Learn why, to justify funding and investment, policy makers must conduct Cost-Benefit Analysis (CBA) to make smart cities a reality.
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Smart cities are a global trend, which entails substantial cost in information system provisions, often from the public coffers. A smart city project embraces both direct and indirect benefits and costs, as well as externalities which are often difficult to quantify.
Research is being conducted to identify life-cycle costs and benefits pertaining to smart city project development. A framework will be introduced through the use of established methods for carrying out CBA of smart city projects. We will illustrate this through shared examples and discuss the issue of private sector participation.
Professor Patrick Lam MRICS, Department of Building & Real Estate, The Hong Kong Polytechnic University
Professor Lam has a quantity surveying professional background, both in Hong Kong and Singapore, and recently conducted research into smart city development, which was funded by a grant from the Hong Kong Research Grants Council’s competitive allocation. He also carries out research into Public-Private Partnerships and project financing.