Front Cover -- Title Page -- Copyright Page -- Contents -- Acknowledgments -- About the Authors -- Abbreviations -- Chapter 1 Building a System for Public Investment Management -- Public Investment Management: Why It Matters -- Evolution of Ideas -- Challenges of Today -- Drivers of Inefficient Public Investment -- A Unified Framework for PIM -- Applicability to Both Conventional and Public-Private Models -- Applicability to Diverse Economic Settings -- Structure of the Volume -- Notes -- Bibliography -- Chapter 2 A Unified Framework for Public Investment Management -- Introduction -- Defining "Must-Have" Features for an Efficient Public Investment System -- Diagnostic Questions for Evaluating Public Investment Effectiveness and Efficiency -- Conclusion -- Annex 2A: Assessing the Effectiveness and Efficiency of Public Investment Management -- Notes -- Bibliography -- Chapter 3 Country Experiences of Public Investment Management -- Introduction -- Country Coverage -- PIM System Typologies -- Toward a Strategy for PIM System Reform -- Notes -- Bibliography -- Chapter 4 Approaches to Better Project Appraisal -- Introduction: The Importance of Effective Project Appraisal -- Methodological Aspects of Project Appraisal -- Institutional Arrangements for Project Appraisal -- Challenges in Project Appraisal -- Actions for Improved Project Appraisal -- Notes -- Bibliography -- Chapter 5 Public Investment Management under Uncertainty -- Introduction -- Understanding the Phenomenon of Risk and Uncertainty -- Popular Risk Assessment Methods -- Examples of Real Options -- Public Investment Management under Uncertainty -- Final Considerations -- Annex 5A: Estimation of Expected Values -- Annex 5B: Monte Carlo Simulation -- Annex 5C: Real Options -- Notes -- Bibliography -- Chapter 6 Procurement and Public Investment Management -- Introduction.

Why Procurement Is Integral to Public Investment -- Procurement's Role in an Integrated PIM System -- Implications and Illustrations -- Conclusion -- Notes -- Bibliography -- Chapter 7 Public Investment Management for Public-Private Partnerships -- Motivation: Aligning Public-Private Partnerships with Traditional Public Investment -- The Rationale for Public-Private Partnerships -- Why the Need for a Unified Framework? -- Challenges to Having a Unified Framework in Practice: Eight PIM Features in PPPs -- Future Work for the Unified Approach -- Notes -- References -- Boxes -- Figures -- Photos -- Tables -- Back Cover.

Public resources - if invested well in public infrastructure and services - can catalyze private and community efforts and unleash an inclusive growth and development process. But public investment attracts political interest, usually of the kind that undermines efficiency. Too often public projects are poorly designed, under-funded, long-delayed, or badly implemented, with little benefit to the population. This is a critical challenge for many countries, both rich and poor. Paradoxically, some countries are even unable to spend their limited investment budgets while others lack "shovel ready" projects for a fiscal stimulus. The quality of institutions is fundamental. This book identifies eight key institutional features that countries need to adopt to ensure that public investments support growth and development. Very broadly, the eight stages correspond to a disciplined system for guiding, appraising, reviewing and selecting projects that are most likely to stimulate inclusive development, and following through to ensure that they are implemented, adjusted, operated and evaluated to deliver the public services that citizens and the private sector expect. A review of over 30 countries suggests that these eight features are present in all countries that manage resources efficiently but most countries are missing key features. Not surprisingly, those weaknesses contribute to poor investment and development outcomes. Strengthening institutions for public investment management is critical to developmental success. This book provides a clear, non-technical discussion on approaches to improving project appraisal, dealing with uncertainty (an issue that is likely to grow in importance with the effects of climate change), integrating procurement skills into project design and implementation, and of managing the decision on public private partnerships.

By providing a simple but comprehensive framework and global experience, the book provides policy makers the guidance to adopt good functional principles in the design of institutions to strengthen public investment management.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.