• International conference on construction engineering and project management
• /
• 2022.06a
• /
• pp.83-90
• /
• 2022

Public-private partnerships (PPP) projects are becoming popular in both developed and developing countries due to their ability to access new financing sources and transfer certain project risks to the private sector. PPP has been an active research area where the concept of Critical Success Factors (CSF) is often discussed by researchers. This study aims to identify the CSFs for various PPP infrastructure projects that have been explored in previous CSF studies. This article reviewed the literature about CSF in PPP projects from the years 2002 to 2021, compared the findings of studies regarding the identified CSFs, and consolidated the CSFs that can be applied to various PPP infrastructure projects. The results showed that dominant research focused on general infrastructure, where CSFs can be applied to all infrastructure sectors rather than any specific sector. The most identified CSFs from the study are favorable and efficient legal frameworks, appropriate risk allocation and sharing, a robust and reliable private consortium, a competitive and transparent procurement process, and political support and stability. The findings from the study can provide an overview of CSFs that are relevant to specific PPP infrastructure sectors like building infrastructure, transportation, water, etc. as well as for general infrastructure. In addition, the results can also be used for further empirical analysis.

• Korean Journal of Construction Engineering and Management
• /
• v.7 no.1 s.29
• /
• pp.168-175
• /
• 2006

Since the partly changed 'Private Investment Act for Social Infrastructure Projects' set forth in January 2005, the number of BTL(Build-Transfer-Lease) projects offered to the market has rapidly increased. The scope of BTL projects offered covers not only legally defined facilities but several facilities for the private schools. A BTL project, by definition, is a way of project management that includes the entire process of development such as planning, design, construction and operation over the period of 20-30 years. As a result, various types of risk may happen at each stage of the project and it is extremely important to efficiently control the sensitive factors that affect the risk profiles of the project. The examples of the sensitive factors are construction cost, interest rate, discount rate, lease amount, rental fee, O&M cost and so on. This study examines the characteristics of these sensitivity factors, analyzes their impact on the project feasibility and suggests the alternatives to manage them efficiently.

• International conference on construction engineering and project management
• /
• 2005.10a
• /
• pp.824-829
• /
• 2005

This paper focuses on construction cost volatility for the purpose of private sector investment by use of a financial model with key indices of IRR and DSCR (Debt Service Coverage Ratio). A case project, 1,000 MW pumped storage hydropower plant, has shown that its financial impacts by cost volatility of underground works are less measured than interest rates impacts by interest rate of loans. Probabilistic analysis of costs under geotechnical conditions has been made by Indicator Kriging method. And, in the modeling of interest rates, geometric Brownian motion has been applied. Both of these impacts are measured on the same financial model.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• autumn
• /
• pp.207-212
• /
• 2002

The Construction Management(CM) System in Korea is systematized both in name and reality by being prescribed in Construction Industry Act('97) and Construction Management Act('01) through various discussions considering reformation of construction industry structure and enhancement of construction technology competitiveness. Specially in the public construction works, CM Pilot Project is promoted by central government for the activation of CM system introduced for efficiency of public construction project. The promotion of Pilot Project is not only the settlement and activation of CM system but also the process to embody and diversify the CM system. Now we should develop various CM application type such as Owner type, PM type and type for private capital project in doing so. And with this efforts, we could expect that CM system should play an important role to enhance the efficiency of public construction works and should affect private construction sector.

• Journal of Construction Engineering and Project Management
• /
• v.3 no.2
• /
• pp.35-48
• /
• 2013

Weak competencies in urban local bodies (ULBs) for implementing public private partnership (PPP) projects has been recognized as a major hurdle in uptake of PPP model in India. In this context, a questionnaire survey was conducted to evaluate perception of urban PPP experts and ULB representatives on three aspects related to competency development, including, critical competencies for implementing urban PPP projects, approaches for competency development in ULBs and constraints faced by ULBs in development of competencies. The five critical competencies identified are project identification, project conceptualization, transaction design, PPP process management and contract management. The approach of training programs for municipal staff and elected representatives, and capacity building oriented technical assistance for implementing urban PPP projects have been preferred by survey respondents for competency development. The frequent transfer of municipal decision makers and low motivation among municipal staff have been identified as the most significant constraints for development of competencies.

