However, the role of transaction costs in determining project type is not supported by modern practice, and there is a fundamental flaw in the argument. The flaw is that if the project pricing terms are to be determined by the transaction costs, then out-turn cost of the contract works must be independent of the pricing structure. But different pricing structures motivate the contractor in different ways, so we expect out-turn costs to be different under different pricing structures. These differences are greater than the differences in transaction costs. Thus, the selection of appropriate contract pricing terms is determined by goal alignment, that is trying to get the contractor to share in the client’s success from the project.本文来自优.文~论^文·网原文请找腾讯3249.114
We therefore adopt an alternative view that the purpose of project organization is to create a cooperative system between client and contractors based on shared objectives. We show the selection of contract type is determined by uncertainty in the definition of the project’s product and of the process to deliver it. At low levels of uncertainty of both, remeasurement contract’s are appropriate. If the process is uncertain, but the product certain, fixed price design and build contracts are preferred. What the contractor has to deliver is clearly defined, but they take responsibility for finding the best work method for delivering it, and make profit from managing risk. If both product and process are uncertain, cost plus contracts, based on an alliance arrangement are preferred. The client and contractor work together to achieve the best outcome and share in any benefits that accrue. It also just happens that in selecting the appropriate contract to achieve goal alignment that transaction costs are minimized.
热电偶高温测量与大屏幕显示(原理图+流程图+电路图)In this paper we aim to contribute to a theory project organization and contract type selection, which is in an embryonic stage. We start by reviewing concepts selection of contract type in developing a project organization, and then definitions of different contract types by payment terms. We show how a transaction cost analysis predicts the conventional view of when the three types of contract should be used. However, we go on to point out the weaknesses in this analysis, and how its predictions do not conform to modern practice. We show how a need to obtain goal alignment and to avoid opportunistic behaviour lead to a better prediction of contract type selection. Finally we describe how alliance contracts are used to obtain goal alignment, but review when they should be used and when they should not.
Our analysis in this paper is mainly theoretical. However, to support our findings, we have done some field-work. We have interviewed people involved in major infrastructure projects, (Table 1). We have also drawn on research done by the Engineering Construction Institute. Given our sources, our results mainly apply to infrastructure, engineering construction and heavy engineering, and not to information systems projects.
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