A Diagnostic Framework for Assessing Public Investment Management
This paper provides a pragmatic and objective diagnostic approach to the assessment of public investment management systems for governments. Since weaknesses in public investment management can negate the core argument that additional fiscal space...
| Main Authors: | , , , |
|---|---|
| Format: | Policy Research Working Paper |
| Language: | English |
| Published: |
2012
|
| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100809092806 http://hdl.handle.net/10986/3881 |
| id |
okr-10986-3881 |
|---|---|
| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING SYSTEM ACCRUAL ACCOUNTING AFFILIATED ORGANIZATIONS ALLOCATION ALLOCATION OF FUNDS ANNUAL APPROPRIATIONS ANNUAL BUDGET ANNUAL BUDGET PREPARATION APPROPRIATIONS ASSET PORTFOLIO ASSET VALUE ASSET VALUES ASSETS BALANCE SHEETS BID BIDDING BUDGET ALLOCATION BUDGET ALLOCATIONS BUDGET CLASSIFICATION BUDGET CONSTRAINT BUDGET CYCLE BUDGET DISCUSSIONS BUDGET FRAMEWORK BUDGET PREPARATION PROCESS BUDGET PROCESS BUDGETARY DECISIONS BUDGETARY PROCESS BUDGETING CAPACITY BUILDING CAPITAL BUDGET CAPITAL BUDGETING CAPITAL EXPENDITURE CAPITAL PROJECTS CASH BASIS CENTRAL GOVERNMENT CHECKS COMPETITIVE BIDDING CORRECTIVE ACTIONS COST EFFECTIVENESS COST-BENEFIT ANALYSIS COUNTRY PROCUREMENT COUNTRY PROCUREMENT ASSESSMENT DATA COLLECTION DECISION-MAKERS DECISION-MAKING DELIVERY OF SERVICES DESCRIPTION DEVELOPING COUNTRIES DIAGNOSTIC ASSESSMENT DISBURSEMENT DISBURSEMENTS ECONOMIC GROWTH EQUIPMENT EX POST EVALUATIONS EX-POST EVALUATION EXISTING ASSETS EXPENDITURE FINANCE MINISTRY FINANCIAL ACCOUNTABILITY FISCAL BALANCE FISCAL FRAMEWORK FISCAL POLICY FIXED CAPITAL FRAUD GOVERNMENT POLICY GOVERNMENT PRIORITIES HOSPITALS HUMAN CAPITAL INFLATION INFRASTRUCTURE PROJECTS INSTITUTIONAL ARRANGEMENT INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL CAPACITY INSTITUTIONAL FRAMEWORK INTERNATIONAL BANK INTERNATIONAL FIRMS INTERVENTION INVENTORY INVESTMENT BUDGET INVESTMENT DECISION INVESTMENT DECISIONS INVESTMENT EFFICIENCY INVESTMENT MANAGEMENT INVESTMENT PROGRAM INVESTMENT PROJECTS INVESTMENT STRATEGIES JUDGMENT JUDGMENTS MANAGING PUBLIC EXPENDITURE MINISTRY OF FINANCE MONETARY VALUE NET PRESENT VALUE NPV PERFORMANCE INDICATORS PHYSICAL ASSETS POLITICAL ECONOMY PORTFOLIO POVERTY REDUCTION PRIVATE SECTOR PROCUREMENT PLANS PROGRAMS PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC EXPENDITURE REVIEW PUBLIC FINANCE PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENT PROGRAM PUBLIC INVESTMENTS PUBLIC OFFICIALS PUBLIC PRIVATE PARTNERSHIPS PUBLIC SECTOR PUBLIC SECTOR REFORM RATE OF RETURN RECURRENT COST REMEDIES RESOURCE AVAILABILITY RETURNS RISK ASSESSMENT SANITATION SECTOR MINISTRIES SERVICE DELIVERY STATEMENT SUPREME AUDIT INSTITUTION TENDERING TITLE TRANCHES TRANSITION COUNTRIES TREASURY UNPAID BILLS VALUATION VALUE OF ASSETS |
| spellingShingle |
ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING SYSTEM ACCRUAL ACCOUNTING AFFILIATED ORGANIZATIONS ALLOCATION ALLOCATION OF FUNDS ANNUAL APPROPRIATIONS ANNUAL BUDGET ANNUAL BUDGET PREPARATION APPROPRIATIONS ASSET PORTFOLIO ASSET VALUE ASSET VALUES ASSETS BALANCE SHEETS BID BIDDING BUDGET ALLOCATION BUDGET ALLOCATIONS BUDGET CLASSIFICATION BUDGET CONSTRAINT BUDGET CYCLE BUDGET DISCUSSIONS BUDGET FRAMEWORK BUDGET PREPARATION PROCESS BUDGET PROCESS BUDGETARY DECISIONS BUDGETARY PROCESS BUDGETING CAPACITY BUILDING CAPITAL BUDGET CAPITAL BUDGETING CAPITAL EXPENDITURE CAPITAL PROJECTS CASH BASIS CENTRAL GOVERNMENT CHECKS COMPETITIVE BIDDING CORRECTIVE ACTIONS COST EFFECTIVENESS COST-BENEFIT ANALYSIS COUNTRY PROCUREMENT COUNTRY PROCUREMENT ASSESSMENT DATA COLLECTION DECISION-MAKERS DECISION-MAKING DELIVERY OF SERVICES DESCRIPTION DEVELOPING COUNTRIES DIAGNOSTIC ASSESSMENT DISBURSEMENT DISBURSEMENTS ECONOMIC GROWTH EQUIPMENT EX POST EVALUATIONS EX-POST EVALUATION EXISTING ASSETS EXPENDITURE FINANCE MINISTRY FINANCIAL ACCOUNTABILITY FISCAL BALANCE FISCAL FRAMEWORK FISCAL POLICY FIXED CAPITAL FRAUD GOVERNMENT POLICY GOVERNMENT PRIORITIES HOSPITALS HUMAN CAPITAL INFLATION INFRASTRUCTURE PROJECTS INSTITUTIONAL ARRANGEMENT INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL