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In this article, the object of research is the methods of quantitative analysis of the financial risk of investment projects. Among the methods used in practice of this type, there is no universal method suitable for a comprehensive risk assessment of most investment projects in practice. Therefore, the problem of creating new or improving known methods of quantitative analysis of project risks is still relevant. The authors of the article in their previous works developed a new method for assessing the risks of investment projects - an analysis of the financial stability of the project. One of the main drawbacks of this method is its determinism. In this article, the authors attempted to combine their method of analyzing the financial sustainability of the project with the scenario method. As a result of the combination, the two methods that make up the combination have become more universal. The method of estimating the margin of financial stability of the project has the ability to find the mathematical expectations of the margin for all project scenarios, and the scenario method now assesses not only the integral risk of the project as a whole, but also the project risks by its parameters. In addition, the scenario method has been able to find critical parameter values and their mathematical expectations. With the help of the new combined method of analysis of project risks, it is possible to build project ratings by descending risk and a matrix of risk and predictability of project factors. The projects with different structure of payments (from rental to arbitrary) are considered.

Project resources leveling and scheduling under time and cost constraints.Prioritization rules examination as decision making problem.Standard optimization techniques and Multi-Attribute Decision Models combination.Project duration and resources moments compensation to select the most suitable schedule. Project scheduling is one of the most vital processes in Project Management. It is a widely discussed topic in academic and practical circles due to its importance and complexity. Manpower, machines, materials and equipment are used for the execution of project activities, but these mostly have limited availability, which can constrain project scheduling procedures. Project resources might exceed or fall short of the resource demand in a project's time horizon. These considerations present issues to project managers who must try to properly allocate among these demands in order to achieve a near optimal utilization during a project's lifetime. Resource leveling is among the greatest challenges faced by project managers as the success of a project largely depends on it. This is because peaks and valleys in the resource usage histogram are responsible for cost overruns due to the necessary recruitment, dismissal and training of the personnel Moreover, issues may arise regarding the efficient management of available resources given that large peaks correspond to fluctuations in resource allocation during a project's life cycle or construction period. To address these issues, resource leveling provides procedures and frameworks that ensure the efficient management of resources to obtain smooth resource usage profiles. These procedures attempt to identify activities that should be delayed to resolve resource over-allocations under time and cost constraints. Given the existence of a variety of available rules that could be followed by project managers to prioritize activities, the paper at hand examines the implementation of five Multi-Attribute Decision Making models and how they perform in the scheduling of a solar park construction project. Namely these models are the Weighted Sum Method, Analytic Hierarchy Process, PROMETHEE, TOPSIS, Ordered Weighted Average (OWA) and Hybrid Weighted Average (HWA). Finally, the derived results are discussed in comparison with those obtained by the standard resource leveling procedures of MS-Project.

Project finance is the process of financing a specific economic unit that the sponsors create, in which creditors share much of the venture’s business risk and funding is obtained strictly for the project itself. Project finance creates value by reducing the costs of funding, maintaining the sponsors financial flexibility, increasing the leverage ratios, avoiding contamination risk, reducing corporate taxes, improving risk management, and reducing the costs associated with market imperfections. However, project finance transactions are complex undertakings, they have higher costs of borrowing when compared to conventional financing and the negotiation of the financing and operating agreements is time-consuming. In addition to describing the economic motivation for the use of project finance, this paper provides details on project finance characteristics and players, presents the recent trends of the project finance market and provides some statistics in relation to project finance lending activity between 2000 and 2014. Statistical analysis shows that project finance loans arranged for U.S. borrowers have higher credit spreads and upfront fees, and have higher loan size to deal size ratios when compared with loans arranged for borrowers located in W.E. On the contrary, loans closed in the U.S. have a much shorter average maturity and are much less likely to be subject to currency risk and to be closed as term loans.

Cooperative projects involve a set of self-interested contractors, each in charge of a part of the project. Each contractor may control the duration of his activities, which can be shorten up to an incompressible limit, by gathering extra resources at a given cost. In this context the resulting project makespan depends on all contractors' decisions. The client of the project is interested in a short project makespan. As an incentive, the client offers a daily reward to be shared among the contractors in order to complete the project earlier than expected. In practice, either the reward sharing policy results from an upfront agreement or payments are freely allocated by the client himself. Each contractor is only interested in the maximization of his own profit, and behaves accordingly. This paper addresses the problem of finding a Nash equilibrium and a sharing policy that minimize such project makespan while ensuring its local stability. We explain how the resulting problem, which is NP-hard, can be modeled and solved with mixed integer linear programming (MILP). A computational analysis on large instances proves the effectiveness of our approach. Useful insights are also derived from an empirical investigation of the influence of reward sharing policy, for a better understanding of how a project customer should make the most of his funds in such project management context.

The construction industry tumbled along with the other industry/sectors during the recent economic crash. Construction business could not regain thereafter and is still passing through a slowdown phase, resulting in time and cost overrun of many real estate as well as infrastructure projects. There are many theories, tool and techniques with software packages available in the market to analyze construction schedule. This study focuses on the construction project schedule and uncertainties associated with construction activities. The infrastructure construction project has been considered for the analysis of uncertainty on project activities affecting project duration and analysis is done using @RISK software. Different simulation results arising from three probability distribution functions are compiled. This study helps construction project managers to plan and prepare more realistic schedules for construction projects and document probable project completion date in the contract to avoid compensations or claims arising due to missing the planned schedule. Article DOI: https://dx.doi.org/10.20319/mijst.2017.31.104109 This work is licensed under the Creative Commons Attribution-Non-commercial 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by-nc/4.0/ or send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042, USA.

Analysis of possible risks in the process of implementing a specific project has been carried out, measures to reduce their negative impact on the project have been developed and proposed. The object of study is a wind energy project, namely a wind farm working as part of the national energy system. The implementation of the project is related to both external and internal risk factors that are characteristic to such projects in the real economy sector under the current conditions. Such risks have been classified and the fractional structure of risk adjustment has been analysed taking into account the properties of the particular wind energy project, which consists of three main components. A description has been given of the innovative technology selected for project implementation, power generation using wind, which is used to limit the negative influence of the above-mentioned risks. The current strategic management tools, such as SWOT analysis and McKinsey matrix, which are useful for the identification of project risks, have been examined. For the wind energy project that is being implemented, the project dot location coordinates were determined in the McKinsey matrix on axes: Advantages against competitors and Market attractiveness. Also, a sector characterising the project development prospects was established to be subsequently used as a tool for risk identification. Following the identification of risks, specific measures of state support and special project management measures were developed and proposed to be implemented with the aim of limiting the negative influence of the possible project risks.

