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Question: Discuss About The Financial Management Property Construction? Answer: Introducation Procurement is a very crucial process in every construction project. This is the process that determines how the project will be executed, key stakeholders and the overall efficiency of project execution. Therefore it is very important for clients to ensure that they select the most appropriate procurement method so as to complete their projects within stipulated time and budget, and to the required industry standards and quality. This report aims at analyzing different construction procurement methods so as to select the best method for Southern Cross Station project. The project was executed using public private partnership (PPP) procurement method and so this report will investigate if this method was appropriate or whether there is a better procurement method for the project. Project Description Southern Cross Station (formerly known as Spencer Street Station) is one of the mega projects that was designed to transform and improve transport infrastructure in Melbourne, Victoria, Australia. The project is located in Docklands, Melbourne, on Spencer Street between La Trobe Street and Collins Street. This station is Victorias civic landmark and one of the biggest infrastructure projects in Melbourne, Australia. It is the 3rd busiest railway station in Melbourne, having an average daily commuter traffic of 100,000(Railway Technology, 2018). The railway station is owned by IFM Investors and operated by AssetCo Management. IFM Investors has signed a 30-year lease agreement with Victorian State Government to own, operate and maintain the station until 2036. The agreement is under a PPP. Southern Cross Station has different features, components and facilities. They include the transport interchange redevelopment, 16 platforms, 22 rail tracks, a retail plaza, main office building, residential towers, passenger information screens displaying real time train departure and arrival information, 30-bay coach station, 800-cars parking facilities, 5-minute pick up and drop off area and improved public facilities. The station is characterized by high-quality baggage-handling, ticketing and waiting services. All these facilities are equipped with state-of-the-art passenger information display, lighting and seating systems. The station is renowned for its unique architectural trapezoidal roof system that covers a whole city block of approximately 600,000 m2. The main objectives of this project were to provide practical transport experience by transforming the existing bus terminus and railway station into a first-rate inter-modal transport facility, ease movement of passengers, improve staffs working environment and management Southern Cross Station a major transport and retain hub. The station serves interstate, regional and metropolitan bus and rail commuters. The target of the project was to manage 15 million passengers annually and increase this number to 45 million by 2020. Southern Cross Station project started in 2000 when the then Southern Cross Station Authority, a representative of the Victorian State Government, was mandated to oversee the procurement, financing, construction and operation of the project. In 2002, the Authority signed a Services and Development Agreement with Civic Nexus Pty Ltd, a private consortium, to design, construct and operate the station for a period of 30 years. Construction works started in 2002 and were scheduled to be completed in 2005. Nevertheless, construction works did not commence as expected due to contractual disputes, cost overruns and delays until 2006(McCann, et al., 2015). Other partners involved in the construction of Southern Cross Station were: Grimshaw Jackson Joint Venture (architects), Leighton Contractors (builders), Delaware North Australia, Honeywell Limited, ABN AMRO and Daryl Jackson Architecture. The entire project was executed by Civic Nexus consortium, which contracted the other partners. The p rimary owner of the project is Public Transport Victoria. As stated before, this project was executed under a PPP. It was initially estimated to cost A$350 million but it is estimated to have cost A$700 million. Construction works commenced in 2002 and ended in 2013. Every year, Civic Nexus is paid A$30 million for operating and maintaining the facility. This will go on until 2036 when the 30-year lease agreement expires. Southern Cross Station Redevelopment project was not completed within stipulated time and budget due to the wrong choice of procurement method. Below are some photos of the Southern Cross Station Factors Affecting Choice of Construction Procurement Method There are several factors that should be considered when selecting a construction procurement method. Some of these include: project completion speed, project cost certainty, authority and ability of the client to make changes, the level of quality needed, the cost of implementing the procurement method, risk management techniques, and clarity of defining the responsibility of each stakeholder(Zuo, 2008). All these factors affect the choice of construction procurement method for a particular project. The choice of procurement methods helps in avoiding numerous problems and plays a big role in attaining the specific project goals and objectives(Clamp, et al., 2009). Some of these factors are discussed below: Cost is one of the biggest factors that determine the choice of construction procurement method. The cost is usually determined during the design stage of the project, with some uncertainties. Some procurement methods are more expensive than others hence the client should select a method that he/she can afford. It must be noted that the client will have to pay some of his/her team depending on the type of procurement method chosen. Hence the client should choose a procurement method that he/she is ready and able to pay its associated expenses. The initial cost of Southern Cross Station project was estimated to be A$350 million but the projects final value was about A$700 million. Time is another factor that affect the choice of construction procurement method. Most projects have timelines hence the procurement method selected should enable the tem to complete it within stipulated time. Some methods allow design and construction phases to overlap while others require the project to be designed completely before the start of construction. If the project has a short deadline then procurement methods that allow overlapping of design and construction