Realization Of Project Research Articles

Profitability dynamics of offshore wind from auction to investment decision

Offshore wind auctions in Europe have recently seen considerable price decreases, with resulting support levels low enough to warrant the question whether project profitabilities are robust enough against changing market prices, or whether project suffer from low returns upon project realisation. This study investigates the development of profitability between auction date and Final Investment Decision, mainly through identifying impacts of changes in electricity prices, using stochastic discounted cash flow analysis. Some projects seem to have experienced adverse market developments. The study employs an explanatory-sequential approach to analyse two strategies to mitigate this risk: Pricing risks into the auction bid and absorbing losses through reduced returns or, alternatively, passing them down to contractors in the supply chain. The study finds indications that post-auction market developments have likely led to diminishing returns of developers, rather than increased price pressure on contractors. The study enhances the understanding of project profitabilities and developers’ choices between auction and investment decision, and therewith opens the discussion on post-auction industry dynamics as an increasingly relevant factor to ensure that offshore wind can live up to its envisaged role in the decarbonisation of society.

Expedition to the blockchain application potential for higher education institutions

In the education sector, blockchain is currently at the end of the peak of inflated expectations in Gartner’s Hype Cycle. Thus, it is crucial to understand whether this technology meets the expectations of Higher Education Institutions (HEIs). We go on an expedition to identify blockchain application scenarios and its potential for HEI administration—the universities are digitalized to just 23.3%.Current information systems research addresses classifications of blockchain-based projects (application level) rather than their technical realization (protocol level). Thus, when evaluating blockchain application scenarios in HEI administration, we intensively consider the technical side of blockchain-based projects. We perform a three-step approach: (1) systematic literature review, (2) qualitative exploratory semi-structured interviews to supplement information on market-ready solutions, and (3) an evaluation of the potential of the blockchain-based projects identified, based on HEI administration requirements.We find that the leading blockchain application scenarios are credential verification and record-sharing. At the protocol level, we obtain equivocal results regarding the technical realization of projects, e.g., their underlying blockchain types and storage models. At the application level, when discussing the potential of different projects, we find that most of them address adaptability, complexity decomposition, and cost reduction requirements between HEIs; interest diversity and stakeholder collaboration between HEIs and business actors; privacy and trust between HEIs and students.

Zvezda Shipyard Project: Global Implications and Its Influence on the Russian Economy

This article expands upon the author's previous work regarding the Vostok Oil project, initially discussed in the Gubkin University journal. It focuses on the establishment and development of the Zvezda Shipyard project, arguing its critical role in the potential development of the Vostok Oil and Gas province. The paper posits that without the Zvezda Shipyard, it would not be feasible to exploit the Vostok Oil and Gas province or significantly enhance the transportation and logistics capabilities of the Northern Sea Route (NSR). The development of Zvezda's new production facilities is presented as essential for the advancement of the Russian Arctic, facilitating a pivotal eastward shift in the Russian economy. The significance of the Zvezda project and the strategic decisions leading up to it are discussed in detail, demonstrating how they integrate the development of the NSR, the exploitation of Vostok Oil fields, and the establishment of investment and technological foundations for Russia's long-term strategy. This strategy addresses both socio-economic goals and defense and security challenges. Additionally, the paper provides quantitative analyses of the multiplicative effects generated by the Zvezda Shipyard project's realization.

Evaluating Public-Private Partnership Dynamics: the Kazakhstan Toll Road Case

The holistic collaboration between the government and business through public-private partnerships (PPPs) is crucial in developing economies in transition. With the help of the PPP mechanism, emerging economies realize new and maintain existing social and economic infrastructure projects in education, energy, transportation, and healthcare. This lessens the funding burden on the state budget and attracts private investment and expertise into the economy. However, one of the critical tasks is to engage a suitable private partner with whom a long-term relationship can be built for mutual benefit. The most vital issue in establishing and maintaining the PPP collaboration with such a partner is related to the appropriate management of business risks. This study focuses on the success of an infrastructure project for a private partner by analyzing the critical risks inherent in PPP projects. The research uses system dynamics (SD) modeling, which qualitatively and quantitatively determines how each risk affects the project realization. The study examines the largest PPP project in Central Asia, the Big Almaty Ring Road. This toll road project is taken as a case to demonstrate the impact of the most critical risks on the success of the PPP projects. For the simulation, the “hard tolls” form, which is one of the popular payment mechanisms in the global PPP practice, is considered where the private partner bears most of the risks. The findings show the riskiness of such a payment mechanism in implementing toll road projects with existing traffic and tariffs under conditions of uncertainty typical for Kazakhstan and other similar developing countries.

