ADAPTING INTERNATIONAL EXPERIENCE TO ENHANCE INVESTMENT PROJECT MANAGEMENT EFFICIENCY IN CHEMICAL INDUSTRY ENTERPRISES: EVIDENCE FROM UZBEKISTAN USING DEA AND TOBIT REGRESSION

This study investigates the efficiency of investment project management in chemical industry enterprises of Uzbekistan through the lens of international best practices. A two-stage analytical framework was employed: in the first stage, Data Envelopment Analysis (DEA) using both Charnes–Cooper–Rhodes (CCR) and Banker–Charnes–Cooper (BCC) models was applied to 10 major chemical enterprises under JSC Uzkimyosanoat over the period 2020–2023 to measure technical, pure technical, and scale efficiency of investment projects. Three inputs (capital investment, labor force, and energy consumption) and two outputs (gross production value and export revenue) were utilized. In the second stage, a Tobit regression model was employed to identify the determinants of efficiency, including project management methodology adoption, Front End Loading (FEL) implementation, R&D investment intensity, international certification, digital project management tools, and public–private partnership mechanisms. The DEA results revealed that only one enterprise (Navoiyazot) achieved full technical efficiency (CCR = 1.000), while the mean CCR score across all DMUs was 0.829, indicating an average inefficiency of 17.1%. The Tobit regression identified FEL process implementation (β = 0.224, p < 0.01) and formal project management methodology adoption (β = 0.187, p < 0.01) as the most statistically significant determinants of efficiency. The findings provide empirical evidence for the adaptation of PMBOK and PRINCE2 frameworks to the chemical industry context in transitional economies. Policy implications include establishing mandatory FEL protocols, creating Project Management Offices (PMOs), and integrating ESG criteria into investment project evaluation processes.