@inproceedings{,
    author = {Becker, Simon Christian; Sander, Philip},
    title = {Development of a “Project Objective System” (POS) to align the interests of all the stakeholders and find the right delivery model},
    editor = {Skibniewski, Miroslaw J.; Hajdu, Miklos},
    booktitle = {Proceedings of the Creative Construction Conference 2023},
    series = {},
    journal = {},
    address = {Keszthely, Hungary},
    publisher = {Diamond Congress Ltd.},
    edition = {},
    year = {2023},
    isbn = {978-615-5290-79-6},
    volume = {},
    number =  {},
    pages = {251-258},
    url = {},
    doi = {},
    keywords = {cost- and risk management ; delivery model ; Integrated project delivery (IPD) ; principal agency theory ; project objective system (POS)},
    abstract = {Major projects often exceed estimated costs and schedule. Therefore, they do not achieve the desired 
quality. The difference in objective interests of the project participants is a major problem. Based on 
the difficult contractual relationship. Also, the late involvement of subcontractors brings a lack of 
information for all involved with it. This lack can be described by the principal agency theory from the 
economic field. The current project execution models do not have a smart objective system that 
records the interests of the client from the start to the end of the project. They are neither documented 
at the start of the project nor adapted iteratively. With the help of the recently created project objective 
system (POS), the objectives of all project stakeholders can be selected, checked, and compared. 
Later on in the project procedure, the objectives will be transferred into risks. To know these risks and 
set the priority further on with the objectives. And the best fitting project delivery model can be chosen. 
The probability of successful project completion is much higher. Later, with the risk mitigation the 
objectives can be complied more efficiently. However the risk profile of the project and the risk 
aversion of the owner, decide on the delivery model. As a result of the POS with risk profile, for a very 
complex construction project the Integrated Project Delivery (IPD) with a cost-plus incentive fee 
contract would be the fitting model. IPD with the contractual relationship, the early involvement of all 
the participants creates understanding of the project early on. This can reduce information losses and 
risks. With the POS the incentive contract can be created and thus an incentive mechanism 
developed. In addition, the project delivery on time and within the budget is strongly supported. The 
POS is a software app for better usability. },
    note = {},
    institution = {Universität der Bundeswehr München, Fakultät für Bauingenieurwesen und Umweltwissenschaften, BAU 8 - Institut für Projektmanagement und Bauwirtschaft, Professur: Sander, Philip},
    
    
}