phases should be considered. However, these methods also have their challenges such as cost uncertainty and unclear project scope, among others. Clients expertise and requirements The relevant knowledge, experience and skills in construction projects also play a key role in the selection of construction procurement method. For this reason, it is important to know the knowledge, abilities, experience and requirements of the client before selecting the most appropriate procurement method. Clients who do not have comprehensive knowledge, skills and experience in construction projects should select a procurement method that will enable them play their role indirectly by involving their knowledgeable and experienced representatives such as consultants, project managers, engineers, etc. Therefore there are different procurement methods that are suitable for clients with different levels of knowledge and experience in the construction industry. The most important thing is for the client to select a procurement method that will ensure that his/her requirements are met and opinions considered in every decision that is made by the project team. Project characteristics Characteristics of the project also affect the choice of procurement method used for a particular project. These characteristics include: project size, location, complexity, uniqueness, risks, use, etc. Each of these characteristics has unique impacts on the project hence the procurement method selected should address them. Ability to make changes Different construction procurement methods give the client varied levels of ability to make changes to the project design or scope. Some methods allow the client to make changes at any time while others have very limited provisions for the same. It is worth noting that making changes to the project scope during construction stage has huge implications on project cost and time. Therefore it is usually recommended that the project scope and design are completed before the start of construction phase. Most importantly is that each procurement method gives the client a different level of ability to make changes to the project scope. Each construction project has unique risks. If these risks are not properly identified, analyzed and mitigated or prevented, they cause a lot of problems. In this regard, the client should ensure that the construction procurement method selected allocates or transfers risks appropriately t various stakeholders. The persons allocated the risks should fully understand the risks and take full responsibility. Industry preference This is also another factor that should be considered when selecting a construction procurement method. The client should consider the procurement method that most stakeholders are conversant with in the area where the project is being executed. This will make it easier for all stakeholders to understand each other and work as a team. Choosing a familiar procurement method also prevents the likelihood of conflicts and legal issues among stakeholders involved in the project. External factors There are also other external factors that influence the choice of a construction procurement method. Some of these factors include: legal factors, political factors, climatic factors, technological factors, social or community factors, etc. These factors create uncertainty if they arise when the project is ongoing. Procurement method used in Southern Cross Station Project The procurement method used in Southern Cross Station project was PPP. As stated before, Victorian State Government signed a PPP with Civic Nexus to design, finance, construct, operate and maintain the project. PPP is a procurement method where governments collaborate with private companies so as to procure mega projects of high value, and signs an agreement to share risks and opportunities of the project(Plantinga Doree, 2016). This procurement method is mainly used for public infrastructure projects such as roads, bridge, railways, etc. In this method, a private party makes an agreement to finance the project. Characteristics of PPP Procurement Method PPP is an innovative procurement method of delivering mega infrastructure projects(Tang, et al., 2010). This method involves collaboration between private and public sector so as to design, finance, execute, manage and maintain a project(Fernandez, et al., 2016). In this method, the project is usually financed largely by the private entity and partially by the government(Robert, et al., 2014). The method is usually used for infrastructure development projects(Al-Saadi Abdou, 2016),(Ke, 2014). In PPP, the public sector and private sector involved have specific responsibilities(Polyakova Vasilyewa, 2016). The method transfers risks to parties (developers, financiers, construction contractors, suppliers, service providers and operators) that best understands them and which are able to manage them effectively. This method is gaining popularity in many parts of the world including Australia(Wilson, et al., 2010). The main characteristics of PPP are as follows: Single private entity: in PPP procurement method, the government awards the whole project to a single private entity or contractor. This allows the private entity to develop smarter and better solutions for the project. Financing: in most cases, the private sector consortium finances the entire project under a PPP project. Once the project is complete, the government starts paying the private sector consortium over an agreed period of time usually 25-30 years. During this period, the private sector consortium owns the project and rents it to the government. Preparation time: it usually takes longer to prepare and submit bids using PPP approach. This is because both the public and private sectors have to perform due diligence and comprehensive analyses of the project management before making the final decision. Risk: the levels of risks in PPP are relatively high due to the size and complexity of projects executed under this procurement method. The risks are shared between the private sector and public sector even though former bears the highest risk(Rodriguez, 2017). The consortium therefore factors these risks into the bid price of the project. Maintenance: since the private sector consortium is responsible for the maintenance of the project once it is completed, the maintenance cost is factored in the projects overall cost. Expertise: PPP allows governments to capitalize on the best expertise in the private sector. Under this procurement method, the government engage private entities with the best