Beyond project governance. Enhancing funding and enabling financing for infrastructure in transport: Findings from the importance analysis approach

Ibsen Chivatá Cárdenas, Hans Voordijk, Geert Dewulf

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Abstract

Based on the examination of the transactions made in 58 case study projects, we have developed probabilistic causation models that include relationships hypothesised from exhaustive literature reviews. These models contain relationships that relate a number of significant project variables to transport infrastructure project performance. Here, we report on the use of the Importance Analysis approach to identify the most significant factors linked to variables measuring project performance. Such an approach is used in combination of Bayesian Networks and Sensitivity Analysis. Some variables that resulted important to achieve cost, time, and revenue expectations in transport infrastructure projects are identified. These include factors other than those related to project governance but linked to the funding and financing schemes in a project and its context of implementation. Additionally, we analysed how projects in the BENEFIT database responded to the effects of the European economic crisis in 2008. The results indicated that some actions were implemented at some instances during the crisis time. Specific factors that appeared to be sufficiently robust to face the economic crisis were found.

Original languageEnglish
Pages (from-to)481-498
Number of pages18
JournalEuropean journal of transport and infrastructure research
Volume18
Issue number4
Publication statusPublished - 1 Jan 2018

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funding
infrastructure
governance
Economics
Bayesian networks
Electric network analysis
Sensitivity analysis
economic crisis
Costs
financing
project
analysis
network analysis
literature review
economics
performance
transaction
sensitivity analysis
revenue
examination

Keywords

  • Causal modelling
  • Cost overrun
  • Funding and financing schemes
  • Project governance
  • Uncertainty in projects

Cite this

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title = "Beyond project governance. Enhancing funding and enabling financing for infrastructure in transport: Findings from the importance analysis approach",
abstract = "Based on the examination of the transactions made in 58 case study projects, we have developed probabilistic causation models that include relationships hypothesised from exhaustive literature reviews. These models contain relationships that relate a number of significant project variables to transport infrastructure project performance. Here, we report on the use of the Importance Analysis approach to identify the most significant factors linked to variables measuring project performance. Such an approach is used in combination of Bayesian Networks and Sensitivity Analysis. Some variables that resulted important to achieve cost, time, and revenue expectations in transport infrastructure projects are identified. These include factors other than those related to project governance but linked to the funding and financing schemes in a project and its context of implementation. Additionally, we analysed how projects in the BENEFIT database responded to the effects of the European economic crisis in 2008. The results indicated that some actions were implemented at some instances during the crisis time. Specific factors that appeared to be sufficiently robust to face the economic crisis were found.",
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AB - Based on the examination of the transactions made in 58 case study projects, we have developed probabilistic causation models that include relationships hypothesised from exhaustive literature reviews. These models contain relationships that relate a number of significant project variables to transport infrastructure project performance. Here, we report on the use of the Importance Analysis approach to identify the most significant factors linked to variables measuring project performance. Such an approach is used in combination of Bayesian Networks and Sensitivity Analysis. Some variables that resulted important to achieve cost, time, and revenue expectations in transport infrastructure projects are identified. These include factors other than those related to project governance but linked to the funding and financing schemes in a project and its context of implementation. Additionally, we analysed how projects in the BENEFIT database responded to the effects of the European economic crisis in 2008. The results indicated that some actions were implemented at some instances during the crisis time. Specific factors that appeared to be sufficiently robust to face the economic crisis were found.

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