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Article: Identifying the critical success factors for target cost contracts in the construction industry

TitleIdentifying the critical success factors for target cost contracts in the construction industry
Authors
KeywordsContracts
Critical success factors
Hong Kong
Prices
Procurement
Issue Date2010
PublisherEmerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/info/journals/jfm/jfm.jsp
Citation
Journal of Facilities Management, 2010, v. 8 n. 3, p. 179-201 How to Cite?
AbstractPURPOSE – The paper aims to present a succinct review of guaranteed maximum price (GMP) and target cost contracting (TCC) concepts and features in general, and to identify the critical success factors for procuring GMP/TCC contracts from the Hong Kong perspective in particular. DESIGN/METHODOLOGY/APPROACH – By means of an empirical questionnaire survey geared towards industrial practitioners with direct hands-on GMP/TCC experience, the opinions of various contracting parties including clients, consultants and contractors were solicited, analysed and compared in relation to GMP/TCC success factors. FINDINGS – Experienced practitioners shared the unanimous perception that: reasonable share of cost saving and fair risk allocation; partnering spirit from all contracting parties; right selection of project team; well-defined scope of work in client's project brief and early involvement of contractor in design development, are the most essential ingredients for the successful implementation of GMP/TCC scheme. RESEARCH LIMITATIONS/IMPLICATIONS – Although the research study is based in Hong Kong with a limited sample size, the survey findings and hands-on experience of the relevant industrial practitioners may be cross-referenced to other similar investigations in other parts of the world for international comparisons. ORIGINALITY/VALUE – The research study has provided some useful insights into assisting key project stakeholders in determining important successful ingredients when launching GMP/TCC scheme. Such an identification of critical success factors would be valuable in formulating effective practical strategies to improve overall project performance, create win-win opportunities for contracting parties and mitigate the occurrence of construction disputes/claims. It also attempts to seek more research evidence to capture the levels of success and lessons learned from previous GMP/TCC construction projects for generating best practice recommendations for future implementation.
Persistent Identifierhttp://hdl.handle.net/10722/135072
ISSN

 

DC FieldValueLanguage
dc.contributor.authorChan, DMWen_US
dc.contributor.authorChan, APCen_US
dc.contributor.authorLam, PTIen_US
dc.contributor.authorWong, JMWen_US
dc.date.accessioned2011-07-27T01:27:27Z-
dc.date.available2011-07-27T01:27:27Z-
dc.date.issued2010en_US
dc.identifier.citationJournal of Facilities Management, 2010, v. 8 n. 3, p. 179-201en_US
dc.identifier.issn1472-5967-
dc.identifier.urihttp://hdl.handle.net/10722/135072-
dc.description.abstractPURPOSE – The paper aims to present a succinct review of guaranteed maximum price (GMP) and target cost contracting (TCC) concepts and features in general, and to identify the critical success factors for procuring GMP/TCC contracts from the Hong Kong perspective in particular. DESIGN/METHODOLOGY/APPROACH – By means of an empirical questionnaire survey geared towards industrial practitioners with direct hands-on GMP/TCC experience, the opinions of various contracting parties including clients, consultants and contractors were solicited, analysed and compared in relation to GMP/TCC success factors. FINDINGS – Experienced practitioners shared the unanimous perception that: reasonable share of cost saving and fair risk allocation; partnering spirit from all contracting parties; right selection of project team; well-defined scope of work in client's project brief and early involvement of contractor in design development, are the most essential ingredients for the successful implementation of GMP/TCC scheme. RESEARCH LIMITATIONS/IMPLICATIONS – Although the research study is based in Hong Kong with a limited sample size, the survey findings and hands-on experience of the relevant industrial practitioners may be cross-referenced to other similar investigations in other parts of the world for international comparisons. ORIGINALITY/VALUE – The research study has provided some useful insights into assisting key project stakeholders in determining important successful ingredients when launching GMP/TCC scheme. Such an identification of critical success factors would be valuable in formulating effective practical strategies to improve overall project performance, create win-win opportunities for contracting parties and mitigate the occurrence of construction disputes/claims. It also attempts to seek more research evidence to capture the levels of success and lessons learned from previous GMP/TCC construction projects for generating best practice recommendations for future implementation.-
dc.languageengen_US
dc.publisherEmerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/info/journals/jfm/jfm.jsp-
dc.relation.ispartofJournal of Facilities Managementen_US
dc.subjectContracts-
dc.subjectCritical success factors-
dc.subjectHong Kong-
dc.subjectPrices-
dc.subjectProcurement-
dc.titleIdentifying the critical success factors for target cost contracts in the construction industryen_US
dc.typeArticleen_US
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1472-5967&volume=8&issue=3&spage=179&epage=201&date=2010&atitle=Identifying+the+critical+success+factors+for+target+cost+contracts+in+the+construction+industry-
dc.identifier.emailWong, JMW: jmwwong@hkucc.hku.hken_US
dc.identifier.doi10.1108/14725961011058820-
dc.identifier.hkuros189034en_US
dc.identifier.volume8en_US
dc.identifier.issue3en_US
dc.identifier.spage179en_US
dc.identifier.epage201en_US

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