knowledge, skills and expertise. Relationships: PPPs fosters building of long-term relationship between the private and public sectors. Advantages of PPP Procurement Method PPP procurement method has numerous benefits. Some of these are as follows: Innovation: PPP procurement method brings great innovation from the private sector to deliver public projects(World Bank Group, 2016). The private consortium involved in the project always selects the most qualified professionals to undertake specific tasks of the project. These professionals usually provide innovative solutions that are cost effective, environmentally friendly and more efficient. Cost certainty: in PPPs, determination of project costs is done in advance. The government, which is the contracting authority, will only pay this cost of the private entity delivered the agreed project outputs. Cost certainty also helps the government to know the exact amount it will pay, when and how to pay it. Faster delivery: most PPP projects are completed on time. This is because each task is assigned to specialists who are able to execute it faster and better. The method also allows overlapping of design and construction phases. Cost savings: projects executed under PPP are said to be cost effective mainly because of the greater innovations used and the alternative solutions provided(Yuan, et al., 2009). Even though some of these solutions may be expense during the construction phase, they reduce the cost of the project in the long term. Proper utilization of public resources: PPP projects ensures that public resources are used properly. This is because PPP projects involve participation of communities and based on their size, the projects attract strict monitoring from the general public. Since the expected project outputs are known even to the public, the private entity is compelled to put resources into appropriate use. Better quality: the final product built from PPP is usually of high quality(Rodriguez, 2017). This is mainly because the products are created by the most competent professionals in their areas of specialization. The infrastructure built is also maintained properly throughout its lifecycle. Collaboration: PPP promotes collaboration between public and private sectors. This collaboration helps in building strong relationships between the two sectors, which is good for the economy. Incentives: the government is likely to give the private consortium incentives to complete the project on time and within stipulated budget, and to improve the commercial and operational performance of the project. Disadvantages of PPP Procurement Method Some disadvantages of PPP procurement method include: Complexity: PPP projects are usually more complex than other projects in terms of design, structure, construction, operation and maintenance processes. This great complexity is associated with high risks and may lead to disputes, which was the case for Southern Cross Station project. Bidding cost: the cost of bidding a PPP project is quite high. For instance, design professionals will spend a lot of time preparing the designs but all these efforts will be useless if their company loses the bid. Therefore if a company bids and fails to win the contract, it will have lost a significant amount of money used in the bidding process. Political exposure: PPP projects are susceptible to politics. If there is a political change before the project is complete, the new government may abandon or reduce funding of the project thus causing delay and wastage of public resources. Procurement time and cost: procurement process for PPP projects takes a lot of time. The government has to do a lot of due diligence and consultation before choosing the private consortium to award the contract. This length procurement time is also associated with higher transaction costs. The cost is even higher considering the complexity of PPP projects. There is also the fear that people will have to pay in order to use the facility or infrastructure being developed. These claims are usually not true and therefore the involved parties have to educate the public on this issue. When executing a project under PPP, there is a possibility of the private consortium being after making profits and not giving other issues adequate attention. This may also not favor the government and public sector because taxpayers money will be used to pay for the project(Sazonov, 2012). This may also lead to low quality work as the private investor may focus on cost reduction instead of quality. Important Procurement Characteristics There are several procurement characteristics that were very important in selecting PPP as the procurement approach for this project. Some of these characteristics include the following: Cost: the initial cost of Southern Cross Station project was estimated to be A$350 million but the final cost was more than this value. Therefore the client of this project selected a procurement approach that did not deliver the project at the stipulated budget. Time: this project was scheduled to commence in 2002 and be completed in 2005. However, the project was commenced in 2002 and completed in 2013. Therefore the procurement method used did not complete the project within the stipulated time. Part of the project was completed in 2007. Quality: this is another very important procurement characteristic. PPP was selected because it had the potential to deliver the project at the required industry standards and quality. Impact: the procurement method selected was also aimed at ensuring positive impacts of the project on the economy, environment and society. Through PPP contracting, the interests of the general public are always considered. Relationship/collaboration: this is another important procurement characteristics that prompted the selected of PPP. The federal and state government definitely chose this procurement method so as to build relationships with private parties in the construction industry so that they can do business together in the future. These governments have several similar projects in the future and therefore they can always work with these parties when necessary. The success factors of a PPP are: capacity of the public sector to effectively manage its part of the project, political stability and commitment, level of competitiveness in the bidding process, appropriate allocation of risks, and affordability and viability of the project. Potential Reasons Why PPP was Selected for Southern Cross Station Project The likely reasons why PPP may have been selected for Southern Cross Station project