Deciding how best to procure a project also requires consideration of a number of factors that are not easily quantified. A comprehensive VfM analysis should not ignore qualitative factors that influence procurement decisions. Such factors include:
Qualitative factors may have significant influence over the final decision. Indeed, where the results of the quantitative assessment yield marginal differences in the costs of different procurement options, or where there is a high level of uncertainty around input variables, the qualitative analysis of procurement options may be more heavily weighted than the quantitative analysis.
Agencies may use qualitative analysis to determine which projects have the potential for P3 delivery and should be subject to a more comprehensive evaluation. Qualitative screening criteria can be applied on a project-by-project or on a programmatic basis to screen out those projects for which it is unlikely that a P3 delivery method would be worthwhile. Screening criteria may include:
FHWA is developing a screening tool to assist in assessment of the appropriateness of a major project (costing $100 million or more) for P3 procurement.