The Open Quality Standards Initiative (OQSI) was established by the George Boole Foundation, in 2010 as an activity in the Foundation's Decision Analysis Initiative 2010-2015 This remains a platform for gathering information and knowledge on Decision Analysis to be applied to advancing the state-of-the-art in project cycle and portfolio management processes. These activities were initially based on reviews of case studies at the SEEL library (Systems Engineering Economics Lab) which had purchased all of the Decision Analysis output of the Stanford Research Institute in 1985.
The DAI proved to be a successful activity in delivering a range of practical proposals. The most important being the need for due diligence project design standards or recommendations.
Therefore in 2015 the George Boole Foundation decided to make the OQSI part of the second phase of the DAI for 2015-2020 with the mission of identifying appropriate due diligence procedures to emphasize improved design procedures by:
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These fundamental inputs provide an essential support for project level cycle management as well as overall administration of project portfolios with effective project level oversight. The essential value added by this procedural improvement is that project evaluation in terms of technical and economic viability and assessment of risk becomes more objective.
In 2017, the OQSI completed the initial set of due diligence procedures as a recommendation OQSI-1 (2017). This is designed to ensure that all relevant factors are taken into account in terms information collection and analysis covering amongst others the following tasks:
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