The report examines trends in the development, construction project management systems in the overall system of the global network economy. The approaches of system developing the information tools of investment and construction project management of complex infrastructure projects is proved throughout their lifecycle from project initiation to disposal facility.

This article is devoted to a problem of project success and failure assessment. The purpose of the work is to analyse the existing approaches to the assessment of project results, and to identify potential benefits that an organization obtains in the process of project success or failure determination. Theoretical aspects of a project management in the field of the project result assessment are analysed to achieve the aim of the study. The concept of project success and failure is presented from the point of view of the development of a project management. The traditional and modern understanding of project success and failure is determined in the article. The traditional approach estimates project results from the point of view of triple restriction for the project: terms, budget and quality. Modern approach estimates any project according to a multiple combination of various restrictions. Two approaches to the evaluation of a project have been developed by the authors based on the scientific literature review. They are binary and flexible approaches. A binary approach estimates the project results on the basis of traditional constrains: to follow the constrains means the project success, otherwise at least one restriction is not observed the project will fail. A flexible approach takes into account both traditional and additional restrictions determined by managers and interested parties of a project. For all that the project success or failure is determined on the basis of ranged restriction according to their importance (restriction priority). Practical application of the approaches to project success or failure determination is examined in the case studies that allow demonstrate scientific and practical value of the results obtained by the authors as well as the specific character of both binary and flexible approaches in the field of project management. In particular the above mentioned approaches were applied to the building and commission of the fifth terminal at Heathrow and the project of Donald Trump’s electioneering. After the analysis of the case studies the disadvantages of the binary approach and the adaptability of the flexible one to project success and failure have been revealed, that is very important in the current environment instability. Moreover, the advantages of the flexible approach are the assessment of project results according to different restriction priorities and the ability to assess the project success and failure simultaneously. This fact allows determine the best and worst practices within a particular project. Expertise and realisation of a huge number of projects permits an organisation to gain the experience, to standardize the management processes, to decrease costs, and as a result, to become more competitive. The application of the authors’ approach in complex increases the efficiency of an organisation management. Further the authors are intended to develop a multi-factors model for a project assessment considering the interested parties and project restriction priorities conferring a value for each restriction. In future it will allow ranging the project restriction from the point of view of their importance. Keywords efficiency of the organisation activity, a project, project success, project failure, a traditional approach, a modern approach, constraints for success achievement, restriction priorities. References 1. Batalova T., Kodeikh N. Teoretiko-metodologicheskie podkhody k modelirovaniiu otsenki uspekha proektov [Theoretical and methodological approaches to modeling the assessment of project suc-cess]. Vestnik Permskogo universiteta. Seriia «Ekonomika» [Perm University Herald. ECONOMY], 2013, no. 2 (17), pp. 24–29. (In Russian).2. Klishin А. V srok ili v ramkakh biudzheta: kak otsenit' uspeshnost' proekta? [In time or within the budget: how to estimate success of the project?]. Fundamental'nye i prikladnye issledovaniia v sov-remennom mire [Basic and Applied Researches in the Modern World.], 2016, no. 14–2, pp. 156–159. (In Russian).3. Kerzner H. Project management 2.0: leveraging tools, distributed collaboration, and metrics for project success. New Jersey, John Wiley & Sons Inc., 2015. 339 p.4. Аrtem'ev D., Kilina K. Osobennosti opredeleniia uspekha internet-proektov [Specifics of deter-mining the success of Internet projects]. Menedzhment i biznes-administrirovanie [Management and Business Administration], 2015, no. 1, pp. 88–109. (In Russian).5. Аrtem'ev D., Grebenshchikova E. Kriterii uspekha proektov po razrabotke novogo produkta na raznykh stadiiakh ikh zhiznennogo tsikla [Success criteria of projects for new product development at differ-ent stages of their life cycle]. Ars administrandi, 2015, no. 4, pp. 41–56. (In Russian).6. Kerzner H. Project management: A systems approach to planning, scheduling, and controlling. New York, John Wiley and Sons Inc., 2001. 1122 p.7. Burke R. Planning and Control Techniques. Chichester, John Wiley & Sons Inc., 2013. 384 p 8. Els M., Van der Merwe M., Hauptfleisch A. Critical success criteria and success factors in pro-ject management: A quest to enhance generic professional practice. ICEC Publ., 2012, no. 36, pp. 1–15.9. Atkinson R. Project management: cost, time and quality, two best guesses and a phenomenon, it’s time to accept other success criteria. International Journal of Project Management, 1999, no. 6 (17), pp. 337–342.10. Belassi W., Tukel O. A new Framework for Determining Critical Success-Failure Factors in Projects. International Journal of Project Management, 1996, no. 3, pp. 141–151.11. Cooper R. Formula for Success. Marketing Management Magazine, 2006, March-April, pp. 21–24.12. Cooper R. Kleinschmidt E. Winning Businesses in Product Development: The Critical Success Factors. Research Technology Management Industrial Research Institute Publ., 2007, no. 50, pp. 52–66.13. Shenhar A. et al. Project Success: A Multidimensional Strategic Concept. Long Range Planning, 2001, no. 6 (34), pp. 699–725.14. Koelmans R. Project success and performance evaluation. International Platinum Conference “Platinum Adding Value”. The South African Institute of Mining and Metallurgy Publ., 2004, pp. 229–236.15. Priemus H., Wee B. International handbook on mega-projects. Cheltenham (UK), Edward Elgar Publ., 2013. 462 p.16. Silvius G. Considering Sustainability in Project Management Processes. Handbook of Research on Sustainable Development and Economics, 2015, pp. 311–334.17. Silvius G., Schipper R., Planko J., Brink J., Kohler A. Sustainability in project management. England, Gower Publ., 2012. 164 p.18. Silvius G., Schipper P. Sustainability in project management: A literature review and impact analysis. Social Business, 2014, no. 1 (4), pp. 63–96.19. Balshoej J., Hope A. Re-imagining the Iron Triangle: Embedding Sustainability into Project Constraints. PM World Today, PM World Journal, 2013, no. 2 (3), pp. 1–19.20. Wideman R. Improving PM: Linking Success Criteria to Project Type. Symposium Creating Canadian Advantage through Project Management, May 1996, Calgary, Project Management Institute Publ., 1996, pp. 1–12.21. Gergert D., Аrtem'ev D. Sovremennye podkhody k opredeleniiu provala proekta [Modern ap-proaches to the definition of project failure]. Regional'naia promyshlennaia politika kak baza kachestvennogo neoindustrial'nogo pod"ema proizvoditel'nosti truda i innovatsionnoi konkurentosposobnosti korporatsii Materialy VII Mezhdunarodnoj nauchno-prakticheskoi konferentsii, 27 noiab. 2014 g. [Regional industrial policy as the basis of a qualitative neo-industrial rise in labor productivity and competitiveness of innovative corporations. Materials of VII International scientific-practical conference, 27 Nov. 2014]. Perm', Permskii gosudarstvennyi natsional'nyi issledovatel'skii universitet Publ., 2014, pp. 249–256. (In Russian).22. Clark D. Integrated Management: P5 Students Can Learn Several Valuable Lessons from Heathrow Airport's Terminal 5 Project. Financial Management, 2009, April 1. Available at: https://www.highbeam.com/doc/1G1-205494337.html (assessed 14.11.2016).

