Incentive Mechanisms for Project Success

Bower, Denise; Ashby, G. W.; Gerald, K.; Smyk, W.

doi:10.1061/(asce)0742-597x(2002)18:1(37)

Cited by 121 publications

(106 citation statements)

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“…However, these publications refer to construction firms incentivizing their workers rather than clients incentivizing contractors. On the other hand, safety incentives were not found in any of the three case projects provided by Bower et al (2002). Similarly, Meng and Gallagher (2012) did not find any signs of safety incentives in almost all the surveyed projects.…”

Section: Incentivization For Different Project Objectivesmentioning

confidence: 88%

“…Financial incentives mean that outperformance must be paid through bonus, incentive fee or cost saving sharing. The basic principle of financial incentives is simply to take advantage of a contractor's general objective to maximize his profits by giving him the opportunity to make greater profits if he can perform the contract more efficiently and effectively (Bower et al 2002). Although most incentives may be financially based, not all incentives need financial rewards.…”

Section: Financial or Non-financial Incentivesmentioning

confidence: 99%

“…Both Herten and Peeters (1986) and Bower et al (2002) stated that an incentive mechanism can be established for time, cost, quality or safety performance. At the first step of incentivization in a project, the client should make clear which project objective needs to be incentivized.…”

Section: Incentivization For Different Project Objectivesmentioning

confidence: 99%

See 2 more Smart Citations

Robust Optimization for the Discrete Time-Cost Tradeoff Problem with Cost Uncertainty

Hazır

Haouari

Erel

2014

Handbook on Project Management and Scheduling Vol. 2

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This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher's location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein.Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com) PrefaceThis handbook is devoted to scientific approaches to the management and scheduling of projects. Due to their practical relevance, project management and scheduling have been important subjects of inquiry since the early days of Management Science and Operations Research and remain an active and vibrant field of study. The handbook is meant to provide an overview of some of the most active current areas of research. Each chapter has been written by well-recognized scholars, who have made original contributions to their topic. The handbook covers both theoretical concepts and a wide range of applications. For our general readers, we give a brief introduction to elements of project management and scheduling in the first chapter, where we also survey the contents of this book. We believe that the handbook will be a valuable and comprehensive reference to researchers and practitioners in project management and scheduling and hope that it might stimulate further research in this exciting and practically important field.Short-listing and selecting the contributions to this handbook and working with more than one hundred authors have been a challenging and rewarding experience for us. We are grateful to Günter Sch...

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Section: Incentivization For Different Project Objectivesmentioning

confidence: 88%

Section: Financial or Non-financial Incentivesmentioning

confidence: 99%

See 1 more Smart Citation

Robust Optimization for the Discrete Time-Cost Tradeoff Problem with Cost Uncertainty

Hazır

Haouari

Erel

2014

Handbook on Project Management and Scheduling Vol. 2

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“…The limitation of sample size also makes differentiating between the benefits of GMP and TCC separately difficult, even though GMP and TCC are somewhat different in terms of cost and time risk allocations. Some previous research studies on a similar topic, however, also pooled GMP and TCC together as cost incentive contracts for analysis (Arditi & Yasamis, 1998;Bower et al, 2002;, so the approach of analysis used in this study can be taken as justifiable and reasonable.…”

Section: The Profiles Of Survey Respondentsmentioning

confidence: 99%

“…Walker et al (2002) advocated that the gain-share/pain-share mechanism encourages a teamwork approach to creating innovative ideas in problem solving through the case study of the Australian National Museum. Bower et al (2002) opined that the GMP/TCC contracting approach can be effective in motivating contractors to achieve better value for money and project performance by linking their own financial objectives to the overall objectives of the project. The gain-share/pain-share mechanism generates a strong impetus for effective collaboration between the client and contractor in order to minimize the final out-turn cost of a project (Chevin, 1996;Sadler, 2004).…”

Section: Better Quality Controlmentioning

confidence: 99%

A Comparative Study of the Benefits of Applying Target Cost Contracts between South Australia and Hong Kong

Chan

Lam

Chan

et al. 2012

Project Management Journal

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This paper aims to identify and analyze the key benefits of adopting Guaranteed MaximumPrice and Target Cost Contracts (GMP/TCC) over and above the traditional lump-sum contractual arrangement through an empirical questionnaire survey conducted in South Australia and compared with the findings in Hong Kong. The Mann-Whitney U Test indicated differences in perception between the two groups of respondents on the majority of the identified benefits. The study has provided an in-depth understanding of the perceived benefits of the GMP/TCC scheme, hence leading to a wider application of those alternative integrated procurement strategies in both regions for reference by the construction community at large.

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References

2012

Strategic Issues in Public‐Private Partnerships

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Incentive Mechanisms for Project Success

Cited by 121 publications

References 1 publication

Robust Optimization for the Discrete Time-Cost Tradeoff Problem with Cost Uncertainty

Robust Optimization for the Discrete Time-Cost Tradeoff Problem with Cost Uncertainty

A Comparative Study of the Benefits of Applying Target Cost Contracts between South Australia and Hong Kong

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