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project management processes methodologies and economics
Global Megaprojects: Lessons, Case Studies, And Expert Advice On International Megaproject Management 1st Edition Virginia A. Greiman - Solutions
10. Why do scholars suggest that megaprojects should be anchored into its institutional environment?
9. How can participatory governance be encouraged?
8. Why is community involvement so important at the early stages of the project?
7. Explain the statement by (Miller and Hobbs 2005), “The longer the development time, the higher is the likelihood that projects will be affected by turbulence.”
6. Why is strategic alignment important in project selection?
5. Provide an example of a project from real life that chose the wrong strategy culminating in project failure. Explain what went wrong in the project selection process.
4. Why is preoccupation with failure an important attribute for High Reliability Organizations?
3. Why is getting to the simple so difficult and why do Weick and Sutcliffe recognize that it is not always the best solution?
2. What are the key considerations in the reduction of complexity?
1. Why is it important that complexity, uncertainty, and risk be managed with different strategies?
10. Infusing the project organization with the properties of cohesion and resilience requires an approach that goes beyond the risk management approach currently used in practice.b
9. Realizing that complexity is managed at the strategic level of the organization, while risk is managed at the tactical level.
8. Plan for the reality that a megaproject is a journey that evolves and changes over time.
7. Avoid irreversible commitments until enough information is presented to make rationale commitments.
6. Avoid making decisions too early or too late. If you decide too early, you may not have explored all your alternatives. If you decide too late, you may miss opportunities.
5. Exercising sound judgment when presented with different options through exploration of all reasonable alternatives and analyzing the pros and cons of each option.
4. Being prepared to act when opportunity strikes based on good decisionmaking practice and awareness.
3. Realizing the difference between complexity, uncertainty, ambiguity, risk, and chaos and developing a plan and strategy to manage each.
2. Development of systems to manage structural, dynamic, technical, and social complexity.
1. Understanding that managing complexity is an active and ongoing activity that requires exploration, openness, and continuous discovery.
4. Fourth, consider managing the selected pieces of the project in parallel by using different project management methods – e.g., an “option play” that treats different modes of project activity as options contingent on the outcomes (much like options in the financial securities market
3. Third, examine (through what could be a highly iterative and gradual process) the complexity and uncertainty of each piece to identify the major risks (known unknowns) that need managing and the knowledge gaps that point to areas of potential unknown–unknowns.
2. Second, break the problem into pieces – e.g., product modules, process activities, and stakeholders.
1. First, identify the problem structure: goals, external influences, activities, and causality of activities and effects.
The need for technological innovation, Large numbers of project participants from multiple employers, representing distinct cultures and companies, and a volatile environment subject to rapid change
10. What is the role of the multilateral development bank in international development and how do they add value to the social and economic development of the developing countries?
9. How does the United Nations classify developing countries and what is meant by an economy in transition?
8. Give an example of how multilateral development banks can mobilize capital through a partnering framework.
7. Why is progress in alleviating the global poverty rate slowing and what can be done to ameliorate the situation?
6. What are the hurdles that must be overcome by governments and the multilateral development banks to mobilize private sector funding?
5. What are the key factors in making projects bankable and delivering a pipeline of investment ready projects?
4. What are the requirements for obtaining a loan from the multilateral development banks and how can a borrower mitigate its risks?
3. How do the sources for project finance in developing countries differ from the sources of financing for the developed countries?
2. Can the sustainable development goals be prioritized? If so, how would you prioritize the goals and why?
1. How must projects in the developing world meet the growing call for climate change mitigation and sustainable development?
The success of development projects must be measured in a different way than looking at profits alone – the benefits of these massive undertakings must be identified and advanced constantly throughout the life of the project and beyond.Application of the United Nations 2030 Sustainable Goals are
The role of the multilateral development banks is critical in continuing to expand opportunities for growth and improvement in all low income and developing cities throughout the world.One of the largest sources of capital is the assets under management of institutional investors, such as pension
The local community must also be aware that investors need to see risks reduced before they will be willing to invest particularly in former war‐torn countries with continued corruption.Project finance in the developing world requires innovation and creativity to meet the growing demand of
To be successful the local community must be engaged in the project.
Megaprojects in the developing world require an understanding of local customs, practices, values, and culture.Megaprojects must not only be fair for the investors, but equitable to the local community.
If project costs increase will the MDB’s be prepared to provide additional funding? What will be the other sources of funding?
Are the projections for the return on investment realistic? What are the uncertainties in the calculation of the investment, i.e., supply and demand for the output? Who prepared the projections? Have they been audited by an independent third party?Is the pricing for the project output justified? Is
How was the discount rate determined and is the rate justifiable? A reasonable discount rate is the required return on investment (Esty 2003). Using a single discount rate with a project with falling leverage is not appropriate.
what period of time will the beneficiaries receive the return on investment?
Who will receive the returns and how much will be distributed? Over
Is the project equitable to the local community? What are the total returns on investment? Taxes? Royalties? Tariffs? Equitable Return as a Sponsor?
How will they identify obstacles and barriers?How are they overcoming these barriers?
How will they be able to tell success from failure, or progress from setbacks?
What are the criteria for measuring progress over the years that a project is in operation?
