The Open Quality Standards Initiative (OQSI) develops 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 porfolio management (PCPM) systems.
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 natural resources domains (research, innovation and economic development) which face significant challenges in the are of 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.
References: Wappenhans, World Bank, 1992, Loan 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-ilibrary website.