Mediation of Socioenvironmental Conflict in Macrodrainage Works: The Experience of the Municipal Government of Guarujá, São Paulo State, Brazil

Urban growth has been correlated with substantial changes in land use, triggering socio-environmental conflicts. In Brazil, the lack of a tradition in mediating socio-environmental conflicts is evident through numerous lawsuits that often take years to reach a resolution. This study emphasized the actions taken by the Municipal Government of Guarujá (PMG) in 2022 as a tool for resolving socio-environmental conflicts without resorting to litigation. The research focused on the specific case of a macro-drainage project in the Santo Antônio neighborhood, which involved the relocation of 29 families from their homes with equivalent compensation guided by a Terms of Conduct Adjustment (TAC). This qualitative study was grounded in document analysis, a systematic literature review, and interviews with stakeholders. The study aimed to analyze how mediation techniques could contribute to resolving socio-environmental conflicts between public infrastructure projects and the local population. The research findings indicated that the PMG's initiatives were essential in creating a mediation space where, through dialogue, officials involved in the relocation process addressed the families' concerns, even amending clauses within the Comparative Data Market Method for Urban Areas, used for compensation payments, in accordance with legal instruments. This initiative led all the families involved to adhere to the negotiated terms, avoiding litigation and facilitating the project's realization.

Nuclear and Hydrotechnical Expertise Combined: Gidroproekt and the South Ukraine Energy Complex

This article investigates the juncture of hydropower and nuclear engineering traditions at the South Ukraine Energy Complex in the USSR from the late 1960s onwards. Engineers from the hydrotechnical design institute Gidroproekt played a key role in the envisioning, planning and realisation of this unique project. It combined a nuclear power plant and its cooling water reservoir with a pumped-storage hydropower plant and an accompanying run-of-river hydropower plant, allowing for potential synergies with irrigation and pisciculture. A mixture of hydraulic and nuclear technocratic traditions manifested itself in a large-scale attempt to change the natural environment as proof of Soviet technological superiority.

The Karelian Arctic in the directions of China’s Arctic policy at the present stage

The article identifies four main areas that define China’s strategic goals in the Arctic region: the energy sector, infrastructure, tourism, educational and scientific co-operation. Special attention is paid to the strategic friendship between Russia and China in the context of Arctic policy. The RussianChinese partnership in this region is seen as a key factor in ensuring the stability and development of Russia’s Arctic zone. The interaction between the two countries not only contributes to the strengthening of economic ties, but also ensures the security and sustainable development of the region. The paper presents examples of successful cooperation between the Republic of Karelia and the People’s Republic of China and analyses these relations as an example of the practical implementation of China’s Arctic strategy at the regional level. It is important to note that the realisation of many investment projects on exploration and mining in the Karelian Arctic is connected with the attraction of Chinese investment in this industry. The article also evaluates Chinese interests in the Karelian Arctic in other areas, such as the construction of hydroelectric power station infrastructure projects in the Kemsky region as well as some perspective projects related to the construction of a deep-sea port in Kem or a seaport in Belomorsk.

Development of Augmented Reality Technology Implementation in a Shipbuilding Project Realization Process

The technology of Augmented Reality is taking on an increasingly important role in the digital (and green) transformation of industry, including shipbuilding. Upgraded to the three-dimensional ship model in the form and content of a Digital Twin, (industrial) Augmented Reality contributes to the activities of sale and marketing, development, and design, as well as production and maintenance. Recognizing its leading potential in creating the configuration of Shipyard 4.0, research on the further applicability of Augmented Reality in shipbuilding processes, with an emphasis on outfitting activities, was initiated in collaboration between industry and universities. This paper describes the course of the research, i.e., the development of an Augmented Reality application supportive of the shipbuilding process. The authors emphasize the possibility of achieving savings in shipbuilding project realization by implementing the Augmented Reality application according to the conducted proof of concept, thus contributing to shipbuilding system competitiveness improvement.

