As public agencies struggle to find funding for the delivery of their capital projects, the Federal programs encourage the State and local sponsors to explore alternative and innovative delivery methods that capitalize on the private sector innovation and expertise as well as lower project costs through innovative financing. Public private partnerships (3) have demonstrated the benefits of lower cost and improved schedule as has been utilized in countries abroad as well as in the U.S.
P3 as a delivery method holds the promise and benefits of combining the expertise of private sector and leverage private investment with public resources to deliver public benefits through the appropriate and efficient risks allocation in design, construction, finance, operations and maintenance to improve project costs over the life cycle of the project while improving project quality.
This presentation will highlight the benefits of P3 delivery as compared to the traditional delivery method, the major success factors as well as challenges, the development of risk management plan including risk valuation and allocation, and roles and responsibilities of the parties in P3 agreements as well as an overview of the project development life cycle.
PMI Talent Triangle: Strategic and Business Management (Business Acumen)