Governance of Major Public Investment Projects: Principles and Practices in Six Countries

This article compares the Norwegian scheme for quality assurance of major public projects with similar project governance schemes in five other OECD countries.1 All schemes have been introduced since the turn of the millennium and seem to be fairly consistent with recommendations from the project management literature. There are also a number of differences between the six schemes, for example, with regard to parties and roles, comprehensiveness, flexibility, organization, and whether portfolio management is covered. It is too early to make conclusions about their relative effects, but the evidence thus far indicates that there is much to learn across countries.

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The hierarchy of public project governance frameworks

International Journal of Managing Projects in Business ◽

10.1108/ijmpb-04-2017-0040 ◽

2018 ◽

Vol 11 (1) ◽

pp. 174-197 ◽

Cited By ~ 11

Author(s):

Gro Holst Volden ◽

Bjorn Andersen

Keyword(s):

Portfolio Management ◽

Qualitative Assessment ◽

Public Project ◽

Content Type ◽

Investment Projects ◽

Project Governance ◽

Internal Focus ◽

Management Literature ◽

The Government ◽

The Relationship

Purpose The purpose of this paper is to study public project governance frameworks in various ministries and agencies in Norway, following the introduction of such a framework on the topmost level (i.e. the cabinet) which applies to the very largest projects. Design/methodology/approach The study is methodologically designed as a qualitative assessment of project governance frameworks that apply to state-funded investment projects in selected sectors, based on data gathered through document reviews and interviews. Findings The study finds that all of the agencies have introduced their own project governance frameworks, which are basically consistent with the recommendations from the project management literature and with the cabinet’s overall requirements in Norway. By contrast, only one ministry has taken a formalized role as a project owner. Governance tasks thus seem to be extensively delegated to the subordinate agencies. This even includes strategic tasks such as project selection and portfolio management, and implies there is a risk that public project governance has a narrow and internal focus. Originality/value The paper is a first step toward a better understanding of public project governance as a hierarchical system and the relationship between project owners on three levels, the cabinet, the sectoral ministry, and the government agency.

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ORGANIZATIONAL AND ECONOMIC MECHANISM OF PROJECT MANAGEMENT OF NATIONAL ECONOMY DEVELOPMENT

Black Sea Economic Studies ◽

10.32843/bses.63-24 ◽

2021 ◽

Author(s):

Olga Pokataeva ◽

Victoria Tomareva-Patlakhova ◽

Pavlo Yushkov

Keyword(s):

Life Cycle ◽

Project Management ◽

National Economy ◽

Public Investment ◽

Contact Point ◽

Private Partnership ◽

Economic Mechanism ◽

Investment Projects ◽

State Investment ◽

Monitoring Information

The article identifies the stages of the life cycle of project management for the implementation of organizational and economic mechanism for the implementation of projects for the development of the national economy: initiation, planning, resource provision, implementation and completion. Methods and tools of organizational and economic mechanism of realization of projects of development of national economy at each stage of a life cycle of project management are systematized. The author analyzes the components of the elements of the organizational and economic mechanism of implementation of national economic development projects in accordance with the stages of the project life cycle. The economic and organizational tools of realization of projects of development of national economy are analyzed. The positive aspects of project management are formulated. They are formation of a system of management and control over the implementation of national projects (national governing body, national control and contact point, representative of Ukraine in the group of auditors, national contact point); operation of project offices at eight ministries and the Secretariat of the Cabinet of Ministers of Ukraine; availability of a wide range of sources of funds for project financing; availability of results of monitoring the implementation of state investment projects on the website of the Ministry of Economic Development. The shortcomings of organizational and economic support for the implementation of projects are identified. They are lack of qualified staff of government agencies for high-quality development of feasibility studies of projects in terms of cost-benefit analysis; lack of methodological developments in the study of the peculiarities of the analysis of public investment projects; imperfect coordination between different mechanisms of financing public investment projects; unsatisfactory level of use of public-private partnership opportunities and obtaining the necessary financial resources as a result of bond issuance by local authorities; inconvenient format for providing monitoring information on state investment projects; lack of monitoring information and conclusions of beneficiaries on some international technical assistance projects provided to Ukraine; lack of results of monitoring of public-private partnership projects and projects implemented at the expense of MFIs.

