Risk-based integrated performance assessment framework for public-private partnership infrastructure projects

Abstract

Abstract Public-private partnerships (PPPs) play a pivotal role in global infrastructure development, significantly impacting economic growth. However, a notable research gap exists in addressing risk management adequately within the performance assessment of PPP projects, particularly in developing nations like Pakistan. This study aims to address this gap by developing an integrated performance assessment framework (IPAF) in order to fill the deficiency of structured risk management in PPP project evaluations. Therefore, the purpose of this study is to devise a systematic methodology for assessing PPP project performance, with a keen emphasis on robust risk management criteria. Employing a comprehensive approach, the methodology integrates 16 performance measures (PMs) aligned with key performance indicators (KPIs), covering the triple constraints of projects (cost, time and quality) during the project feasibility, execution and operation and maintenance phases of project life cycle. Additionally, it incorporates an analysis of 10 prominent risks, spanning financial, environmental, operational, construction, legal and governmental dimensions inherent to PPP projects. The IPAF not only identifies these risks but also offers calculated mitigation strategies to enhance overall project performance. Emphasising alignment with project objectives, stakeholder engagement and contextual factors, the framework aids decision-makers, project managers and policymakers in making informed decisions throughout the project lifecycle. Furthermore, this study contributes by providing a systematic approach to address the critical bond between risk management and project performance in PPP projects. By bridging this gap, the IPAF fosters enhanced project outcomes, thereby contributing to the advancement of infrastructure development practices in both developed and developing contexts.