Scheduling Analysis with Monte Carlo Simulation and Statistic Method on a Building Construction Project

In the construction of an office building in Indonesia, a delay occurred in the first-floor concrete work. The project was planned to be completed in 161 days but it took 168 days to complete. This study analyzed the issues that arose by doing a scheduling analysis and by comparing the Monte Carlo Simulation and the Statistic method. A comparison between these methods was carried out to determine the project duration scheduling probability level from each method. The data included in the study were the project’s Time Schedule and the interview data from respondents who were directly related to the office building construction project. Monte Carlo Simulation analysis showed that to get a 100% probability level, the duration can only be accelerated by two days, from 168 days to 166 days, while the Statistical method analysis showed that to get a 99.99% probability level the duration can only be accelerated by 4,2 days, from 168 days to 163.8 days. From the results above, it can be concluded that the Monte Carlo Simulation has a more accurate calculation than the Statistic Method because the result from the Monte Carlo Simulation was 166 days with a 100% probability level. It is close to the project realization duration which was 168 days.
 Keywords: construction delay analysis, monte carlo simulation, statistic method comparison

Algorithm of innovation project risk management

Aim. To develop a risk management algorithm that can be used in risk management of innovations.Objectives. On the basis of the current international standards of risk management and scientific publications to study the existing practice of risk management, highlighting the main elements of the risk management process into a single generalized risk management algorithm; based on the results of the first task, as well as taking into account the identified features of the process of innovation implementation, to develop an algorithm for risk management of innovation projects.Methods. The work is based on the study of scientific publications in the field of risk management and analysis of international standards on risk management in order to adapt them to the peculiarities of innovation management.Results. The problem of risk management of innovation projects is one of the most difficult in project management because of the significant degree of uncertainty inherent in innovation. The article reflects the problem of investors’ acceptance of increased risk during the realization of an innovation project. The peculiarity of risk management of innovations is the need to accept increased risk, and in return the opportunity to present a new product or technology to the market. Taking into account the considered peculiarities, an algorithmic approach to risk management of innovation projects is given. The practical significance of the study lies in the possibility of applying the developed algorithm of innovation project risk management by economic entities, which will improve the quality of corporate risk management and increase the efficiency of resource utilization. The authors point out the necessity of selecting a project with positive NPV (discounted cash flow, DCF) and accepting the increased risk of the innovation project in the process of innovation management.Conclusions. The authors have created a comprehensive methodological approach to innovation project risk management in the form of a sequence of actions algorithm. The purpose of its application is to increase the efficiency of risk management and to achieve a successful result of innovation implementation.

Investment and construction project management system with the use of building information modeling

One of the key principles of the construction industry development until 2030 is the transition to building information modeling at all stages of the life cycle of the capital construction object. The process of digital transformation not only affects and changes the final product, but also requires a full-fledged re-engineering of the company's internal processes.Purpose: The aim of this paper is to conduct the systems analysis of construction stage management within the framework of investment and construction project realization in the conditions of digital transformation.Research findings: The model of the life cycle management system of the capital construction object is developed using basis the information model.Value: Two main problems are outlined, that must be solved to implement the developed management system into practice.

Crowdfunding: Nature, essence and conditions for the realization of innovative business projects

Aim. Formation of methodological foundations of crowdfunding, determination of conditions for realization of innovative business projects.Objectives. Clarification of terminology, functions, categories, types and features of stakeholder interaction in the process of realization of crowdfunding campaign; description of the process of realization of innovative business projects with the help of crowdfunding; analysis of foreign and Russian crowdfunding platforms, legislative base to determine the conditions of successful crowdfunding campaign of innovative business project.Methods. The research applied methods of benchmarking, comparative analysis, inductive approach to the formation of the methodological basis of crowdfunding, modeling of the process of implementation of crowdfunding campaign of investment business projects.Results. The methodological foundations of crowdfunding are presented, the functions are described, including the collection of funds, advertising and PR of the product/service produced, scaling of the business, as well as categories, types and features of stakeholder interaction in the process of realization of crowdfunding campaign. The process of realization of an innovative business project on a crowdfunding platform is divided into five stages: MVP of the innovative product, financing of the innovative project, launch of the innovative business project on the crowdfunding digital platform, control over the project realization, launch of the innovative product into production. The analysis of the Russian legislative framework revealed a number of shortcomings in the regulation of investment platforms: lack of clarifications on the regulation of activities with cryptocurrency transactions, the conduct of which is legally permitted; attracting investments is available only to legal entities and private entrepreneurs, which hinders the development of startups and does not provide opportunities for fundraising for the implementation of social projects by individuals.Conclusions. A successful crowdfunding campaign of an innovative business project can be conducted if the conditions and sequence of stages of the process under consideration are met. At the same time, the revision of the legislative base in the field of regulating the activities of investment platforms is of particular importance in the development of this area of the economy.

