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Abstract
Private Finance Initiative (PFI) is viewed as restructuring the previous privatisation concept in delivering value for money for the Malaysian public infrastructure. Among the restructuring efforts in the privatisation is specifying the standard assessment of private concessionaires’ performance through the execution of key performance indicators (KPIs) where the private concessionaires’ performance is benchmarked against the government’s standard. KPIs have served as useful tools in assessing performance of PFI projects. However, there is still lacking on determination methods performed to define and measure this KPIs and the absence of guidelines or a framework is also an issue in the implementation of the PFI procurement in Malaysia. Therefore, the objectives of this paper is to investigate the notion of performance assessment model approaches globally (i.e. UK, China, Australia, Serbia and Malaysia) and to identify direction for PFI performance assessment tools (KPIs) to be practiced in Malaysia. Based on the consideration of these models, this research paper propose an initial framework of performance assessment for PFI projects in Malaysia. The framework is deliberate to cover the performance of PFI at the operation and maintenance phase. The outcomes of this paper can serve as a theoretical base for the development of comprehensive and effective performance assessment for PFI projects in Malaysia.
Highlights
Private Finance Initiative (PFI) is a type of Public Private Partnership (PPP) with referring to contractual arrangement between public and private sectors, where the private sectors delivers a good service and successful performances within stipulated concession period
The implementation of performance assessment via key performance indicators (KPIs) approach is needed to achieve performance standards, quality service provided and the most significant goals is getting value for money (VfM)
This paper anticipate to review, synthesize and develop a framework of performance assessment for PFI projects in Malaysia based on the various models of performance assessment from the UK, China, Australia, Serbia as well as Malaysia
Summary
Private Finance Initiative (PFI) is a type of Public Private Partnership (PPP) with referring to contractual arrangement between public and private sectors, where the private sectors delivers a good service and successful performances within stipulated concession period. Private Finance Initiative (PFI) projects are designed to fund long-term public infrastructure and services provided for the whole life cycle of PFI projects During this cycle, PFI performances could be affected by a number of factors and their interactions, which might cause the inefficiency and ineffectiveness of the projects. According to [3], value for money (VfM) in PFI project crucially dependent on performance monitoring to provide certain incentives for improvement. These monitoring is to ensure that the facilities provided and service delivery is in accordance with the client’s requirement, as was set out in the output specification
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