CONCLUSION

The project initiation process starts with the in­vestment analysis and ends with the assignment of the project. Analyzing the investment is one main key task of this process. For this analysis different methods exists.

The concept of responsible investments is mostly used for financial investments. The con­cept tries to integrate economic, social as well as ecologic aspects in the investment analysis. Furthermore it encourages a long-term perspec­tive and adopts a stakeholder perspective when analyzing the investment. The concept of ethical investments considers personal values and social considerations in addition to economic aspects.

Globally recognized project and program management standards represent a common understanding and knowledge in the project management community. All analyzed standards describe the business case analysis as basis for the investment decision. Some standards recom­mend further investment analysis methods but do not describe them in detail. All standards do not explicitly consider SD principles when analyzing the investment.

The Logical Framework Approach (LFA) (Norad 1999; The World Bank 1997) is used by the World Bank mostly for initiating regional de­velopment projects. The LFA uses a participative process design to perform the investment analysis. Important stakeholders are actively involved in the investment decision process and the project definition. The described cost benefit analysis considers economic, social as well as ecologic as- pects.The chapter proposes a more comprehensive investment analysis method based on the explicit consideration of SD principles, which includes

• The consideration of a stakeholder perspective.

• A qualitative and non-monetary cost ben­efit description.

• The consideration of economic, ecologic, social as well as local, regional and global consequences.

• Costs and benefits for the investment but also for the project initiating the investment.

The application of a comprehensive invest­ment analysis method has considerable effects on designing the initiation process of a project, which includes a clear differentiation between project and investment and stakeholder participation and engagement.

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ENDNOTES

¹ A detailed description about the SD prin­ciples defined by Gareis et al. (2013) can be found in chapter 8 - “Re-thinking Project Initiation and Project Management by Con­sidering Principles of Sustainable Develop­ment” written by Roland Gareis.

ESG: Environmental Social and Governance A detailed description of the project ini­tiation process can be found in chapter 8 - “Re-thinking Project Initiation and Project Management by Considering Principles of Sustainable Development” written by Ro­land Gareis.

This work was previously published in Sustainability Integration for Effective Project Management, edited by Gilbert Silvius and Jennifer Tharp, pages 144-159, copyright 2013 by Business Science Reference (an imprint of IGI Global).

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