Strategic priorities of industrial support of energy projects in the Arctic

The article deals with economic issues of support of energy projects in the Arctic based on the use of the industrial potential of the region on the example of the Murmansk region, a subject of the Russian Federation. The article contains justification of the administrative and economic mechanism of formation of the oil and gas cluster with small and medium-sized businesses as its core. The mechanism includes consistent implementation of several stages: analysis of industrial opportunities of regional suppliers, implementation of development programs, establishment of industry clusters, participation in tender procedures. The suggested mechanism will ensure increasing the share of participation of regional companies in realization of industrial projects and localization of production facilities.Special attention is paid to the challenges faced by the supplier companies of oil and gas industry and the ways to overcome them effectively. The article studies the mechanism of horizontal integration of regional supplier companies in order to perform a consolidated representation of their industrial potential when participating in tender procedures. The authors give considerable attention to the role of the state in realization of energy projects in the Arctic and to interaction with regional business communities when establishing oil and gas clusters on the territory of new mining regions.Involvement of small and medium-sized businesses in realization of major energy projects is an essential condition for the long-term development of economy. Many regional industrial enterprises possess unique competencies that may be in special demand in the conditions of the sanctions pressure and withdrawal of foreign companies from the Russian market. The authors especially focus on the formation of institutional conditions aimed at creating favourable environment for mutual integration of the interests of state, operators of energy projects and regional suppliers.

What Advantages Arise from the Shift Towards Sustainable Energy Sources in Resource-Rich Economies? Empirical Insights from Azerbaijan

Azerbaijan, a nation with abundant petroleum resources, aspires to harness the untapped potential of the Caspian Sea's renewable energy resources. The aim for the immediate future is to meet not only domestic energy requirements, but also to establish the nation as a green energy exporter. The nation expects to develop power installations utilizing renewable energy over the forthcoming decades to satisfy a portion of its domestic consumption and also cater to the European market. As part of this colossal project, Azerbaijan anticipates collaborating with international partners to install a 4-gigawatt (GW) power cable traversing the seabed of the Black Sea. The successful realization of these ambitious projects would bolster Azerbaijan's economic sustainability during its post-petroleum phase, while simultaneously enabling a reduction in carbon emissions, offering regional and global benefits. This manuscript seeks to probe the multidimensional implications—political, economic, sociocultural and environmental—of this shift towards wind-derived green energy for Azerbaijan and other nations in the region.

Network Analysis and Control System in Mega Projects: The Case of PICASP Erasmus Project

Network Analysis achieved some significant results in recent years thanks to advances in technology and in the approach to organisational networks. Less exciting were the results obtained with Mega Projects. These projects show high risk with regards to results, to the compliance of the budget and to the realization of the entire project. So far, the response of Mega Projects contracting authorities is to ask those presenting the project proposals to increase the number of controls and connected indexes without obtaining, almost until now, an increase in project performance. This paper examines the proposal to transfer some results of network analysis to the performance monitoring of Mega Projects. Starting from the case of Erasmus PICASP Project for the creation of Pilot courses and new didactics for teachers training in cultural tourism for the development of Caspian Area, the paper proposes an evolutionary model of cycles of simplification and complexification of the networks control systems. The approach of Practice Enterprise which allows the members of the project networks to acquire the practice of teamwork right from the early stages of planning, and, once the project starts case risks or emergencies arise, will be applied within his model. Keywords: Network Analysis, Practice Enterprise, MOOCs, Mega Projects, Erasmus Projects

Radio Frequency System, Power Converters and Cryomodule installation and tests as a Polish in-kind contribution to the European Spallation Source (ESS)

The European Spallation Source (ESS) project currently enters the final stage of installation. Since 2017, a group of engineers and technicians from The Henryk Niewodniczanski Institute of Nuclear Physics Polish Academy of Science (IFJ PAN) are involved in the project. The contribution to the project can be divided into three main tasks: Radio Frequency Distribution System (RFDS), RF (Radio Frequency) Power Stations and Cryomodules.The RFDS in ESS project is one of the largest installations of this type consisting of 155 RF high power systems. Engineers and technicians from IFJ PAN were responsible for preparation, installation and RF measurements of the above-mentioned system. The team is also involved in preparation and conducting low and high power tests of the RF stations.The IFJ PAN team is also responsible for the preparation as well as vacuum and cryogenic tests for 9 Medium and 21 High Beta Cryomodules, before they are installed in the tunnel.The advanced quality control and quality assurance were mandatory for this work because the costs of failures, as well as potential delays, would have a huge impact in the project realisation. Therefore dedicated methods and approaches have been adapted to this work using experience gained by the IFJ PAN team on previous projects like LHC, XFEL and W7X.