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Management of innovative investment projects in housing construction

Herald of Ternopil National Economic University ◽

10.35774/visnyk2020.01.134 ◽

2020 ◽

pp. 134-147

Author(s):

Yuliia Mykytyuk

Keyword(s):

Project Management ◽

Portfolio Management ◽

Management System ◽

Development Project ◽

State Regulation ◽

Housing Construction ◽

Project Portfolio ◽

Project Portfolio Management ◽

Investment Projects ◽

Corporate System

Introduction. Housing innovation and investment projects can be characterized as projects that, with relatively small investments, can create competitive products, real increase in investment potential and investment resources of a construction organization. In modern conditions it is also necessary to strive to ensure that the implementation of innovative projects aimed at improving the economic efficiency of construction does not lead to a decrease in the quality of construction products (reliability of structures, attractiveness of architectural and structural solutions of buildings). Regardless of the direction of movement in business, the leaders of construction organizations, in the presence of interest in the development of the company inevitably come to understand the need for improvement and development of methods of managing innovative projects. This contributes to the formation of an effective corporate system of management of construction projects, adequate to the conditions prevailing in the domestic market of construction services and takes into account the peculiarities and specificity of a particular region. It should be noted that if at the level of departments (IT-orientation), or certain types of projects (for example, research and development) project management methodology is used very actively in the construction industry, then at the level of program and project portfolio management, determining their priorities, portfolio balancing etc. theoretical and practical research is not enough. The purpose. The purpose of the study is to develop theoretical provisions for managing the implementation of innovation and investment projects in housing. Results. The peculiarities of the management of innovation-investment projects in housing construction in the management of several projects are revealed. The complexity in planning and organization of interaction of various subjects (participants) of innovation-investment projects is determined. It is suggested to take into account the degree of risk in the process of implementation of innovation-investment projects. The factors influencing the effectiveness of innovation investment projects have been clarified. The directions of development of the structure of the corporate system of management and state regulation of the innovation-investment sphere of housing construction are determined. Discussion. Prospects for further research are to develop a methodology for forming an information complex of corporate project portfolio management system, which includes a set of normative documents, as well as a set of tools and methods for managing innovative projects that ensure the effective implementation of different projects of the organization under the same rules at different stages of their life cycle, allowing to improve project management system, to extend the managed range of the project lifecycle, to increase the level of integration and specialization of the Management Center.

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Quality Assurance in Megaproject Management

10.1093/oxfordhb/9780198732242.013.17 ◽

2017 ◽

Author(s):

Knut Samset ◽

Gro Holst Volden

Keyword(s):

Quality Assurance ◽

Public Investment ◽

Investment Project ◽

Lessons Learned ◽

Project Portfolio ◽

External Quality ◽

Investment Projects ◽

Governance Regime ◽

The Government ◽

Sound Management

This chapter discusses the Norwegian governance regime for public megaprojects and the lessons learned. Governance regimes for major public investment projects comprise the processes and systems which the financing party must implement to ensure a successful investment. Such regimes typically include a regulatory framework, compliance with agreed objectives, and sound management and resolution of issues that may arise. The challenges in securing quality at entry include identification of a conceptual solution that is economically viable and relevant with respect to the needs and often conflicting priorities in society, avoiding underestimating costs, overestimating utility and making unrealistic and inconsistent assumptions, and securing essential planning data and adequate contract regimes. The Norwegian regime involves external quality assurance of key decision documents, and has given the government greater control over the total cost of its investment project portfolio. It also ensures that decisions regarding the choice of conceptual solution are based on a broad assessment of overall needs and goals, as well as alternative ways of achieving these goals.

