The Open Quality Standards Initiative (OQSI) was established in 2010 to develop specifications and recommendations for practical due diligence procedures that uphold quality standards for the design, implementation and operations management of online/cloud project cycle and portfolio management (PCPM) systems. Due diligence procedures represent an important assurance for investors and donors in helping them assess the quality of a project, and, in the light of those due diligence components that provide information on design optimisation and risk, an ability to assess the likelihood of success. Due diligence procedures are actions that should be a basic criterion for funding on the part of investors and donors and a professional obligation on the part of those identifying, designing and implementing projects.
This work focuses on generic principles as well as on the specificity of issues surrounding projects in different economic sectors. Particular emphasis is given to agriculture and natural resources domains (research, innovation and economic development) which face significant challenges in the area where decision-making is characterised by considerable uncertainty. OQSI work is distinct in that it places particular emphasis on the advances in decision analysis, logic & analytical techniques. The objective is to secure more economic, efficient and effective project operations management and a significant reduction in project failure rates.
General references: Wapenhans, World Bank, 1992, Loan portfolio performance review (internal report); McNeill, H.W., & Belko, F., "Towards more effective Project Management", DAI, GBF, London, 2011, ISBN: 978-0-907833-02-4; SEEL-Systems Engineering Economics Lab, 2017, Estimated financial losses arising from lower than expected economic development project performance.
Recent studies on project successs rates indicate that in excess of 55% do not achieve objectives (PlanView). Overall something like 20-25% of projects are a complete failure and total financial loss. The other 30-35% have a range of losses from 5%-95% or an average of 50% of funding. This provides an estimated global financial loss equivalent to 37.5% total outlays on economic development funding. Latest fiures on aid funding can be obtained from OECD-library website.