Value for Money in Transport Infrastructure Investment: An Enhanced Model for Better Procurement Decisions

Article by Jianfeng Zhao, David Greenwood, Niraj Thurairajah, Henry J. Liu, and Richard Haigh.

Value for Money (VFM) assessment has become a major component of the PPP procurement process in both mature and emerging economies (e.g., UK, Australia and South Africa).  Notwithstanding it’s widespread application, VFM assessment is much criticised in the PPP literature.  This paper aims to address these criticisms of VFM assessment and advance a holistic and pragmatic VFM framework to assist informed government decisions.

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