By Richard Abel Musgrave

1959 Hardcover
628 pages
Publisher: McGraw-Hill (1959)
Language: English

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Planning, design and engineering Construction (or procurement) Commissioning Operation Decommissioning } Development phase The first three can be grouped loosely as the development phase, which for present purposes we may treat as one phase. Each phase carries particular risks, which may or may not be quantifiable, and which all have implications for the project finance model. A critically important fact is that no operating project company exists before the development phase is successfully complete.

Each phase carries particular risks, which may or may not be quantifiable, and which all have implications for the project finance model. A critically important fact is that no operating project company exists before the development phase is successfully complete. This means that if development is unsuccessful, no revenue generation is possible, which is hardly attractive. It requires no leap of imagination to realise that even if conceived properly, the risks to the success of a project company are substantial in the development phase (even if manageable), because it is here where the project company either procures a working asset or not.

For analytical purposes, most business literature considers systems theory to be an appropriate model to analyse businesses as human organisations, and we therefore also consider it appropriate to apply it to project companies. When viewed as a system, a business enterprise would have some intended function or purpose reflecting the intention of its creators (as difficult as this may sometimes be to imagine). Recall our 14 We must also immediately say that many human/social organisations evolved historically into their current forms and were not consciously designed (some political systems, for example).

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