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The relationship between project management and company�s strategy: assessment of the project portfolio management influ

Scientific Research and Development Russian Journal of Project Management ◽

10.12737/101 ◽

2012 ◽

Vol 1 (1) ◽

pp. 0-0 ◽

Cited By ~ 1

Author(s):

�� ◽

Valeriy Anshin ◽

�� ◽

Evgeniya Kostinskaya

Keyword(s):

Project Management ◽

Portfolio Management ◽

Methodological Approach ◽

Investment Analysis ◽

Project Portfolio ◽

Project Portfolio Management ◽

Investment Projects ◽

Fundamental Value ◽

The Impact ◽

The Relationship

In order to analyze and assess the impact of investment projects performance on company�s effectiveness, development and fundamental value, it�s essential to assess the projects that are grouped by particular similar characteristics. The purpose of this paper is to suggest the possible methodological approach for assessment of the impact of the project portfolio on the company�s effectiveness. The paper covers the essential stages of integral investment analysis of project portfolio.

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Deficiencies in Project Governance: An Analysis of Infrastructure Development Program

Administrative Sciences ◽

10.3390/admsci9010009 ◽

2019 ◽

Vol 9 (1) ◽

pp. 9 ◽

Cited By ~ 2

Author(s):

Asadullah Khan ◽

Muhammad Waris ◽

Ishak Ismail ◽

Mirza Sajid ◽

Mehfooz Ullah ◽

...

Keyword(s):

Portfolio Management ◽

Stakeholder Management ◽

Development Program ◽

Critical Element ◽

Infrastructure Development ◽

Northern Pakistan ◽

Project Governance ◽

Deficiencies in Project Governance: An Analysis of Infrastructure Development Programme of Multi-Projects

10.20944/preprints201810.0289.v1 ◽

2018 ◽

Author(s):

Muhammad Waris ◽

Asadullah Khan ◽

Ishak Ismail ◽

Mehfooz Ullah ◽

Ammar Hussain

Keyword(s):

Decision Making ◽

Portfolio Management ◽

Stakeholder Management ◽

Development Programme ◽

Critical Element ◽

Infrastructure Development ◽

Central Focus ◽

Project Governance ◽

Management Literature ◽

Management Approaches

The governance of public sector infrastructure projects became an important topic of interest in the project, programme and portfolio management literature during the last decade. Today, it is becoming a central focus for policymakers seeking to ensure success in selecting, designing and implementing government-sponsored programme of multi-projects. Due to the multiple underlying risks and complexities, the governance of infrastructure programme constitutes a critical element in strategic planning in developing countries. This paper has analyzed infrastructure development programme and revealed shortcomings in the areas of appraisal, decision-making, quality assurance and stakeholder management. Approaches to remedy these shortcomings have been proposed.

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The Use of Cost-Benefit Analysis for Evaluating Efficiency of Public Investment Projects (The Case of Sochi-2014 Winter Olympic Games)

Voprosy Ekonomiki ◽

10.32609/0042-8736-2011-11-57-78 ◽

2011 ◽

pp. 57-78

Author(s):

I. Pilipenko

Keyword(s):

Net Present Value ◽

Olympic Games ◽

Cost Benefit Analysis ◽

Public Investment ◽

Cost Benefit ◽

Investment Efficiency ◽

Benefit Analysis ◽

Step Method ◽

Investment Projects ◽

The Usa

The paper analyzes shortcomings of economic impact studies based mainly on input- output models that are often employed in Russia as well as abroad. Using studies about sport events in the USA and Olympic Games that took place during the last 30 years we reveal advantages of the cost-benefit analysis approach in obtaining unbiased assessments of public investments efficiency; the step-by-step method of cost-benefit analysis is presented in the paper as well. We employ the project of Sochi-2014 Winter Olympic and Paralympic Games in Russia to evaluate its efficiency using cost-benefit analysis for five accounts (areas of impact), namely government, households, environment, economic development, and social development, and calculate the net present value of the project taking into account its possible alternatives. In conclusion we suggest several policy directions that would enhance public investment efficiency within the Sochi-2014 Olympics.