CAPACITY INSTITUTIONAL FRAMEWORK INTERNATIONAL BANK INTERNATIONAL FIRMS INTERVENTION INVENTORY INVESTMENT BUDGET INVESTMENT DECISION INVESTMENT DECISIONS INVESTMENT EFFICIENCY INVESTMENT MANAGEMENT INVESTMENT PROGRAM INVESTMENT PROJECTS INVESTMENT STRATEGIES JUDGMENT JUDGMENTS MANAGING PUBLIC EXPENDITURE MINISTRY OF FINANCE MONETARY VALUE NET PRESENT VALUE NPV PERFORMANCE INDICATORS PHYSICAL ASSETS POLITICAL ECONOMY PORTFOLIO POVERTY REDUCTION PRIVATE SECTOR PROCUREMENT PLANS PROGRAMS PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC EXPENDITURE REVIEW PUBLIC FINANCE PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENT PROGRAM PUBLIC INVESTMENTS PUBLIC OFFICIALS PUBLIC PRIVATE PARTNERSHIPS PUBLIC SECTOR PUBLIC SECTOR REFORM RATE OF RETURN RECURRENT COST REMEDIES RESOURCE AVAILABILITY RETURNS RISK ASSESSMENT SANITATION SECTOR MINISTRIES SERVICE DELIVERY STATEMENT SUPREME AUDIT INSTITUTION TENDERING TITLE TRANCHES TRANSITION COUNTRIES TREASURY UNPAID BILLS VALUATION VALUE OF ASSETS Rajaram, Anand Le, Tuan Minh Biletska, Nataliya Brumby, Jim A Diagnostic Framework for Assessing Public Investment Management |
| geographic_facet |
The World Region The World Region |
| relation |
Policy Research working paper ; no. WPS 5397 |
| description |
This paper provides a pragmatic and
objective diagnostic approach to the assessment of public
investment management systems for governments. Since
weaknesses in public investment management can negate the
core argument that additional fiscal space allocated to
public investments could enhance future economic prospects,
attention to the processes that govern public investment
selection and management is critical. The paper begins with
a description of eight key "must-have" features of
a well-functioning public investment system: (1) investment
guidance, project development, and preliminary screening;
(2) formal project appraisal; (3) independent review of
appraisal; (4) project selection and budgeting; (5) project
implementation; (6) project adjustment; (7) facility
operation; and (8) project evaluation. The emphasis is
placed on the basic processes and controls (linked at
appropriate stages to broader budget processes) that are
likely to yield the greatest assurance of efficiency in
public investment decisions. The approach does not seek to
identify best practice, but rather to identify the
"must have" institutional features that would
address major risks and provide an effective systemic
process for managing public investments. The authors also
develop a diagnostic framework to assess the main stages of
the public investment management cycle. In principle, the
identification of core weaknesses will allow reforms to
focus scarce managerial and technical resources where they
will yield the greatest impact. In addition, the framework
is intended to motivate governments to undertake periodic
self-assessments of their public investment systems and
design reforms to enhance the productivity of public investment. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Rajaram, Anand Le, Tuan Minh Biletska, Nataliya Brumby, Jim |
| author_facet |
Rajaram, Anand Le, Tuan Minh Biletska, Nataliya Brumby, Jim |
| author_sort |
Rajaram, Anand |
| title |
A Diagnostic Framework for Assessing Public Investment Management |
| title_short |
A Diagnostic Framework for Assessing Public Investment Management |
| title_full |
A Diagnostic Framework for Assessing Public Investment Management |
| title_fullStr |
A Diagnostic Framework for Assessing Public Investment Management |
| title_full_unstemmed |
A Diagnostic Framework for Assessing Public Investment Management |
| title_sort |
diagnostic framework for assessing public investment management |
| publishDate |
2012 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100809092806 http://hdl.handle.net/10986/3881 |
| _version_ |
1764388816350609408 |
| spelling |
