Risk Management In BOT Projects
恶心英语Risk management in BOT projects is studied, following the risk management framework, i.e.risk identification, risk classification, risk analysis, risk attitude and risk respon( or risk allocation).
1.Risk identification in BOT projects
The risk of BOT project can be identified in the following categories :political risks;construction completion risks;operating risks;finance risks and legal risks.
2.Risk classification in BOT project
There have been veral types of risk classification. The following are some examples of them:construction pha:completion delay,cost overrun,force majeure,political risk,infrastructure risk (referring to other facilities in direct competition with the BOT projects in question).operational pha:raw material supply market performance/technical, operation/maintenance,foreign exchange,other contingencies,Development pha,technolo
赤背蜘蛛gy risk,credit risk,struction pha,performance risk,cost overrun risk,liability risk,equity resale risk,offtake risk(Beidlemanetal1990):global risks: political risks: government, technology.Legal: framework, type of agreement.Commercial: market, input, currency.Environment: impact, ecological. Construction ,design.Elemental risks. Technical: physical conditions, training . Financial : form of technology. Operational:operation,maintenance,ownership,return,currency.Revenue:demand,financing,evaluation,development.
There are some classifications,some of which are:static or dynamic;financial or non-financial; and measurable and immeasurable(Charoenpornpatiana 1998).
The classifications facilitate all the following steps of the risk management framework.
3.Risk analysis in BOT projects
The reasons of risk analysis in BOT projects are summarized by Waker and Smith(1995)as follows.
A rigorous risk analysis is necessary before a project is embarked upon in order to establi
sh its financial and technical feasibility. It can help to screen out financially unsound projects and get minds working together early enough to overcome foreen technical difficulties. An incread understanding of the project risks leads to the formulation of more realistic plans in terms of cost estimates and programmes. Knowing the magnitude of the possible impact that may be caud by the contingent factors the parties can ek for better allocation of the risks through the agreement of suitable contract claus procurement of insurance or other risk respon measures. Apart from the a more positive and rational risk-taking attitude will result from a carefully prepared risk analysis as the risk-takers know where they stand.禅理小故事>b站电影
There are veral or many tools and techniques which are applicable to risk analysis in BOT projects. The application is dependent on the contents and contexts of projects.
系统配置怎么打开4.Risk attitude in BOT projects
The government is moving away from taking on project risks ASIAMONEY 1996.
Government e BOT schemes as a method … with all the technical and financial risks being borne by the private promoter … In a traditional method of contracting risk-sharing may be allowed and the contractor may be able to negotiate with the client as far as claims for cost overrun is concerned. Under the BOT method in which the contractor is normally also the developer this is no longer possible … It is very important for promoters to demonstrate to the government that they are able to take all the risks that the government is apprehensive about (Tiong,1995a )
眸子的意思The descriptions are particularly pointing out the governments attitude that it is expecting the private ctors to take as many risks as possible so that it be free from them.
Tiong and Alum (1997a) analyzed the requirements in BOT projects from the viewpoint of governments.The topics in the studies are,proposal evaluation criteria,the financial and contractual elements in final negotiation requirement in request for proposal( RFP)( Tiong ,1995a) financial commitment (Tiong and Alum 1997b) and importance of equity in the fin
ancial package (Tiong, 1995b). Particularly in his one study( Tiong, 1995a) he testified a hypothesis.
[. …] the ability to be awarded the concession in a BOT tender is strongly related to the ability of the project promoter to retain and reallocate risks and offer guarantees against risks and uncertainties.
From an analysis of the study he concluded:
There is a positive agreement in the views of the promoter and government respondents with regard to the hypothesis.
One thing governments should recognize is the additional cost of risk transfer.
The government provides funds for public ctor projects at cost and without charges for the project risks. The private ctor prices risks and charges more for projects with highest risk (Saunders 1998).
Joshua and Gerber (1992) pointed out the potential problem that the public have to bear a higher toll price caud by unreasonable risk transfer in a privatized tollway. It is called value for money( VFM) paradox which may occur in PFI projects in trying to achieve VFM through the transference of risks to private consortia( Owen and Merna 1997). 世界最美的风景
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