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Project Expectation Management – A Quality Approach to Customer Satisfaction

Adhyayan A Journal of Management Sciences ◽

10.21567/adhyayan.v5i1.8812 ◽

2016 ◽

Vol 5 (1) ◽

Author(s):

Karuna Devi Mishra ◽

Dr. Sudarsanam

Keyword(s):

Project Management ◽

Customer Satisfaction ◽

Project Managers ◽

Market Place ◽

Dynamic Approach ◽

Project Environment ◽

Project Governance ◽

Expectation Management ◽

Management Project ◽

Quality Approach

This paper investigates the current challenges faced by the project managers in creating realistic expectations of customers in dynamic changing project environment which are created by rapid introduction of new unknowns, as they progress. One might say they are more akin to packing boxes of frogs without a cover, setting each thing right before a new challenge is faced. The difficulties posed by these projects are identified and the literature is reviewed for suitable approaches. Why do projects fail and what more is critical to the success of project? All projects are conceived with a vision to satisfy certain needs of the business. Hence, the beneficiary of these needs become key stakeholder. Appropriate participation of this key stakeholder in steering the project ensures the success of the project. Also businesses are impacted by competition and changing market place resulting in skewed expectation management. Managing expectations enhances the success of the project immensely. Now, goal of the project plays a pivotal role and hence respecting it, is an important task, in project management. Project governance is an important aspect which needs to change according to the requirements and requires a dynamic approach rather than a ‘rule book approach’.

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Similar but Different: A Top-Down Benchmarking Approach to Investigate Nuclear Decommissioning Projects

Volume 7: Fuel Cycle, Decontamination and Decommissioning, Radiation Protection, Shielding, and Waste Management; Mitigation Strategies for Beyond Design Basis Events ◽

10.1115/icone25-66155 ◽

2017 ◽

Cited By ~ 4

Author(s):

Diletta Colette Invernizzi ◽

Giorgio Locatelli ◽

Naomi J. Brookes ◽

Martin Grey

Keyword(s):

Project Management ◽

Best Practices ◽

Key Factors ◽

Top Down ◽

Rocky Flats ◽

Nuclear Decommissioning ◽

Key Stakeholders ◽

Nuclear Site ◽

Recent Emergence ◽

Management Literature

Project management literature has, until now, mainly focused on new build and only in the last decades the issues of decommissioning (mega) projects has arisen. To respond to this changing environment, project management will need to understand the challenges of decommissioning projects. Decommissioning projects within Oil & Gas, Chemical and Nuclear sectors are characterized by high costs, long schedules and uncertainty-based risks. The budget for Nuclear Decommissioning Projects and Programmes (NDPs) are subject to well publicized increases and, due to their relatively recent emergence, complexity and variety, key stakeholders lack a full understanding of the key factors influencing these increases. Benchmarking involves “comparing actual or planned practices [...] to identify best practices, generate ideas for improvement” [1] and offers significant potential to improve the performance of project selection, planning and delivery. However, even if benchmarking is the envisaged methodology to investigate the NDPs characteristics that impact on the NDPs performance, until now, it has only been partially used and there is a huge gap in the literature concerning benchmarking NDPs. This paper adapts a top-down benchmarking approach to highlight the NDPs characteristics that mostly impact on the NDPs performance. This is exemplified by a systematic quantitative and qualitative cross-comparison of two major “similar-but-different” NDPs: Rocky Flats (US) and Sellafield (UK). Main results concern the understanding of the alternatives of the owner and/or the contractors in relation to (1) the physical characteristics and the end state of the nuclear site, (2) the governance, funding & contracting schemes, and (3) the stakeholders’ engagement.

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