okr-10986-38812021-04-23T14:02:13Z A Diagnostic Framework for Assessing Public Investment Management Rajaram, Anand Le, Tuan Minh Biletska, Nataliya Brumby, Jim ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING SYSTEM ACCRUAL ACCOUNTING AFFILIATED ORGANIZATIONS ALLOCATION ALLOCATION OF FUNDS ANNUAL APPROPRIATIONS ANNUAL BUDGET ANNUAL BUDGET PREPARATION APPROPRIATIONS ASSET PORTFOLIO ASSET VALUE ASSET VALUES ASSETS BALANCE SHEETS BID BIDDING BUDGET ALLOCATION BUDGET ALLOCATIONS BUDGET CLASSIFICATION BUDGET CONSTRAINT BUDGET CYCLE BUDGET DISCUSSIONS BUDGET FRAMEWORK BUDGET PREPARATION PROCESS BUDGET PROCESS BUDGETARY DECISIONS BUDGETARY PROCESS BUDGETING CAPACITY BUILDING CAPITAL BUDGET CAPITAL BUDGETING CAPITAL EXPENDITURE CAPITAL PROJECTS CASH BASIS CENTRAL GOVERNMENT CHECKS COMPETITIVE BIDDING CORRECTIVE ACTIONS COST EFFECTIVENESS COST-BENEFIT ANALYSIS COUNTRY PROCUREMENT COUNTRY PROCUREMENT ASSESSMENT DATA COLLECTION DECISION-MAKERS DECISION-MAKING DELIVERY OF SERVICES DESCRIPTION DEVELOPING COUNTRIES DIAGNOSTIC ASSESSMENT DISBURSEMENT DISBURSEMENTS ECONOMIC GROWTH EQUIPMENT EX POST EVALUATIONS EX-POST EVALUATION EXISTING ASSETS EXPENDITURE FINANCE MINISTRY FINANCIAL ACCOUNTABILITY FISCAL BALANCE FISCAL FRAMEWORK FISCAL POLICY FIXED CAPITAL FRAUD GOVERNMENT POLICY GOVERNMENT PRIORITIES HOSPITALS HUMAN CAPITAL INFLATION INFRASTRUCTURE PROJECTS INSTITUTIONAL ARRANGEMENT INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL CAPACITY INSTITUTIONAL FRAMEWORK INTERNATIONAL BANK INTERNATIONAL FIRMS INTERVENTION INVENTORY INVESTMENT BUDGET INVESTMENT DECISION INVESTMENT DECISIONS INVESTMENT EFFICIENCY INVESTMENT MANAGEMENT INVESTMENT PROGRAM INVESTMENT PROJECTS INVESTMENT STRATEGIES JUDGMENT JUDGMENTS MANAGING PUBLIC EXPENDITURE MINISTRY OF FINANCE MONETARY VALUE NET PRESENT VALUE NPV PERFORMANCE INDICATORS PHYSICAL ASSETS POLITICAL ECONOMY PORTFOLIO POVERTY REDUCTION PRIVATE SECTOR PROCUREMENT PLANS PROGRAMS PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC EXPENDITURE REVIEW PUBLIC FINANCE PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENT PROGRAM PUBLIC INVESTMENTS PUBLIC OFFICIALS PUBLIC PRIVATE PARTNERSHIPS PUBLIC SECTOR PUBLIC SECTOR REFORM RATE OF RETURN RECURRENT COST REMEDIES RESOURCE AVAILABILITY RETURNS RISK ASSESSMENT SANITATION SECTOR MINISTRIES SERVICE DELIVERY STATEMENT SUPREME AUDIT INSTITUTION TENDERING TITLE TRANCHES TRANSITION COUNTRIES TREASURY UNPAID BILLS VALUATION VALUE OF ASSETS This paper provides a pragmatic and objective diagnostic approach to the assessment of public investment management systems for governments. Since weaknesses in public investment management can negate the core argument that additional fiscal space allocated to public investments could enhance future economic prospects, attention to the processes that govern public investment selection and management is critical. The paper begins with a description of eight key "must-have" features of a well-functioning public investment system: (1) investment guidance, project development, and preliminary screening; (2) formal project appraisal; (3) independent review of appraisal; (4) project selection and budgeting; (5) project implementation; (6) project adjustment; (7) facility operation; and (8) project evaluation. The emphasis is placed on the basic processes and controls (linked at appropriate stages to broader budget processes) that are likely to yield the greatest assurance of efficiency in public investment decisions. The approach does not seek to identify best practice, but rather to identify the "must have" institutional features that would address major risks and provide an effective systemic process for managing public investments. The authors also develop a diagnostic framework to assess the main stages of the public investment management cycle. In principle, the identification of core weaknesses will allow reforms to focus scarce managerial and technical resources where they will yield the greatest impact. In addition, the framework is intended to motivate governments to undertake periodic self-assessments of their public investment systems and design reforms to enhance the productivity of public investment. 2012-03-19T18:41:29Z 2012-03-19T18:41:29Z 2010-08-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100809092806 http://hdl.handle.net/10986/3881 English Policy Research working paper ; no. WPS 5397 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper The World Region The World Region |