In terms of procurement, there has been a general, but not universal, shift from input to output specified requirements and a change in the risk allocation between public sector and those implementing projects through the introduction of partnering, outsourcing arrangements and, in particular, the Private Finance Initiative (PFI). Both trends have reduced significantly the cost and time overruns and benefits shortfalls relative to both the outline business case and the position at contract award. There has also been an increase in pain-gain sharing of profits and losses, with the public sector and those implementing the projects having a common goal. The greater risk transfer and functional specification usually drives both parties in PFI projects towards completion of the project to cost and time. Risk transfer comes at a cost, which must be considered during the appraisal. When negotiating a contract, all aspects regarding the risk transfer (including caveats dealing with technology risk, obsolescence and changes in law) have to be considered to ensure long term value for money.