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Political risk in light rail transit PPP projects

Smith, N.J. and Gannon, M. (2008) Political risk in light rail transit PPP projects. Management, Procurement and Law, 161 (MP4). pp. 179-185. ISSN 1751-4304

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Abstract

Since 2003 public-private partnerships (PPPs) have represented between 10 and 13.5% of the total investment in public services in the UK. The macro-economic and political benefits of PPPs were among the key drivers for central government's decision to promote this form of procurement to improve UK public services. Political support for a PPP project is critical and is frequently cited as the most important critical success factor. This paper investigates the significance of political support and reviews the treatment of political risk in a business case by the public sector project sponsor for major UK-based light rail transit PPP projects during their development stage. The investigation demonstrates that in the early project stages it is not traditional quantitative Monte Carlo risk analysis that is important; rather it is the identification and representation of political support within a business case together with an understanding of how this information is then used to inform critical project decisions.

Item Type: Article
Copyright, Publisher and Additional Information: Reproduced with permission from the publisher.
Keywords: public-private partnerships/railway systems/risk & probability analysis
Institution: The University of Leeds
Academic Units: The University of Leeds > Faculty of Engineering (Leeds) > School of Civil Engineering (Leeds)
Depositing User: Ms Caroline Wilson
Date Deposited: 10 Feb 2009 11:29
Last Modified: 04 Jun 2014 10:29
Published Version: http://dx.doi.org/10.1680/mpal.2008.161.4.179
Status: Published
Publisher: Institution of Civil Engineers / Thomas Telford
Refereed: Yes
Identification Number: 10.1680/mpal.2008.161.4.179
URI: http://eprints.whiterose.ac.uk/id/eprint/5380

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