In recent years, the size of road projects has increased significantly. These projects face several challenges due to the size and the complexity of the projects. The purpose of this paper is to identify the project delivery method of a large road project in Norway and to explore the nature of the challenges the project faces. In addition, the paper will assess how implementing early contractor involvement (ECI) affects these challenges in the case project. In addition to a literature study, a case study on a public road project was carried out. The case study was conducted by a document study and semi-structure in-depth interviews with ten key personnel. The key personnel include representatives from the client side as well as representatives from the design team and the main contractor. Even though the project is large and complex, the client has used design-bid-build (DBB) as project delivery method. By using this project delivery method, the client faced several challenges during the early stages of the project execution. Some of the client's challenges were shortcomings in the design, as well as lack of control of the subcontractors. By involving the contractor's knowledge in the early phase, some of the challenges could have been reduced. Since the project will not be fully implemented until the spring of 2019, the paper addresses challenges in the early execution phase of the project. ECI should be considered in such large and complex road projects to reduce challenges that could appear in the execution phase. Since several large and complex road projects are coming, the experience from this case study could help them to decide the project delivery method.

Project managers need to determine the appropriate operations for solving problems in project management. In order to obtain the necessary skills for determining these operations, project managers learn and practice the theory of project management, which requires great deal of time and money. To provide more efficient training for project managers, we developed a skill-up simulator to allow the project manager to practice such operations on a computer. However, the simulator did not show the project manager which operations need to be improved. Our proposed method identifies the operations that need to be improved in comparison to other operations. Because it is time-consuming to collect operations from other project managers, agent programs automatically generate the operations in the proposed method. By inputting the generated operations to the simulator, the proposed method obtains project results for the operations. Operations to be improved are identified by a decision tree trained with other operations and evaluations. The experimental results confirm that the proposed method can correctly identify operations that need to be improved.

One of the most important parameters that is currently used in public and private procurement in building process is the lowest price. The legislation of Latvia permits that an estimate forming process does not include criterions of quality, durability, and the potential high cost of maintaining the building during the exploitation time. That allows the constructor to reduce the cost estimate by using cheaper construction product or technology and does not let to provide the highest possible quality and the basic principle of sustainable construction. One of possible construction cost reduction solutions is the replacement of building material with equal building material, at the same time assessing the quality and replacement impact on the direct costs of estimate. The tasks of the research are: (1) to do literature review on what is an estimate, what an estimate includes and the basis of estimate; (2) to analyse the existing construction estimate, to evaluate the used construction materials and to study technical characteristics of materials, to explore a specific construction junction; (3) to replace the selected construction materials with analogous, thus reducing the direct costs of estimate; (4) to evaluate the affect of the price of the construction material on quality; (5) to compare the obtained cost estimate with the current cost estimate; (6) to implement laboratory research and to compare technical characteristics of the construction materials and analogue materials in order to check if they are the performing parameters that are defined in the declaration of performance. After comparing of the obtained direct costs of construction and analysing the quality of construction materials it is possible to provide the most appropriate offer of the direct costs of estimate to satisfy the customer’s interests.

Project management is one of the main areas of contemporary organization management. This article is aimed at analysis of existing tools of project assessment - mainly comprehensive methods, but also partial techniques - and referring them to undertakings efficiency calculation which comprises cost-effectiveness evaluation, risk analysis, and investment decision taking. Business case (BC), as one of the comprehensive methods of project assessment, is simultaneously the main subject in PRINCE2 (PRoject IN Controlled Environments). It is for this reason that the case study for BC is based on this recognised method of project management. This article contains also the proposals of solutions of discerned problems within project assessment.

Construction projects are facing a greater number of uncertainties and more severe risks, which could cause much bigger losses than in the past, therefore, undertake of identification the factors that influence the cost overruns are indispensable. Resources of construction projects including the man, money, methods, machines, materials, and the market, all of these resources need to be arranged so that the project resources can be used effectively and efficiently or optimally. The purpose of this study was to identify the factors that cause the cost overruns in construction projects. Based on the results of the identification of the factors that cause the cost overrun on the implementation of construction project obtained several factors: estimated costs (X1), implementation and working relationships (X2), and the project documents (X3). I. Introduction In the implementation of projects, often projects experiencing cost overruns. Therefore, the project financing is the primary consideration, as usually involves a large number and vulnerable to the risk of project failure. Therefore, the implementation of construction projects requires a good project management, which aims to avoid or minimize project risks that may occur, including the risk of cost overrun and delay in execution time. A project will be successful if in accordance with the cost or budget has been planned, on time, and within specifications. Thus, a much-needed level of expertise, knowledge and experience that high in estimating the cost of the project until the project's cash flow management during the implementation stage, expertise in coordinating project resources, and project control are good so there is no cost overrun that could harm the

