Abstract
Transport sector is very important for development of local economies, so it is intensively studied in different countries. Road infrastructure construction projects in many European countries are mainly carried out through various forms of Public–Private Partnership (PPP). Financial evaluation, private partner selection criteria, technical characteristics and very important focus of sustainable development components (environmental, social and economic) of PPP road infrastructure development projects are widely analysed in the scientific literature. Although many research studies were published for PPP road infrastructure projects efficiency assessment from different aspects, there have not been created assessment methodology with all key areas incorporated altogether. The authors provide an integrated PPP road infrastructure projects effectiveness modelling methodology by applying Random Forest technique. The developed methodology is recommended to be applied for PPP road infrastructure projects effectiveness prediction from the private and public sector perspectives.
Highlights
Public Private Partnership (PPP) is collaboration between public and private sectors based on a long term agreement which aims to provide services traditionally assigned to the competence of the public sector and to maintain the infrastructure necessary for the development of those services
PPP infrastructure construction projects are recommended to be assessed in the integrated manner through the evaluation of financial, technical, private partner selection criteria, as well as sustainability aspects by using PPP effectiveness evaluation model proposed by the authors
Project effectiveness evaluation model takes into consideration two aspects of assessment, namely the private partner perspective and the perspective of the public sector
Summary
Public Private Partnership (PPP) is collaboration between public and private sectors based on a long term agreement which aims to provide services traditionally assigned to the competence of the public sector and to maintain the infrastructure necessary for the development of those services. Researchers in many countries analyse road construction projects developed and implemented using PPP schemes, and assess their effectiveness from different perspectives and aspects. The theoretical model to assess the expected effectiveness of PPP infrastructure construction projects developed by the authors incorporates the evaluation of technical and financial performance, the assessment of private partner selection and environmental, economic and social elements of sustainable development. The effectiveness of PPP infrastructure construction projects is assessed in two dimensions: private partner interests and interests of the public sector. Random Forest method was selected for the effectiveness modelling of PPP road infrastructure projects as one of the most accurate methods of artificial intelligence, which can solve the classification problems with a lot of variables and with a relatively small number of available data, and to provide reliable foresight results
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