• Korean Journal of Construction Engineering and Management
• /
• v.19 no.1
• /
• pp.3-11
• /
• 2018

In order to find methods to encourage active private participation for efficient road maintenance, this study examined the status of the road improvement project and the development of the private capital utilization improvement project. Based on this, the study conducted a case study and a financial feasibility study that applied the new business method and selected the applicable business method. As a result, it is analyzed that the method of using Crowd Funding is more advantageous than the private scheme of the private capital utilization improvement project. This is because it will be highly effective in raising funds from users of highway users, especially users of improvement projects. In addition, it can also mean that the road users who suffer from inconvenience due to the construction can return the toll profit of road construction to the user.

• Korean Journal of Construction Engineering and Management
• /
• v.12 no.3
• /
• pp.140-149
• /
• 2011

The government introduced private infrastructure projects in order to reduce its financial burden by introducing private sectors efficiency and creativity and by utilizing their funds. Through revision, the act on the private investment of the infrastructure, many changes were made in the private investment system. The evaluation task to assess the project proposer's capability and to select a promoter is regarded as the most important process for fairness and transparency of the project. In this study, the improvement of project plan evaluation task of current private infrastructure projects is proposed based on the standard guideline for evaluation procedure of private infrastructure projects provided by Korea Development Institute. In addition, software program for evaluation procedure is made to improve the efficiency and enableconvenient evaluation task.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2004.11a
• /
• pp.13-19
• /
• 2004

In most PFI(Private Finance Initiative) projects in Korea, the project management are in charge of the Special Purpose Company(SPC) established for carrying out the project. This paper is a case study about an owner CM executed by the organizations and staffs of SPC itself. : Seoulbeltway (Ilsan $\~$ Toegaewon) Private Investment Project. In time management area, the SfC was the leader of project management throughout the life circle - plan, design, permit, construction, operation and maintenance - beyond the schedule manager's role. In cost management area, the methods of reducing the total costs by VE, new technologies, etc. has been needed assuming the construction risks were subject to SPC.

• International conference on construction engineering and project management
• /
• 2013.01a
• /
• pp.107-110
• /
• 2013

Recently, Korea parliament legislated the Low Carbon Green Growth Act (April, 2012) and approved a bill (May, 2012) to start carbon emission trading system in 2015. It means that for the first time, government would regulate the amounts of carbon emission in private entities, and private entities should attain predefined emission reduction goals by implementing clean development mechanism (CDM) project or buy the Certified Emission Reductions (CERs) from the trading market to avoid penalty. Under these circumstances, it is not easy for them to determine when or how to implement the CDM project because the governmental energy policies about the level of governmental subsidies, periods for free emission allocation, etc. are still under discussion and the future price of the CERs is quite uncertain. Thus, this study presents a real-option based model to assess the financial viability of the CDM project which switches bunker-C oil to liquefied natural gas (LNG). The proposed model is expected to assist private entities in establishing the investment strategy for CDM project under uncertain government energy policies.

• International conference on construction engineering and project management
• /
• 2011.02a
• /
• pp.474-479
• /
• 2011

With Beijing's success in bidding for the 2008 Olympic Games, the increasing demand for infrastructure development and reduced public sector funding capacity has created a significant funding gap which calls for alternative project delivery methods such as Public-Private Partnership (PPP). Although the exploration of infrastructure projects using PPP model have been practiced since the late 80s, the $560 million National Stadium which served as the main venue for the Olympic Games is the first stadium project in China to be delivered under PPP operation. The project is generally considered successful despite the concession transfer in 2009 with concern of better serving the public interest. Compared to other infrastructure projects such as transportation, waste management and water management, the development of major sports facilities for mega-sports events with PPP has its own unique features and is subject to different major risks. This research identifies and analyzes critical risks in the implementation of PPP in major sports facility development through case study of the National Stadium project. A questionnaire survey and several interviews are conducted to solicit expert opinions from experienced practitioners. The purpose is to provide additional insights in risk management strategies and opportunities in China's PPP implementations in major sports facilities for policy makers and private sectors involved with investment decisions in future similar infrastructure development.