Increase in the number of two-wheeled motor vehicles (motorcycles, vehicles of category L3) is observed in the traffic of almost all countries in the world. That is why the number of victims and people seriously injured in the road traffic accidents (RTA) has considerably increased. The majority of RTA is the result of many factors which form together sets of different causes and effects. Identification of actual reasons having led to a traffic accident, as well as their attendant circumstances, is one of the most important tasks in ensuring traffic safety. On the one hand, configurations of two-wheeled motor vehicles have been significantly improved over the last decades, so it is necessary to align the analytical apparatus of estimating parameters of the braking process with these configurations. On the other hand, the current practice of expert analysis and settlement of accidents still involves estimation of increase in braking time and steady deceleration of motorcycles manufactured domestically during the past years, which hardly participate in the modern traffic due to their age. Both of these circumstances require review and adjustment, as well as formation of an updated basis of estimate for assessment of braking processes of two-wheeled motor vehicles in order to increase the reliability of RTA examination and determine compliance or non-compliance of driver’s actions with the requirements of traffic rules, establish the causes of accidents, evaluate a technical capability of a driver of the two-wheeled motor vehicle to prevent the accident. Settlement of all these issues can be provided by effective methods of calculation (quantitative) assessment, which are not available at the present moment.

People-centered innovation is a paradigm shift in the construction industry. It is derived from the supposition that people not methods, schedules, or budgets deliver projects. Our data suggest that a multilevel, multidisciplinary project team through shared vision, values, and a common vernacular defines, designs, and delivers more successful projects than traditional methods. These projects meet the needs of shareholders, the community, stakeholders, and the planet. We employ the concepts of emotional intelligence and agency theory to explain an integrated project delivery (IPD) construction project using lean tactics that not only delivered, but also exceeded expectations resulting in a six-month schedule acceleration and $60M savings over the original estimated cost of the project calculated assuming traditional project delivery methods. The safety rating for this project was 50% better than the national average and the expected improvement in operating margin for the new building is 33% greater. This paper introduces the notion of people-centered innovation to an industry that has struggled to adapt and show positive results over recent decades. Our case study describes the significance of people-centered innovation in construction project delivery. We discuss the implications for the construction industry going forward.

In the implementation of the project, all parties involved expect the project can be completed in accordance with the expected goals. The expected goals, among others, order to the project was completed on time, not exceeding set budget and quality is met. Constraints in the implementation of the project will occur if the project objectives are not achieved properly. In the implementation of the projectmany conflicts or disputes between the elements involved in the implementation of the project. The purpose of this study was to identify the factors of conflict on the construction project.

Project is a temporary endeavor undertaken to give unique output or product and infrastructure is a physical structure needed for the operations of society. These infrastructure projects have different complexities and uncertainties, hence the continuous project performance evaluation becomes necessity for project. Scope, Schedule and Budget: these are the major potential measures in order to evaluate the performance of project. Earned value analysis can be used as a project performance evaluator for infrastructure project. Earned value analysis integrates cost, schedule and work performance to estimate the status of project. This is the technique which gives the quantitative measure of a project performance. In Earned value analysis comparison between planned baseline and actual progress of work is conducted. Study includes the continuous evaluation of PQC road project during 1st October 2014 to 15 th March 2015. Work break down structure is prepared such that single work package is obtained and accordingly scheduling is done using MS-Project 2013.By comparing progress of actual work to baseline values of Cost variance, schedule variance, Critical ratio, Cost performance index, schedule performance index are calculated and continuous evaluation is carried out.

The current trend in modern project management methodologies is to maximize project values. We suggest a quantitative model that balances time, cost, and value. It generates detailed project plans, which are feasible with respect to time, cost, and resource-constraints, and considers interactions between technical performance, time, and cost. Such interactions, which existing project management models typically ignore or project managers deal with intuitively, are important for increasing projects' values. The model, which extends the multimode resource-constrained project scheduling problem by including value, generates an efficient frontier that includes the best project plans for varying project costs. We provide illustrative examples to demonstrate the suggested approach.

We use a mechanism-design approach to study a team whose members select a joint project and exert individual efforts to execute it. Members have private information about the qualities of alternative projects. Information sharing is obstructed by a trade-off between adaptation and motivation. We determine the conditions under which first-best project and effort choices are implementable and show that these conditions can become relaxed as the team grows in size. We also characterize the second-best mechanism and find that it may include a “motivational bias,” that is, a bias in favor of the team's initially preferred project, and higher-than-optimal effort by uninformed team members.

The article exposes the feasibilities of using the dynamic method of controlling the terms of investment and construction projects during the underground construction, particularly the principles of ensuring the completion of construction projects to meet the date, because in many cases project deadline exceed leads to catastrophic outcomes for the aims and results of the project. Thus, the present article deals with the relevant issues of project schedule control, methodology study based on application of schedule timeliness index and schedule progress index, indicating upon reaching the critical value of extreme deviations from the forecast project duration of targeted project implementation at any moment of time. The suggestion herein is to calculate the minimum possible durations for each project activity and estimate the project duration safety margin coefficient of the project of underground construction. Based on the safety margin coefficient value it is suggested to define the border values for project shift from one status to another upon criteria of its timely completion possibility. The suggested methodology can be recommended for use by underground construction project managers in order to prevent a potential failure of project completion deadlines. The system indicating critical project time variance enables to initiate the process of project schedule adjustment before point of no return and herewith prevent project failure. The studied methodology was implemented in modern project management software sphere.

Project owners are important. They shall support the project manager and provide senior backing to a project. However, there are some different aspects of project ownership, which are discussed in this paper. The main research questions addressed in the paper are; how is the project owner role described in the literature, and how is the role in practice? The paper is mainly a theory review of the topic project ownership. We present a simple model for the relation between project owner, project manager and operation of the project delivery. The basis for the model and discussion is a theoretical review, but we also test the proposed model on a sample of projects. As we will see, this testing creates the need for a distinction between two types of project owners; one that is mainly concerned with supporting the project manager and enabling project delivery, the other being focused on the business case and having responsibility for both project delivery and benefit realization. There has been a development where the importance of the role as project owner has been highlighted. It is our impression that this development has had two ambitions. One is to strengthen project execution. The other ambition is to emphasize the business case perspective. These two perspectives call for different organizational positions of the persons called project owners. We urge future researchers and practitioners to clarify what type of project owner role that is referred to in different contexts. We also call for an awareness of the fact that different project owners will have different set of incentives and priorities. © 2016 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license.

