The
public private partnership (PPP) is indisputable and international experience
has indicated that cooperation between the public and private sectors can be a
powerful incentive to achieve value for money in infrastructure project
development. However, the appropriate risk allocation between the public and
private sectors is the key requirement for the achievement of value for money.
Public Sector Comparator (PSC) is used for demonstrating potential value for
money of the proposed PPP project. PSC enables a financial comparison including
costs/gains and risks, and can be an alternative evaluation method which
includes risk transfer aspect to facilitate risk negotiation properly. On the
other hand, there are challenges in the development of PSC due to controversy
regarding manipulation issue, reality of risk transfer in practice, and public
sector ability to perform risk management methodology. An extensive literature
review was conducted to elaborate some urgency of used PSC and its controversy
in practice. It includes some lessons learned in the development of PSC such as
the need for structuring risk management application, focusing on priority
risk, improving the accuracy of risk-return analysis, realizing the allocation
of risk, and enhancing risk management capability.
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