Development Projects as a Tool for Diversifying the Economy of a Monotown

Abstract

<p>The current study shows that the development projects for single-industry towns should provide a close relationship between the goals of strategic development, public expenditure, final results, as well as the principles and tools of the project approach. The paper introduces a classification of development projects for monotowns. Such projects, if oriented to innovative development, are often implemented within the framework of an anti-crisis strategy, limited investment resources, and a lack of qualified specialists in the field of project management. Effective project management, especially development projects, requires skilled personnel with modern competences in project management. Personal competences of the stuff should comprise behavioral (leadership, ethics, etc.), contextual (project orientation, finances, etc.) and technological abilities (requirements and targets of the project, concerned parties, risks, etc.). Such competencies, consistent with international standards in the field of project management, will effectively manage by the development projects for monotowns in the conditions of constant changes, an increased level of risks and insufficient development of institutions</p>