The effective implementation of the project management plays a core roll in avoiding bad project use effect and waste of funds, caused by asset management planning and design errors or equipment selection errors; meanwhile, it can effectively improve the operational efficiency of enterprise assets, lower operating costs and save resources. In June 1974, A. Gordon published a paper “3L Economics Concept” as the starting point, on the “Building and Quantity Surveying”, which is organized by the Royal Institution of Chartered Surveyors. In this paper, a review of domestic and foreign research, from 1974 to 2015, on the total life cycle management progress will be given, and then a comment on it will be established. After detailed investigation and analysis of related materials, we can draw a conclusion: the study of the oil and gas development project lifecycle management is just beginning now. Hence, building the whole life cycle planning index system in line with the characteristics of oil and gas development project is very necessary.

The purpose of this work is to adapt probabilistic modeling methods to time control and cost control of the investment and construction projects. The paper considered the possibility of application of Program Evaluation and Review Technique (PERT) for the time control of construction project, and the Earned Value Management has been proposed as well as the control method for the project cost control. The study revealed that in the first step is to improve the Program Evaluation and Review Technique for the control and management of construction projects, and to expand Earned Value Management to the possibility of taking into account the probabilistic character of the cost.

Current classifications of highway design and construction projects are policy specific, ad hoc or based upon engineering judgement. This research defines an empirically-based highway project classification system through latent class analysis. Data from 291 projects completed between 2004 and 2015 by agencies across the United States serve as the basis for this analysis. The analysis explores project characteristic variables that include facility type, project type, highway type, project size in terms of cost and, project complexity. Latent class analysis provides an accurate and defensible project classification. This consistent classification of projects can aid researchers and practitioners in many applications such as enhancing the understanding of how agency decisions, like selection of a project delivery method, impact project performance.

Svetlana V. MALTSEVA - Professor, Department of Innovation and Business in Information Technologies, National Research University Higher School of EconomicsAddress: 20, Myasnitskaya Street, Moscow, 101000, Russian FederationE-mail: smaltseva@hse.ruPolina V. KOTELNIKOVA - Post-graduate Student, Department of Innovation and Business in Information Technologies, National Research University Higher School of Economics; Chief Inspector, Russian Accounts ChamberAddress: 20, Myasnitskaya Street, Moscow, 101000, Russian FederationE-mail: kotelnikovapolina@gmail.com This article presents an investment project model in the telecommunications sector using public-private partnership (PPP), making it possible to link the main project parameters (duration, volume of investments, fare, request) with the expected indexes of effectiveness. When considering the project parameters and indexes of effectiveness, interests of both the state and private company are taken into account.The modeling algorithm and criteria of performance evaluation are developed based on the standards approved for evaluation of investment projects with state participation, namely the Guidelines on performance evaluation of the investment projects approved by the Ministry of Economy, Ministry of Finance, State Construction Committee of the Russian Federation on June 21, 1999, No. VK 477. This paper assumes that the most important criterion for evaluation of project effectiveness of a private company is the maximum of the net present value of the project, meaning the excess of the total cash receipts over the total cost for the project with regard to disparity of the effects (costs and benefits) related to different moments in time. Therefore, the higher this index, the greater is the interest of a private company to participate in the project. It seems that from the standpoint of the state two factors are most important: the social significance of the project and minimum expenses of the state for implementation of the investment project under conditions of a limited capacity of spending budget funds. The social significance of the project is defined by expert study as the impact of the operational results on at least one of the domestic or foreign markets: financial markets, product and service markets, labor market, etc., as well as the ecological and social environment. The model makes it possible to calculate various scenarios to determine optimal project parameters ensuring maximum efficiency for a given limit on the amount of budget investments. The calculation results for the proposed model can be used to make decisions to participate in the project by the authorities or public development finance institutions. It is proposed to document the model used and its evaluation criteria in the rules of granting subsidies for such projects.

In this paper, we examine the project-based educational practice that is co-developing a solution to the local food inventory management system. This project is aimed at the practical business of IT distribution in small and medium industries, and is linked with the project course on undergraduate students of IT division. For the practical project of the IT distribution in small and medium industries, an employee in charge of the project participates as a mentor such that he presents the project subject and the students develop the system for the subject. This system emerges from existing theory and the necessity for a term project, and this course leads students to learn practical knowledge through discussion with the employee in charge. Through this course, the latest technology is shared mutually, and students have the opportunity to understand a domain of the IT distribution business. As students experience how to understand and solve cost, quality and delivery time for the project by themselves, they build confidence. Also, the company can save on costs for the development of prototypes, while creating an opportunity for students to experience working with seasoned staff.

Project planning is widely thought to be an important contributor to project success. However, there is a little research to affirm its impact and give guidance as to how much effort should be spent on planning to achieve best results. We aim to rectify this omission. Data was collected on 1386 projects from 859 respondents via a global survey. A significant relationship was found between the quality of the planning deliverables and success. Detailed analysis of the data collected revealed an inverted-U relationship between the percentage of effort spent on planning and project success. After correcting for key moderator effects, a significant relationship with an R2 of 0.15 was revealed. Further analysis showed that the fraction of planning effort that maximized the project success was 25% of project effort. This was substantially more than the 15% mean value reported by respondents. The greatest impact was found to be on the broad success measures with a lesser effect on project efficiency: time; budget; and scope. The inverted-U relationship between effort spent on planning and project success indicates that projects can spend too much time in planning, as well as too little. But we found that projects are spending less time in planning than the optimum to achieve best results.

The relation between project size and the proportion of project management effort is analyzed.The larger or longer the project, the greater the proportion of project management effort.The type of contract seems to have an impact on the reported amount of project management effort.The analysis implies that there is a pattern of inaccurate reporting of effort data. Literature based hypotheses on the proportion of project management effort are created and tested with reported effort data from 117 projects by software supplier firms. The results support most of the literature based hypotheses, but some of the hypotheses are not supported. The supported hypotheses are the correlations between project management effort, project size, and team size. The unsupported hypotheses are the necessity of spending at least some project management effort on a project, and the insignificance of contract type. The conflict with previous studies and practical experience may be a result from market pressures and skewed reporting. The analysis implies that there is a pattern of inaccurate reporting of effort data and some possible explanations for the pattern are discussed. The results suggest that we do not properly understand the internal dynamics of supplier firms.

