced experts with more than 10 years of experience in the real estate sector and have taken an active role in the development processes of multiple real estate projects.…”

Section: Methodsmentioning

confidence: 99%

Profit factors in real estate projects: A comparison of academic studies and expert opinions

Fazilet

Artan

2022

IOP Conf. Ser.: Earth Environ. Sci.

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Primary goal of private real estate investment projects (REIPs) is to make profit. Therefore, REIP profitability is a critical performance indicator. This study identifies and compares the determinants of profit in REIPs in the academic literature and the industry. Firstly, 191 profitability factors are identified and categorized by an in-depth review of the literature over the period of 2000-2019 in the selected databases and journals on construction, real estate and economics. Secondly, a final set of 66 factors from the literature are constructed based on the frequency analysis and using the normative refinement technique. Finally, face to face interviews are conducted with 15 senior managers working in the Turkish real estate and construction sector to validate the factors identified with the comprehensive literature review. Consequently, 96 REIP profit factors were obtained from the industry. The comparative analysis of the literature review and expert opinions shows that beside the prevalent similarities, experts focus more on design related factors, previous project records, value engineering, testing and commissioning, and the work environment. The benefits of this study are twofold: (i) helping professionals to understand the factors required to control profitability in REIPs, (ii) providing an extensive list of profitability factors for future researchers.

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“…For example, Wu et al (2018) proposed a threedimensional risk assessment model that involves probability, losses, and uncontrollability. Kuru and Artan (2020) proposed a canvas model to perform risk assessment and performance evaluation in PPP projects where they prioritized the PPP risk factors by using Analytic Hierarchy Process (AHP). Tah and Carr (2000) developed a model for qualitative risk assessment by using a hierarchical risk breakdown structure.…”

Section: Literature Reviewmentioning

confidence: 99%

An Analytic Network Process Based Risk Assessment Model for PPP Hydropower Investments

Akcay

2021

Journal of Civil Engineering and Management

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The number of public-private partnership (PPP) projects has gone up especially in developing countries. The risk assessment of PPP projects is essential in ensuring project success. The objective of this study is to develop an Analytic Network Process (ANP) based risk assessment model for hydropower investments, and a tool to facilitate quantification of risk ratings based on this model. The results show that the three most important risk factors that affect the overall risk rating of a PPP hydropower investment are legal risks, contractor/subcontractor risks, and operator risks. In addition, the three most important risk clusters were identified as stakeholders, government requirements, and resources, whereas market was the least important cluster. The tool that measures the risk rating of a PPP of hydropower project was tested on ten real cases, and satisfactory results were obtained in terms of its predictive capability. The contributions of this research include (1) identification of the risk factors and clusters of factors associated with PPP hydropower investments; (2) determination of the priority of each risk factor and cluster; (3) development a tool that guides the investors through the risk assessment of PPP hydropower investments.

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A canvas model for risk assessment and performance estimation in public–private partnerships

Cited by 17 publications

References 58 publications

Critical managerial measures on financial risks of sustainable public–private partnership projects: a PRISMA review

Critical managerial measures on financial risks of sustainable public–private partnership projects: a PRISMA review

Profit factors in real estate projects: A comparison of academic studies and expert opinions

An Analytic Network Process Based Risk Assessment Model for PPP Hydropower Investments

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