How are these factors being measured and what are the results?How will governments know whether they have made progress and achieved these goals?
Improved infrastructure in the twenty‐first century has allayed the costs of landlockedness for Central Asia. Whether a country takes advantage of the window of opportunity to promote export‐oriented economic growth will depend upon national reform to make economies more efficient and
A new generation of leaders and people familiar with market‐based economies and the world beyond the formerly centrally planned economies may be more receptive to reform. Resolution of these dilemmas will be decisive.
Planning has been replaced by national economic systems that vary substantially in the degree of state‐control over market forces.
12. What are the greatest challenges to project finance and how would you increase financing opportunities?
11. How do you mobilize capital for projects in the developing world with high technical, financial, economic, social, and political risk?
10. How would you go about gathering data about a megaproject so that your forecasts will be realistic and in line with standard practice?
are some techniques that you can use on megaprojects to evaluate the project finance in both the early and late stages of the project?
9. Distinguish between ex‐ante evaluations and ex‐post evaluations.
8. What is meant by innovative financing? How might you use this type of financing to fill gaps in the project financing?
7. How can private financing be used to fund major infrastructure projects globally?
6. Why is project finance important to economic and social development of a city, nation or a region of the world?
5. What are the best opportunities to fill financing gaps?
4. What role can bonds play in a project finance?
3. What are the important questions that lenders and equity sponsors must ask before embarking on a project finance?
2. How does project finance differ from corporate finance? What are the benefits of project finance and the challenges that must be overcome to ensure successful outcomes?
1. What are the common characteristics of a project finance?
6. Many megaprojects are so large and the need for them is so critical that pay as you go through tolls or tax revenues is not a viable option. Instead, states are stepping up with higher contributions and using innovative financing techniques including federal loans and state bonding initiatives
5. The real cost of a megaproject includes not just the cost for the project, but the financing required to pay for the project which may be substantial and take decades to pay off if not close to a century as was the case in Eurotunnel.
Bank environmental performance standards and are a financial industry benchmark for determining, assessing, and managing social and environmental risk in project financing.
4. In addition to relevant environmental and related laws, lenders now require compliance with the Equator Principles which incorporate the International Finance Corporation and World
3. It takes many forms including debt, equity, bonds, guarantees, offtake purchasers, creative financing, and requires solutions to complex and uncertain problems.
2. Project finance provides the impetus for building projects that otherwise would not happen.
1. Project finance is not a new concept and existed in various forms since the Middle Ages.
Enabling the changes needed to facilitate organizational transition to its desired future state, and Sustaining benefits enabled by previous programs, projects, or business operations.
Creating a new product, service or result that meets the needs of customers or end users Creating positive social or environmental contributions Improving efficiency, productivity, effectiveness, or responsiveness
3. Strengthening the credibility of sustainability ratings and reporting with more robust and regulated standards and taxonomies.
2. Transforming the sustainable investment market from a developed‐country phenomenon to a global market, which benefits all countries, in particular developing economies.
1. Growing sustainable investment from “market niche” to“market norm,” by making sustainability integration universal rather than a strategy of a subset of the larger market.
If this is a public private partnership what are the risks and the mitigation plan? Have any of the partners worked together before and what is the success rate of these partnerships?
What is the experience of the project delivery team and the government owners in projects of this type?
Who will verify the cash flows, and are there sufficient funds to cover debt/service ratios?
What is the Lender’s right to control cash flow?
Who are the lenders and is the project highly leveraged?
Who are the owners of this project and what is their level of experience?
How much capital is required for the project? What are the sources of equity financing and how large is the investor pool?
How is the return on investment calculated?Is the project benefit cost analysis, the environmental assessment, and the feasibility study based on accepted standards?Has an audit been conducted to ensure the assumptions made in these studies are realistic?
What was the process for the selection of the project, by the project owner or sponsoring organization, and what were the alternatives that were not selected and why?
what is the
Making financial flows more results‐oriented, by explicitly linking funding flows to measurable performance on the ground.
Enhancing the efficiency of financial flows, by reducing delivery time and/or costs, especially for emergency needs and in crisis situations.
Engaging new partners (such as emerging donors and actors in the private sector).
Generating additional development funds by tapping new funding sources (that is, by looking beyond conventional mechanisms such as budget outlays from established donors and bonds from traditional international financial institutions).
3. Advancement in resilience across all infrastructure sectors through enabling communities to institute their own resilience pathway, incentivizing and enforcing the use of codes and standards, prioritizing projects that improve safety and security, improving land use, and enhancing natural or
2. Increase investment from all levels of government and the private sector from 2.5% to 3.5% of U.S. (GDP) by 2025.
1. Promote sustainability, or the “triple bottom line” in infrastructure decisions, by considering the long‐term economic, social, and environmental benefits of a project. This will occur through strong leadership, decisive action, and a clear vision.
Provide greater expertise in control and management of largescale projects.Project
Attract private investment through public private partnerships for public projects. Share the risk with those most capable of controlling the risk such as engineers and contractors.
Lower the cost of a product or project through highly leveraged debt financing.
Open competitive markets for oil, gas, mining, and other natural resources.
Provide connectivity and integration among cities, states, countries, and the larger ecosystem.
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