The goal of the paper is to present the project concept of Ukrainian social investment fund. The reasons for the establishment of the fund are laid down in the first part of the paper. The project concept is described in the second part. The goals, components, targeted beneficiaries, micro-projects eligible for the funding, project targeting, micro-project selection criteria are presented. The implementation of the project is presented in the third part. There are two phases: pilot project and main investment project. The main objective of the pilot project will be preparation of the main USIF project by elaborating mechanisms and building capacity. The monitoring system of the project is presented in the fifth part. The expected outputs/benefits are discussed in the last part.

of the software projects may deviate from their original plans during the Software Life Cycle in the organization. This deviation typically results from the changes that happed and the project manager depends on his experience to estimate the effects of the change. This may affect the duration and budget of the project. It is important that the software project should not deviate or crash according to the estimated deadline. Thus any change should be estimated and discussed before implementation. In this paper will introduce a framework that integrates the Software Project Management (SPM) with Software Change Management (SCM) to achieve the following objectives: Firstly, optimizing the Change Management Process in a project and track the whole Change Requests. Secondly, monitoring if the software project finished early by revising the project plan w.r.t the actual schedule to shrink the project deadline. And execute the consequences processes according to finish early. Thirdly, the actual results with performance will be tracked against the project plan and any variances should be analyzed. In addition, facilitating distribution of tasks (Change Requests) and availability of information. Finally, providing more control over a project when the technical issues can be raised and turned to managerial issues to take corrective actions if: the project takes more time, the project takes more cost or both of them

Submitted：December 26, 2014 1 st Revision：March 12, 2015 Accepted：March 17, 2015* 중앙대학교 경영대학 부교수** 중앙대학교 경영대학 박사과정*** 한국정보화진흥원 공공데이터활용지원센터 수석연구원**** KAIST 경영대학 조교수, 교신저자As interests in the quality of data in database systems are gro wing recently, analysis and improvement of data quality in databases have been an important issue. However, the re has yet to be a clear agreement on how to reasonably calculate the total cost of such project. In this pa per, based on real project data and budget statistics, we develop a model to estimate the cost for quality analysis an d improvement project of a database. We first conduct statistical analysis to build our basic model. Throughout this analysis, we have identified factors that determine the scale of works required to conduct the project and eventually d etermine the cost. In addition, we have identified factors that determine the complexity of the project. These factors can adjusts the cost determined by the scale of works. Our model is verified and improved by surveys on experts. We ap ply our model to newly conducted projects and observe that our model estimates the cost of each project reasonably we ll.

The Ministry of Higher Education invests a significant sum of amounts in projects of the higher learning institutions but the success rate is still limited. Majority project continues to fail in achieving their objectives even with a good resource of project management and ultimately get scrapped. The main goal of this study is identification of project failure factors by an examination of higher learning institutional projects. The data were collected from projects of higher learning institutions of Saudi Arabia by conducting interview and distribution of structured questionnaire among project managers. The result showed that procedure for processing of project approval and release of funds has an unfavorable impact on the development project such as poor control, delayed project implementation, and checking system etc. In the same way, when projects are designed to poorly be short of the major characteristics of planning such as objectivity, feasibility, appraisal and detail cost forecasting. Therefore the project deficient a quality management system and bring about the main reasons for project failure. The solution requires a method to evaluate and identify the various significant factors that causes project failure and their mutual association. The validation of the conceptual solution has led to the conclusion that a systematic and holistic approach would improve the overall success rates of project and a project manager would be notified of problems during all phases of project life cycle.

The paper describes a problem of project maturity of Polish and foreign construction companies. They were analyzed by their ability to execute construction investment projects. Survey results refer to issues related to the organizational culture and challenges connected with an improvement of the processes of project management for construction. Generation Y employees, their value, and their role at work were discussed in particular. It was underlined that modern managers should be able to profit from skills of Generation Y and to employ and retain the best of them in order to build a competitive advantage of the company. It was revealed that a success of the company is connected with an increasing level of project maturity as a condition for a successful project management.

Project teams must be comprised of skilled individuals; however, project managers often face challenges when assigned team members have a shortage of skills. This potential for a project team's shortage of skill is expressed as project skill risk in this paper. When this occurs, project managers must identify the project team's skill status and take appropriate action. Hence, project managers should understand the skill status of a team and monitor this status in a timely manner, especially for a project that requires expertise. In addition, by understanding skill similarity among team members, project managers can reduce project skill risk. The method proposed in this study creates a systematized quantitative process to evaluate project skill risk in order to generate an objective understanding of team skill status so that decisions can be made proactively during the project planning and execution phases. The proposed method uses a skill risk fault tree and skill risk control chart. The skill risk fault tree is used to evaluate quantitative risk, whereas the skill risk control chart is used to visualize skill risk status. The proposed method incorporates skill similarity to allow for flexibility in project skill risk-related actions. The feasibility and efficiency of the proposed method are then verified through a case study involving an information technology system infrastructure transition project.

We develop multiobjective linear mathematical model for project network problem under fuzziness.We design a model supporting project managers to evaluate bonus and incremental penalty cost simultaneously.We compare the findings with different methods under various sets of weights.We demonstrate a real life case study to check the feasibility of the model.We observed that the trade-off between time & cost is significant and implementation of the proposed method may provide substantial savings. Project management decisions require considering several conflicting constraints and objectives as well as uncertainties in the information over the planning period. The study aims to design a multi-objective linear programming model for solving project network problem under fuzzy environment. The developed model consists of three objectives such as minimizing total project completion time, minimizing total project completion cost and minimizing the earliest time of an event requiring special attention by taking into account several factors such as crash time, normal time, normal cost, crash cost, indirect cost as well as financial bonus and incremental penalty cost. In the study, a case study based on a real life problem is conducted to illustrate the validity and feasibility of the model. The study contributes to the project network literature by developing the fuzzy goal programming model and allows the project managers simultaneously evaluate financial bonus and incremental penalty cost with respect to total project time. In addition, the results of the sensitivity analysis highlight that the developed model can be used for helping the contractors make effective decisions.

