Funds Management and Performance of Infrastructural Projects in Canada: A Case Study of Trans-Canada Highway
DOI:
https://doi.org/10.53819/81018102t5203Abstract
Funds management is a crucial aspect of infrastructure projects, ensuring that financial resources are effectively allocated and utilized to achieve project goals. It involves the strategic planning, budgeting, and monitoring of funds throughout the project lifecycle. The performance of infrastructural projects is measured through various indicators, including cost management, schedule adherence, quality of deliverables, and overall project outcomes. Effective funds management plays a significant role in project performance, as it helps ensure that funds are allocated optimally and used efficiently. Infrastructure projects often require substantial investments, and funds management helps mitigate financial risks by monitoring expenditures, identifying cost overruns or budget deviations, and implementing corrective measures. It also involves financial forecasting and risk assessment to anticipate and address potential challenges or constraints that may impact project performance. The study used the descriptive research design. The target population was 35 members of Transport Canada. The study did sampling of 25 respondents that were selected from the target population of 35 members of Transport Canada. The collection of data was conducted through stratified random sampling whereby questionnaires were used to gather data. The study concluded that the challenges surrounding funds management, cost control, performance evaluation, environmental considerations, and stakeholder collaboration must be addressed to ensure the optimal utilization of resources and the long-term sustainability of the project. Securing stable and adequate funding sources from national and provincial governments is crucial for the Trans-Canada Highway's continued development and maintenance. The study recommended that both national and provincial governments should establish a long-term funding plan that spans the entire lifecycle of the project. Regular assessments and data collection should be conducted to identify bottlenecks, areas for improvement, and emerging needs.
Keywords: Funds Management, Performance, Infrastructural Projects, Canada
References
AlGeelani, A., Dabous, S. A., & Venkatachalam, S. (2020, February). Investigation of Project Delivery Risks in Public-Private-Partnership (PPP) Infrastructure Projects in UAE-A Stakeholder's Perspective. In 2020 Advances in Science and Engineering Technology International Conferences (ASET) (pp. 1-5). IEEE. https://doi.org/10.1109/ASET48392.2020.9118319
Bisson, B. G., & Stevens, A. M. (2020). Financing Transportation Infrastructure: Issues and Future Directions.
Blay, E. (2020). The Role of Budgeting In the Management of Public Funds in Tertiary Institutions: A Case Study of the University Of Energy and Natural Resources, Sunyani.
Bruns-Berentelg, J., Noring, L., & Grydehøj, A. (2022). Developing urban growth and urban quality: Entrepreneurial governance and urban redevelopment projects in Copenhagen and Hamburg. Urban Studies, 59(1), 161-177. https://doi.org/10.1177/0042098020951438
David, D., & Venkatachalam, A. (2018). A comparative study on the role of public-private partnerships and green investment banks in boosting low-carbon investments (No. 870). ADBI Working Paper.
Fenn, M., Nanji, M., Rolfe, J., & Sussman, A. (2019). Moving Canada’s Economic Infrastructure Forward.
Grakhov, V., Mohnachev, S., Simakova, U., Kislyakova, Y., Saidova, Z., & Armyanin, A. (2020, July). Specific features of high-speed railway construction projects. In IOP Conference Series: Materials Science and Engineering (Vol. 890, No. 1, p. 012214). IOP Publishing. https://doi.org/10.1088/1757-899X/890/1/012214
Guha, S. K. (2021). Towards development of a pavement management framework for low volume road networks in Canada (Doctoral dissertation, Memorial University of Newfoundland).
Munzur, A. (2022). Existing and Pending Infrastructure Projects: Potential Compatibility with the Canadian Northern Corridor. The School of Public Policy Publications, 15.
Ribeiro, F. C. (2020). Uncertain Regional Urbanism in Venezuela: Government, Infrastructure and Environment. Routledge. https://doi.org/10.4324/9781003052340
Rodrigue, J. P. (2021). Constraints in the Canadian transport infrastructure grid. The School of Public Policy Publications, 14.
Seydewitz, E., Mulrennan, M., & García, M. (2022). A tale of two trails: Lessons from a comparative account of the Trans Canada Trail and the Sendero de Chile. The Canadian Geographer/Le Géographe canadien. https://doi.org/10.1111/cag.12796
Sinha, A. K., & Jha, K. N. (2020). Dispute resolution and litigation in PPP road projects: Evidence from select cases. Journal of Legal Affairs and Dispute Resolution in Engineering and Construction, 12(1), 05019007. https://doi.org/10.1061/(ASCE)LA.1943-4170.0000336
Vrchota, J., Řehoř, P., Maříková, M., & Pech, M. (2020). Critical success factors of the project management in relation to industry 4.0 for sustainability of projects. Sustainability, 13(1), 281. https://doi.org/10.3390/su13010281
Wang, S., & Wang, Y. (2022). Trans Canada trail: A shared-use network of pathways from coast to coast to coast. Journal of Outdoor Recreation and Tourism, 39, 100517. https://doi.org/10.1016/j.jort.2022.100517