ABSTRACT
Major infrastructure 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 and the late involvement of all contractors, there is a lack of information for all those involved. This gap of information can be described by the principal agency theory from the new institutional economics. One way to reduce this information deficit is to use other delivery models, contracts and methods. Delivery models like Integrated Project Delivery (IPD) with the contractual relationship and the early involvement of all the participants creates a sooner understanding of the project. This can reduce information losses. However, the current project execution models do not have a smart objective system which records the interests of the client from start to the end of the project. They are not documented with the start of the project, neither adapted iteratively. Also, these objectives don’t get used to define the requirement and specify that. With the help of the recently created project objective requirement system (PORS), the objectives of all project stakeholders can be selected, checked and compared. Followed by the transfer to the requirement management. With the PORS an incentive contract can be created and thus an incentive mechanism implemented. In addition, the project delivery on time and within the budget is strongly supported.