Two new project schedule control procedures using EVM are proposed: EVM-FPB and EVM-SNB.The effort spent by a project manager provides a functional distinction for the discussed project control approaches.The placement of control points in the project is inspired by critical chain/buffer management.Monte Carlo simulations are used to calculate tolerance limits for the control approaches and quantify their performance.The EVM-SNB approach is found to outperform the other project control approaches. Recent literature on project management has emphasised the effort which is spent by the management team during the project control process. Based on this effort, a functional distinction can be made between a top down and a bottom up project control approach. A top down control approach refers to the use of a project control system that generates project based performance metrics to give a general overview of the project performance. Actions are triggered based on these general performance metrics, which need further investigation to detect problems at the activity level. A bottom up project control system refers to a system in which detailed activity information needs to be available constantly during the project control process, which requires more effort. In this research, we propose two new project control approaches, which combines elements of both top down and bottom up control. To this end, we integrate the earned value management/earned schedule (EVM/ES) method with multiple control points inspired by critical chain/buffer management (CC/BM). We show how the EVM/ES control approach is complementary with the concept of buffers and how they can improve the project control process when cleverly combined. These combined top down approaches overcome some of the drawbacks of traditional EVM/ES mentioned in the literature, while minimally increasing the effort spent by the project manager. A large computational experiment is set up to test the approach against other control procedures within a broad range of simulated dynamic project progress situations.

After entering a convergence era, South Korea Government has enacted and announced the Standard Contract on the e-Learning Content Development Project, a year and eight months has passed. Nevertheless, there has been continued still the unjust and unreasonable contract practices issues raised by project owner in the e-Learning industry. This study investigated application status of the Standard Contract via FGI and questionnaires and suggested its improvement alternative. This study analyzed that the Standard Contract has not taken root at all in ordering of the e-Learning content development project and not reaped the effect. This study presented alternatives such as mandatory application of the Standard Contract, education and outreach, introduction of the monitoring system, certification system implementation, granting of additional points in the evaluation of agencies and CEO and etc. to that standard contract is settled as the government's intentions and objectives in the e-Learning industry field.

Risk management is an important step which should not be neglect or ignore in every project. Because of various risk involved in construction, it is difficult to maintain time, cost and quality as planned. Project undertaken in the construction sector are widely complex and have often significant budgets, and thus reducing the risk associated should be a priority for each project manager. The main purpose of this paper is to identify the key risk factors that affect construction project. Questionnaires has been prepared incorporating of 50 difference questions after which questionnaire survey was conducted where the questions has been focused based on (component of questionnaire) the respondents were selected based on their susceptibility to the risk. The data was analyzed using the Statistical package for social sciences (SPSS) version 21. The result shows that the inadequate planning in construction project, poor adoption of site safety, supply and use of defective materials and poor resources management in construction project are all among the forefront key risk factors which affect construction project, meanwhile, effective recommendations have been developed to increases the efficiency, speedy and minimises risk and abortive work in construction project.

Project management decision rules presume that fixed and inflexible targets have been defined for the project. If a project’s slack is defined as the difference between actual project performance and these targets, then these decision rules can be characterized as maximizing the probability that slack is nonnegative (i.e., maximizing the probability of meeting the targets). These rules rely on z-scores to compare uncertain performance to target levels. Following these decision rules will not always suffice for the project manager to act consistently with customer preferences. In particular, actual requirements may be uncertain or subject to change, and customers may have some flexibility. A decision-analytic approach accounting for these factors can allow the project manager to maximize the customer’s expected utility. We redefine project slack to reflect the difference between performance and a random target that reflects both the customer’s risk tolerance and uncertainty about the actual requirement. The z-score associated with this slack is shown to be proportional to the certainty equivalent for a project. Thus utility-maximizing decision rules in the language of decision analysis can be readily translated into z-score-maximizing decision rules in the language of project management. From this, we discuss how related decision-analytic concepts such as value of information might be applied to families of problems in project management.

Project-based firms (PBFs) increasingly provide comprehensive solutions that consist of products, product systems and services. In solution businesses, long-term collaborative relationships between solution providers and customers are essential. However, little is still known about how relationship marketing activities should be integrated across organizational units, particularly at the practical level of delivering individual projects and services belonging to complete solutions. In this study, based on a case study of a project-based firm and four of its system delivery projects, we identify eight micro-level integration mechanisms for integrating the activities of the project and service business units at the level of delivering a single solution. The joint participation of both project and service business units in project and service activities over the life cycle of a single delivered system enhances the management of customer relationships between the units, and ensures the continuity of the customer relationship over the system life cycle. The identified integration mechanisms also help PBFs to integrate services into their core business and overcome the problems arising from the discontinuous nature of project business.

Since the global financial crisis, the Korean domestic construction market has continuously experienced downturns, and the Korean domain construction firms’profitability has been persistently deteriorated. Domestic construction firms have rapidly advanced to overseas markets exclusively for the construction contract packages. However, the profitability for the construction contracts has been lower compared to engineering or project management contracts. One of the critical issues the Korean firms have faced was project management capability across all phases in project execution. Even though several project management capability assessment tools were introduced, most tools were applicable to a wide variety of industry sectors rather than construction industry. Project management capability assessment tool specifically applicable to domestic CM firms was developed through this research, in order to assess project and program management capabilities and improve the competitiveness in overseas market Also, the correlation between project, programs, and the CM infrastructure were identified. The CM firms were divided into two groups according to the size of the business, and both were evaluated at the project and the program level based for the 9 different criteria. The project management capability assessment tool developed for the CM firms can be used for self-assessment to distinguish the strengths and weaknesses of each company at the project and program level. In addition, the current status of each group can be identified by spotting improvement areas for the management capabilities.

Overseeing a group of people when we’re managing a project can be difficult. If professionals have different goals and motivations, or differing views on how the project can be completed, we might feel like a parent or a counsellor when we try to shape the group into a cohesive whole. The primary purpose of the article is defining game theory as one of the creative methods of successful managing of educational projects of different sizes, with respect to economic and management specifics of post-crisis Czech Republic. From the examples mentioned in presented paper will be clear, that game theory has its place in project management and is for it quite utilizable. Besides, a well-defined communication strategy built on the principles of game theory may reduce or eliminate the probability of risk (problem) creation in project management. The practical implication of presented paper is the confirmation of Bilton and Cumming's hypothesis published in (Bilton, Cummins, 2014) stating that using game theory helps understand the needs and interests of the involved participants in the educational project and eliminate eventual communication risks, hindering the successful completion of the project.

