The impact of critical success factors (CSF) on the success of public-private partnership (PPP)
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Critical success factors (CSFs) have elicited major research concern in the area of Public-Private Partnership or PPP. Researchers have carried out and are still carrying out research to analyze the impact of CSFs on the implementation of public projects. In this section, we will extensively evaluate the CSFs and their effectiveness in the execution of PPP projects. The main theme of the paper is literature review, which will entail a review of previous literature, the evolution of PPPs, barriers and challenges facing the running of PPPs, and the factors of success. The paper will extensively evaluate the various success factors that determine the effectiveness of PPP projects related to project financing, regulatory, and technology. The most common CSFs relating to project financing include risk allocation and sharing, macroeconomic conditions, government guarantee, local financial market, financial feasibility, and cost/benefits analysis. In respect to regulatory, the CSFs includes aspects such as political support, a private segment consortium, public/community support, economic policy, transparent and competitive purchase processes, competent agency, and favorable legal structures. The final category relates to technology and the subsets include project technical feasibility, technical innovation, and transfer of technology. All these factors will be evaluated to provide a comprehensive conceptual framework on the impact of CSFs on the implementation and success of PPP ventures. The review is critical in this paper as it will evaluate existing literature on CSFs and help develop a working thesis.