are: Project value: the value of Southern Cross Station project was about A$350 million even though the final cost was approximately A$700 million. Therefore PPP procurement method was appropriate since the project value was over A$50 million. Risk transfer: considering the characteristics of Southern Cross Station project, t was not necessary to transfer risks since the Victorian State Government will assume responsibility of the project at the expiry of the contract period. This was useful in avoiding problems that would result to project delays and high cost overruns. What this project required was for its risks to be shared among participants. Therefore PPP was not the best method as it transfers most of the risks to the private entity. Clients knowledge and experience: another reason why alliancing contracting was the most appropriate procurement method for this project is the knowledge and experience of the client. The Public Transport Victoria a government agency, has vast knowledge and experience in this kind of infrastructure projects. Therefore the Authority understands the likely challenges to be faced and how to overcome them so as to complete the project as planned. Building relationships: alliancing contracting is a procurement method that is based on collaboration. The parties involved are able to work as a team, build a working relationship and probably work together in the future. Since Melbourne and Australia as a whole are still developing, the government wanted to work with parties and build good relationship for the purposes of similar projects in the future. Popularity of PPP Procurement Method The popularity of PPP procurement method has continued to increase in many parts of the world(Anderson, 2012). Mot governments are preferring this approach because of their potential benefits and advantages(Roehrich, et al., 2014), some of which have been discussed above. Some of the reasons contributing to the popularity of PPP procurement method are: Policy implications: PPPs have great policy implications in the construction industry. The experience the government has when implementing projects through PPP determines the kind of policies that the government establishes. In most cases, the government formulates policies that favor it and the private parties. Organizational structure: PPPs have systematic management and organizational structures that specify the roles and responsibilities of the private and public sectors involved. This helps in avoiding conflicts and disputes. Government commitment: increased popularity of PPPs is also being contributed by the governments commitment to treat private parties equally and fairly, and reward them appropriately. As a result of this, the private sector is now embracing this procurement method. Utilization of private finance and expertise: PPPs enable governments to utilize the finance resources and expertise in private sector. Through this method, these resources and expertise are transferred from the private sector to the public sector. In other words, PPPs make it possible for governments to attain long-term development goals without having to mobilize vast resources at once(Quelin, 2015). Opinion Procurement method contributes significantly to the success or failure of execution of a construction project(Sethuraman, et al., 2016). There are different construction procurement methods, each suitable for different kinds of projects executed under various situations. These methods have varying risk levels that are transferred onto the contractor, client or other key stakeholders. They differ significantly in terms of risk sharing and liability, management structure, design management, determination of contract price and tendering procedures, among others. The most suitable construction method has to be selected after comprehensive analysis of the projects risks, opportunities, budget constraints and time constraints. PPP is a procurement method that is majorly suitable for government infrastructure projects. This method is mainly suitable for projects valued above A$50 million and those that require risk transfer and not risk sharing. Considering these essential requirements, PPP was not the most suitable procurement method for Southern Cross Station Redevelopment project. There are several other construction procurement methods that would have been used instead of PPP. Each of these other methods has its own advantages and disadvantages(Naoum Egu, 2016). Some of them include: traditional procurement method, design and build method, construction management, management contracting and alliancing, among others(Davis, 2008). From these options, the most appropriate procurement method for Southern Cross Station Redevelopment project is alliancing. Alliancing is an innovative and strategic construction procurement method. It is suitable for mega government infrastructure projects, such as the one in this paper. Advantages of alliancing include: greater flexibility that allow the client and other key stakeholders to make changes easily; greater innovation; allows parties involved to negotiate, agree and build strong relationship for future works(Davis Love, 2011); improved collaboration among stakeholders; equal sharing of risks and benefits; responsibility sharing; interest alignment; and quick dispute resolution(Rooney, 2011). Conclusion Construction projects are very dynamic in nature as they are usually executed by parties from different fields or professions. These projects are executed using varied procurement methods. Each of the procurement method used in construction industry has unique characteristics, advantages and disadvantages. This report has analyzed the procurement method used in executing the about A$700 million Southern Cross Station Redevelopment project. Construction of this infrastructure project started in 2002 and was completed in 2013. Its completion was delayed and it ran into cost overruns mainly because of the wrong procurement method that was used. The procurement method used in this project was PPP. The Southern Cross Station Authority, the agency that represented the Victorian State Government, entered into a partnership with Civic Nexus Pty Ltd to design, finance, construct, maintain and operate the project. The partnership is a 30-year agreement. However, PPP was not the most appropriat e procurement method because of the projects characteristics. This project required a procurement method that promotes equal risk sharing among parties instead of risk transfer. 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