Company performance defined as a whole achievement of the company during certain periods affected by the operations in utilizing all company resources [1]. While project performance is the record of outcomes produced or services on a specified job function or activity during a specified time period. Department of the Environment Transport and Regions (DETR), (2000) in [2] explain that project performance have been aggregated to evaluate the organization performance. In the other words company performance determine by sum of some project performance. Generally the project success obtained from a good process by using a right strategy. Bidding strategy is one of the important strategies in the early stages of project life cycle to determine project success. Bidding strategy is a management skills of using all available resources related, in order to offer a comprehensive and competitive bidding through consider various aspects, including internal, external and environment, with aim to win the bidding competition, and provide maximum project performance [3]. The study aims to analysis the influence of bidding strategy on project performance and company performance and to identify the most decisive factor of each variable. Data were collected from questionnaire survey and interviews of 61 major contractors in four major cities in Indonesia. The analysis used is Structural Equation Modeling Partial Least Squares (SEM PLS) with SmartPLS 2.0.M3. The finding indicate that bidding strategies had a direct impact on project performance, but indirect impact on company performance, while project performance becomes a mediation variable of bidding strategy and company performance relationship.

Risk, as a factor adversely affecting the project, is taken into account as early as at the first stage of the investment process when the tender is won for a contract. The risk level, identified for a particular construction contract, is a serious factor influencing the decision about accepting the contract or not. The key issue is proper identification of contract risk. The risk factors which have a significant impact on the success of the project, and are most common ones, are then analyzed. The method of verification depends on the company's experience in the construction industry. The task of the article is to present the results of studies focused on separating and determining the frequency of financial risk factors in construction projects and their impact on project implementation. We have analyzed 30 construction projects (office buildings, production halls, educational buildings, demolition works, etc.) completed in north-western Poland. The degree of risk (planned and real) for the contract was set as a percentage in relation to the size of contract (costs in million PLN). The aim of the study was to verify the existence of relationship between the kind of structure, the size of contract, and the scope and degree of risk. Statistical approach has been used. This study is a prelude to determining the contract risks identification procedure (i.e., estimating reserves to be used in unforeseen circumstances) so that the company could be competitive, and the price offer to be provided to investors could be advantageous.

This paper presents a project management game that evolves based on the participant's skills on time, cost and quality management. The game comes to the construction of a refinery unit whose activities are divided into three phases in which the player acts as the project manager, decides the resources allocation, and ensures that the project meets its cost, time and quality targets. The game was played using a spreadsheet to simulate the project in seven rounds. The dynamic was developed basically in the classroom with engineering undergraduate students divided into ten groups. In each round, the scene was updated by a newspaper that reported the results in graphs and offered some tips. The goal was achieved with the participants making more mature decisions and improving their perception of cost estimates, time and quality.

An important contributor to cost overruns of infrastructure projects is contract changes after the construction contract has been concluded. Using mainly descriptive statistics and non-parametric tests, real project data were analyzed from forty-five Dutch transportation infrastructure projects with a total construction contract value of over € 8.5 billion. First it was explored if we could find evidence for the presumption that contractors bid low on contracts to recover the loss of bid profit by claiming contract change costs in the project implementation. We conclude that we could not find evidence for the opportunistic behavior of contractors. Second, the different sizes and reasons for the contract changes were explored. We conclude that: scope changes are the most significant reason for contract changes, followed by technical necessities; smaller projects tend to have higher relative contract change costs; and contract changes due to omissions in the contract are more present in smaller projects than in larger projects. The results of the analysis suggest among other things that policymakers and planners should pay more attention to flexible contracting, and to the contract management of smaller projects.

In order to understand core team's management task this paper studies the landscape of the decision making of the construction project core team. This paper uses multi-ontology sense making framework developed by Snowden. The four described situation illustrate the use of this framework. Firstly, a project core team create a project plan –timetable and cost estimate, that is supposed to be followed (rules and order) when making investment decision. Secondly, a project core team uses the plan but since the plan cannot be followed due to an unexpected situation the team changes the plan by calculating an optimal solution. In other words the team uses heuristic thinking when they change the rule (heuristics and order). Thirdly, the design group guides the design process by rules to get information for designing new facilities (rules and un-order). Fourthly, there are situations when the stakeholders have different kind of opinions in crisis and team cannot follow the preset orderly way of working (heuristics and un-order).

The risk is a measurable part of uncertainty, for which we are able to estimate the occurrence probability and the size of damage. The risk is assumed as a deviation from the desired level. It can be positive or, which most often happens, it can be negative. Therefore, the risks analysis is so important for project selection and coordination of construction work. The risk analysis is regarded as the analysis of adverse events even at the stage of planning and programming of a construction project. This analysis enriches the decision-making process and provides additional arguments, which help to select the optimal variant of a construction project using the Multi-Aspects approach. This article presents three different methods of the risk analysis as well as highlighting their disadvantages, advantages and primary areas of application (selection or pre-estimation). These methods differ in their methodology from each other. The verification was started from the simplest techniques using some qualitative variables. This method is based on the considerable subjectivity of a decision maker although it is relatively simple and easy to use. The analysis was finished on the statistical method, which determines the type of used data therefore it affects the quality of the results. The areas of application and analytical capacity of the listed methods are illustrated with the short examples, simultaneously outlining their characteristics from the analysis. The research problems, which are the canvas of application of the discussed methods are not mutually interrelated. They present different aspects of variants of the investment process.

The early involvement of a construction team is increasingly utilised in demanding projects to incorporate versatile expertise in their planning and to avoid the problems resulting from the low bid practice. Often a solution is to strive for an open process where the target-cost of a project is set later after a joint development phase involving an owner and a selected team. Parties enter into a target-cost contract which means risk sharing and leads to taking each other's views into account better than normally. Cost transparency is expected to ensure efficiency in direct costs. Yet, the same approach may not be applicable to service providers’ fees, i.e. overhead and profit. That is why some public owners have resorted to competition where fees are tendered and used in team selection along with capability. In that case, the structuring of fees may have a decisive impact on incentivising the service providers to strive for an efficient target-cost and, eventually, a successful project. This paper aims at examining the appropriateness and feasibility of such an approach in ensuring the efficiency of a project based on the experiences drawn from a unique road tunnel construction project in Finland that adheres to the practice.