Market
Improving Infrastructure Delivery: Project Initiation Routemap, Handbook, Version 2 June 2016, published by the Infrastructure and Projects Authority, states: ‘A market is a group of organisations that integrates and competes to provide goods or services to one or more clients. The construction and infrastructure market is often characterised by a large number of suppliers and SMEs.’
Project Routemap, Setting up projects for success, Organisational Design & Development, UK Module, published by the Infrastructure and Projects Authority, states:
In the context of Routemap, the market comprises organisations which integrate and compete to deliver goods or services to one or more clients. This includes:
- the players, for example, sellers/buyers/partner
- the rules, for example, regulation, legislation
- processes, for example, procurement, delivery
- structure, for example, relationships between buyers, sellers, partners
The glossary of statistical terms, published by the Organisation for Economic Co-operation and Development (OECD), states: ‘A market is where buyers and sellers transact business for the exchange of particular goods and services and where the prices for these goods and services tend towards equality. In order for a market to "clear" or function properly, the quantity of goods and services demanded and supplied must be equal at some given price. At any particular point in time, markets can be in "equilibrium" or "disequilibrium" depending on whether or not aggregate supply equals aggregate demand at the prevailing price.’
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