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Abstract
Since the inception of the private finance initiative (PFI) in the mid-1990s, PFI has undergone a significant change from service-oriented to investment-oriented projects including public private partnership (PPP) projects. In spite of this change, the value for money (VfM) methodology designed for evaluating the justifiability of PFI projects has not changed much for the last two decades. A question has arisen on whether the current VfM methodology is still valid for the assessment of PPP projects that depend much less on the government subsidy compared to service-oriented projects. This research is intended to revamp the current VfM methodology by adopting a shadow bid pricing (SBP) approach so as to make it applicable to PPP projects in a more straightforward manner. The validity of this SBP approach was tested by applying it to a real-world case in India (National Highway Development Program III) with positive finding of its validity.
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