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http://hdl.handle.net/10397/2367
Title: | Evaluating guaranteed maximum price and target cost contracting strategies in Hong Kong construction industry | Authors: | Chan, DWM Chan, APC Lam, TIP Lam, WME Wong, JMW |
Issue Date: | Dec-2007 | Source: | Journal of financial management of property and construction, 2007, v. 12, no. 3, p.139-149 | Abstract: | Guaranteed maximum price (GMP) and target cost contracting (TCC) with a pain-share/gain-share arrangement have been adopted to integrate the construction delivery process and motivate service providers to seek continuous improvements in project outcomes. However, there is still a lack of research evidence to evaluate the levels of success and lessons learned from these innovative procurement strategies. Based on the analysis of a series of in-depth interviews on the perceptions of various relevant experienced industrial practitioners, this paper aims to explore the key attributes of GMP/TCC including the underlying motives, perceived benefits, potential difficulties, critical success factors, key risk factors involved and optimal project conditions for adopting GMP/TCC. The research findings are useful in assisting key project stakeholders in minimising the detriments brought about by potential difficulties in and maximising the benefits derived from implementing GMP/TCC concepts. The study is also significant in contributing to new knowledge and practical information of GMP/TCC applications and implementation, in both a national and international context. | Keywords: | Guaranteed maximum price Target cost contracting Procurement strategies Interview survey Hong Kong |
Publisher: | Emerald Group Publishing Limited | Journal: | Journal of financial management of property and construction | ISSN: | 1366-4387 | EISSN: | 1759-8443 | DOI: | 10.1108/13664380780001100 | Rights: | Journal of Financial Management of Property and Construction ? Emerald Group Publishing Limited, Glasgow Caledonian University. |
Appears in Collections: | Journal/Magazine Article |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
PolyU IR Submission 2010_JFMPC_2.pdf | Pre-published version | 668.6 kB | Adobe PDF | View/Open |
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