Introduction
Lesson 2 in the present series of SN columns was presented in two parts over successive weeks; the main content of which was summarized in two schedules carried in last week’s column. The first schedule displayed, what is termed in the literature on this topic as the “basic steps”. To be very clear these basic steps should not be mistaken for best practice; indeed they are the bare-bones or must-have rudiments of any well-functioning public investment management regime. The second schedule simply highlighted those adjustments to the “basic steps” I am recommending for Guyana.
In the absence of an effective investment management regime today’s lesson (3) indicates the major types of project failures and weaknesses observed in Guyana’s public investment during the 2000s. While it is hoped that this lesson would have broad diagnostic value, it is also intended to aid in focusing on areas where specialist effort is most needed.
Since I cannot properly cover in a single column all the numerous observed project weaknesses/failures I will be selective, while hoping to capture two features of these weaknesses/failures. One is their unusually wide variety; and the other is that some of these weaknesses/failures are common to projects everywhere, while some are