Design or Decline? A Decolonial Cease and Desist

This paper critically examines the contemporary relationship between design and decolonization, with a focus on reevaluating our expectations of design as a profession and exploring potential pathways forward. The discussion centers on the stagnant state of design discourse, and the intricate power dynamics within design practices. It underscores the significance of recognizing that designers do not uniformly occupy identical positions, highlighting the asymmetrical power dynamics inherent in design nearshoring and the prioritization of Northern interests. Furthermore, it questions the reliance on exclusive designerly methods for systemic change, the pursuit of the common good, and the realization of the pluriverse. We claim that design, in its current form, often reinforces capitalist and colonial structures rather than dismantling them. The paper criticizes design’s complicity in perpetuating colonial differences while claiming to address them, recognizing the fundamental role of design for the realization of the modern project and as a key enabler of capitalist modes of production and consumption. Through an interdisciplinary lens, this paper scrutinizes the dissonance between design’s self-professed ethical values and the pursuit of capitalistic gains.

Step by Step Away from the Dollar

The realization of grand projects always implies imagination and persistence in overcoming all sorts of barriers and all kinds of resistance. The BRICS should confirm expectations entertained by the Global South and rise to the challenge of providing constructive alternatives for all.

Developing of an ontology-based decision support system for securing experiential knowledge in toolmaking

The toolmaking industry is characterized by the industrial manufacturing of unique workpieces and one-off production. This challenge requires the use of a wide variety of manufacturing technologies, which leads to a high level of planning effort and a cross-technology understanding of the manufacturing process. The decision of manufacturing technology application is generally based on the many years of experiential knowledge of the individual employees. As a result of demographic change, it is expected that there will be a reduction in the number of experienced employees in the European toolmaking industry. In addition, the recruitment of qualified employees is challenging and uncertain, making it difficult to ensure the transfer of knowledge. Therefore, the necessary process knowledge is at risk to be no longer available. As a result, competitiveness and the realization of future improvement projects in mechanical manufacturing can be impaired. The challenge is to secure experiential knowledge in a machine-readable form that preserves the knowledge that can be used for decision-making processes. This requires the classification of workpieces and manufacturing characteristics to access existing machining processes and transfer insights to other processes. An ontology is considered as an effective approach to organize, share and reuse knowledge. Ontologies are capable of classifying domain knowledge and visualizing it in machine-readable form. This paper presents an approach to developing an ontology-based decision support system for toolmaking and one-off production that supports the selection of manufacturing technologies and preserves accumulated experiential knowledge. This paper is presenting the development of an ontology of mechanical manufacturing with an agile methodology for the development of domain-specific ontologies. Furthermore, the ontology is integrated into an application software. The structure of the ontology can be used to secure the growing experiential knowledge of toolmaking. The validation is conducted using a case study from the mechanical manufacturing of toolmaking.

Urbane politike planiranja, upravljanja i stanovanja u evropskim gradovima na rekama i gradu Beogradu - studija slučaja

As a consequence of the lack of public policies and legal framework, and then the non-compliance with laws and regulations related to the use of rivers and coasts, the development of floating communities from their creation until today in Belgrade, has flowed predominantly from the bottom up, i.e. from individual and often illegal actions individuals to the gradual and increasingly current determination and then the implementation of public policies and the arrangement of the river area. Comparatively, some European cities on rivers and canals have, in the last few decades, increasingly paid attention to the careful planning of river and canal management and the potential opportunities for the realization of urban green housing projects through the creation of sustainable floating microriver communities on them. And the city of Belgrade gradually adapts to these needs. In the city of Belgrade, in addition to a large number of examples of bad practice of "floating communities" there are also some good examples of "micro river space" arrangement and good practice of living and living in an ecologically acceptable natural environment on the water. This is the case of the river island of Ada Međica in Belgrade, which can serve as a "good case" for other European cities on rivers. It is a sustainable community characterized by the symbiosis of people and the environment, where the strength of a small river community contributes to the preservation of the environment, the achievement of ecological balance and urban green living in a natural environment.