How can we measure success not only by the funds invested, but by the outcomes achieved and the value created for society?

Infrastructure and public-private projects combine significant capital investment, long implementation periods, multiple stakeholders and risks that may materialise decades after the initial decision is made.

Their evaluation should therefore not be limited to the initial cost.

It is necessary to assess life-cycle costs, sources of financing, risk allocation, future budgetary commitments, revenues, operating costs, maintenance and the actual public value delivered.

This area of PPP.BG brings together expertise from the public sector, banks and financial institutions, the construction sector, economists, cost engineering professionals, auditors and the academic community.

One of the international reference frameworks used is AACE International’s Total Cost Management Framework, which takes a systematic approach to cost management throughout the life cycle of a project, programme or asset and links estimating, planning, scheduling and cost control. (web.aacei.org)