• International conference on construction engineering and project management
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• 2007.03a
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• pp.729-738
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• 2007

The Public Private Partnership/Private Finance Initiative (PPP/PFI) schemes have made the private sector become a major participant involved in the development of infrastructure systems along with the government. Due to more integrated efforts among project participants and longer concession period, PPP/PFI projects are inherently more complex and risky. It is therefore very important to proactively manage the risks involved throughout the project life cycle. Conventional risk management strategies sometimes ignore managerial flexibility in the planning and execution process. This paper starts with a revised risk management framework which incorporates the real option concept. Following the presentation of the framework, a new risk classification is proposed which leads to different ways of structuring options in a project according to the stage of the project life cycle. Finally, the paper closes by discussing other issues concerning option modeling and negotiation.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.389-394
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• 2011

In many parts of the world, low cost housing used to be built and maintained by the governments, based on designs and detail specifications prepared by the public sector with construction carried out by contractors. Results vary due to differences in design standards, workmanship and property management, depending also on the neighbourhood's care of the estates and their pattern of usage. In the UK, where Private Finance Initiative (PFI) has been used for infrastructure projects, there have been successful cases of city estate being transformed by PFI. These PFI housing schemes involve new-build, refurbishment as well as facility management. Unlike traditional construction, which is based on prescriptive specifications, PFI housing is based on output specifications. A study has been undertaken to compare the two specification approaches as they are applied to housing estate. Results are enlightening and serve as good reference to cities such as Hong Kong SAR and Singapore, where public housing provisions have been a major concern of their citizens as the building stock gets older.

• Journal of Navigation and Port Research
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• v.44 no.5
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• pp.430-437
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• 2020

This paper analyzes the profitability of the Private Finance Initiative(PFI) ports and proposes the application plans of the R-project(Rehabilitate project) for old ports to attract and activate private investment in the port industry. The R-project of old ports can reduce the government's financial budget and provide improved facilities for users more quickly than the public sector comparator. Before suggesting the R-project for old ports, the profitability of the currently operating 11 companies of the PFI ports are analyzed using the four ratios of profitability, and the results show that all the companies indicate low profitability, except for the top three companies. To apply the R-project, the three types of R-project ports are categorized as maintaining the function of the port, changing the function of the port, and mixing the function of the port. Additionally, three obstacles and improvement measures are suggested; attracting private business, legal issues, and administrative procedures. This study is conducive to the policy making for the port renewal and the activating PFI for the port industry.

• Journal of the Korean Institute of Educational Facilities
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• v.13 no.3
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• pp.66-68
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• 2006

• Transportation Technology and Policy
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• v.8 no.2
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• pp.37-46
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• 2011

• Journal of Construction Engineering and Project Management
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• v.1 no.2
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• pp.43-48
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• 2011

In many parts of the world, low cost housing used to be built and maintained by the governments, based on designs and detail specifications prepared by the public sector with construction carried out by contractors. Results vary due to differences in design standards, workmanship and property management, depending also on the neighbourhood's care of the estates and their pattern of usage. In the UK, where Private Finance Initiative (PFI) has been used for infrastructure projects, there have been successful cases of city estate being transformed by PFI. These PFI housing schemes involve new-build, refurbishment as well as facility management. Unlike traditional construction, which is based on prescriptive specifications, PFI housing is based on output specifications. A study has been undertaken to compare the two specification approaches as they are applied to housing estate. Results are enlightening and serve as good reference to cities such as Hong Kong SAR and Singapore, where public housing provisions have been a major concern of their citizens as the building stock gets older.

• Korean Journal of Construction Engineering and Management
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• v.8 no.5
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• pp.92-100
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• 2007

PFI(Private Finance Initiative) Project is carried to expand infrastructure effectively through participation of private investment. From the year 2005, the range is expanded not only industrial infrastructure such as made road, harbors and so on but living infrastructure such as school facilities, environmental facilities. For this reason BTL(Build-Transfer-Lease) system is mainly used in new private finance initiative project but in existing private finance initiative project BTO(Build-Transfer-Operate) system was used. BTL system is operated to judge fitness of private investment and classified into quantitative VFM(Value for Money) and qualitative VFM. In this research the estimation item of qualitative VFM which is hard to deduce the effect is created and after surveying of questionnaire in target of experts, relative importance and weight is established with AHP(Analytic Hierarchy Process). By estimating efficiency and benefit of quantitative VFM and qualitative VFM aspect effectively it is expected to support a rational making decision for operating BTL.

• International conference on construction engineering and project management
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• 2017.10a
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• pp.153-158
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• 2017

Procurement system of public construction projects in Japan is changing with diversity in rapid pace. The quality assurance and risk management of construction projects should be more certain as the projects are turning into larger scale and more complexed. The clients in the public sector will want to make the relation of responsibility among the client, the designer (architects and engineers), and contractor clearer in terms of role and risk. Public-Private Partnership (PPP) is one of the methods for collaboration of the public sector and the private sector in public construction projects where the public utilizes the ability and suggestion of the private. Private Finance Initiative (PFI), Design-Build-Operate (DBO), market testing, designated manager system, outsourcing of tasks in local governments are well-known as examples of PPP in Japan. Indeed, there is an obvious trend that Design-Build (DB) is adopted in public construction projects in many countries including Japan. In this paper, the public construction projects in various procurement systems are surveyed and analyzed. They are not limited within the traditional procurement, Design-bid-Build, a separate order system of design and construction. Design-Build or PFI are adopted. In particular, contract by wide range including maintenance of equipment can be found. On the other hand, modification from originally typical PFI is taking place, such as concept design and project finance are removed from the roles and the tasks of the special purpose company (SPC) in PFI. Standard roles and tasks in a construction project are modeled in this paper.

• Korean Security Journal
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• no.34
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• pp.185-207
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• 2013

Nowadays, national criminal policy focuses on "specialization", "advancement", and "choice and concentration" to enhance the efficiency and effectiveness of public peace services. Consequently, the space that a nation manages diminishes and there appears vacant space of security. For that reason, in most developed countries including South Korea, there has been a significant expansion in the size and role of Private Security(PS). From this point of view, the Japanese government has adopted the PFI(Private Finance Initiative) system in private prisons. These cases clearly show the role and significance of "PS". By applying know-how of the private sector, these PFI prisons make efficient use of installation by the united efforts of government and people. Criteria such as solution for risk baring, regional coexistence, preservation of public security, response management and operating skills are considered important particularly in Kitsuregawa and Harima prisons. Thus, this study examines the implications and applicability for the expansion of PS in South Korea.

• Korean System Dynamics Review
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• v.12 no.4
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• pp.35-62
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• 2011

PFI(Private Finance Initiative) for suppling SOC and public facilities instead of Government Infrastructure Project introduced from 1994. BTO(Build-Transfer-Operate) project had been major type of PFI system from 1994 to 2005. But after changed the Law of PFI on SOC, the BTL project newly introduced. In BTO system, the Government retrieves the investment through the operating income, but in BTL system, the government lease the facilities. As the BTO and BTL projects are widely adopted and implemented to ease the fiscal burden of government, but it has caused the tremendous fiscal burden each year over the period operation. Therefore this study attempted to analyze the question, that is, why government fiscal burden tipping? Hence, this paper, compares the difference of business structure between BTO and BTL project and explore the vicious and virtuous business structure, with the method of circular causal loop analysis. As a result, it has shown that there are some positive feedback and negative feedback loops cause the tipping and easing of government fiscal burden.