The Development of Economic Projects: Strategies and Success Factors

Abstract

Background: There are many reasons for undertaking economic development projects. Among the most important and most common reasons given are the following: a desire to physically improve a neighborhood or site, create jobs, leverage private dollars, increase government taxes and revenues, control construction on and use of a site, produce or conserve energy, and compete effectively with other communities.

Objective: This article aims to explain how to develop economic projects.

Methods: In our research, we used various reliable international articles and research.

Results: The review reveals that the success of economic projects is not solely dependent on traditional project management (time, cost, quality), but is heavily influenced by strategic factors. Key finding indicates that the most critical success factors (CSFs) for economic development projects are the availability of intellectual capital (42%), a sound project case (11%), and key manpower competency (8%), and effective stakeholder engagement (7%). Furthermore, projects face significant challenges, including lack of financing, market uncertainty, and high competition, which necessitate a dynamic organizational structure and rigorous risk analysis

Conclusions: Economic projects are a cornerstone of national development and structural change. However, their high failure rate necessitates a shift from conventional management to strategic project management. To ensure sustainability and success, project must align with broader societal objectives (growth and equity), adopt phased approaches to minimize risks, and prioritize stakeholder ownership and clear policy frameworks.