Download or read book Planning and Appraisal Recommendations for Megaproject Success written by Juan Alberti and published by Inter-American Development Bank. This book was released on 2019-02-04 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares two approaches to the evaluation of mega transport project success. The first one is called the “iron triangle” approach. Under this approach, a megaproject is considered successful when it is delivered on budget, on time, and in line with the required specifications. The second approach is here called the “holistic” view of megaproject success, which considers other commonly used criteria: social efficiency, effectiveness, equity, relevance, and political pay-off, among others. This paper shows how the way in which the success of a mega transport project is measured leads to different recommendations for the planning and appraisal stages. It shows that such recommendations may or may not be consistent with the nature of the problem these endeavors imply at the different stages. It is here argued that focusing on the “iron triangle” approach to success can promote planning and appraisal with a narrow view of the problem, by assuming consensus, encouraging depoliticization, understanding the problem as a mathematical optimization made by a single decision-maker. The “holistic” approach to success, on the other hand, favors more comprehensive and integrated ways of planning and appraising infrastructure megaprojects. It does so by promoting a reduction in data demands, focusing on simplicity and transparency aimed at clarifying the terms of conflict and accepting uncertainty, keeping options open, all while focusing on the actual criteria used by the relevant stakeholders. Common pitfalls of the application of the “iron triangle” approach to success at the planning and appraisal stages result from its failure to address the context and the usual impossibility to fix and maintain a desired state from the earliest stages of the project. On the other hand, when using the ”holistic” view, recommendations are based on what happens in fact, including project management variables as only one part of the criteria actually used when planning megaprojects. In order to promote a transparent pre-investment stage, the planning and appraisal of megaprojects should consider project management variables, while also accepting complexity and non-linearity, addressing the power of the context, as well as the influence of the stakeholders involved, reflecting the actual criteria used in the decision-making process.

Download or read book The Institutional Environment of Megaproject Planning and Appraisal written by Juan Alberti and published by Inter-American Development Bank. This book was released on 2019-07-19 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares the contributions of three different approaches to the analysis of the institutional environment of transport policy development and megaproject planning and appraisal: the sociological approach to institutions; the political new institutionalism; and new institutional economics. It shows that institutions have been usually understood in different ways by these fields, emphasizing different elements of this relevant subject. It is here recommended to follow Scott (2012) who claims that while one approach may be more suited to study a particular dimension, others may be better suited to study other dimensions. This author claims that there are three pillars of institutions: cultural-cognitive elements, normative elements and regulative elements. They are linked to the abovementioned approaches. The cultural-cognitive element is related to symbols (including words, signs, and gestures), which shape the meaning of objects and activities, the normative element is associated with rules that introduce a prescriptive, evaluative and obligatory dimension into social life, and the regulative elements refer to rule-setting, monitoring and sanctioning activities. his paper shows that the key to understand the challenge of analyzing the institutional environment of megaproject planning and appraisal is to be aware of the different institutional elements in place, and to use the most suited approach to analyze each one of them. Moreover, it also illustrates that there are no “pure cases” where only one element is responsible for the outcomes, and depending on the pillar under analysis, one of the abovementioned approaches to institutions may be more suited as a conceptual framework to thoroughly analyze the problem.

Download or read book Industrial Megaprojects written by Edward W. Merrow and published by John Wiley & Sons. This book was released on 2011-05-03 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Avoid common pitfalls in large-scale projects using these smart strategies Over half of large-scale engineering and construction projects—off-shore oil platforms, chemical plants, metals processing, dams, and similar projects—have miserably poor results. These include billions of dollars in overruns, long delays in design and construction, and poor operability once finally completed. Industrial Megaprojects gives you a clear, nontechnical understanding of why these major projects get into trouble, and how your company can prevent hazardous and costly errors when undertaking such large technical and management challenges. Clearly explains the underlying causes of over-budget, delayed, and unsafe megaprojects Examines effects of poor project management, destructive team behaviors, weak accountability systems, short-term focus, and lack of investment in technical expertise Author is the CEO of the leading consulting firm for evaluating billion-dollar projects Companies worldwide are rethinking their large-scale projects. Industrial Megaprojects is your essential guide for this rethink, offering the tools and principles that are the true foundation of safe, cost-effective, successful megaprojects.

Download or read book Successful Delivery of Mega projects written by Ashish Gupta (Ph. D.) and published by . This book was released on 2015 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: The term "mega-projects" is generally used to describe those projects whose capital budgets exceed one billion dollars. Many recent studies assessing the performance of mega-projects have concluded that cost and schedule overruns are common in all industry segments and world regions. Mega-projects are of importance not only to the stakeholders involved in development and construction, but also to the societies, economies, and environments impacted by these projects. There are very few studies that provide guidance on the effective planning and execution of megaprojects. Given the enormous amount of capital dollars at stake and the prevailing trend towards poor performance, the Construction Industry Institute initiated Research Team 315 (RT 315), Successful Delivery of Mega-projects, to attempt to identify why these failures happen and what can be done to prevent or reduce mega-project performance failures. The primary research question the team was tasked to find answer was: "What sorts of changes in project development and execution are needed to increase the likelihood of success on mega-projects?" After conducting a thorough literature review the RT finalized the following two hypothesis to validate (1) there are factors that have higher occurrence and performance impacts on mega-projects. (2) These factors require changes in mega-project planning and execution to improve the chances of successful outcomes. Through preliminary interviews, surveys, follow up interviews and case studies, the research identified 34 impact factors with high occurrence and high negative performance impact on mega-projects. The research also prioritized the most impactful factors that should be avoided or mitigated to increase the likelihood of successful mega-project outcomes. The research went deeper by identifying specific case examples of how the negative impacts might manifest. Furthermore, for each of the factors, the research identified specific mitigation strategies and recommendations that should be adopted during front-end-planning and execution. All of these results have been compiled into an Excel-based Implementation Resource, IR 315-2 Mega-Project Assessment of Criticality Tool (MPACT). MPACT provides project teams the means to a structured assessment process of critical factors on mega-projects, enabling more accurate and thorough mitigation planning on these impact factors, in order to improve mega-project performance.

Download or read book Socioeconomic Evaluation of Megaprojects written by Markku Lehtonen and published by Taylor & Francis. This book was released on 2016-11-22 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: The governance and evaluation of ‘megaprojects’ – that is, large-scale, complex, high-stakes infrastructure projects usually commissioned by governments and delivered through partnerships between public and private organisations – is receiving increased attention. However, megaproject evaluation has hitherto largely adopted a linear-rationalist perspective to explain the frequent failure of such projects to meet the ‘iron triangle’ of performance criteria: delivering on time, within budget, and according to specifications. This approach recommends greater control and accountability to remedy megaproject ‘pathologies’. Drawing on empirical examples mainly from the transport sector and radioactive waste disposal, this book offers new perspectives to megaproject evaluation. Comprising contributions from leading experts in project evaluation and appraisal, this collection opens up new avenues by suggesting two ways of improving megaproject evaluation: 1) approaches that go beyond the dominant linearrationalist notion of policy processes, and emphasise instead the objective of opening up appraisal processes in order to enhance learning and reflexivity; and 2) approaches that extend evaluative criteria beyond the ‘iron triangle’, to cover the various socioeconomic impacts and preconditions for project success. This volume will be of great relevance to scholars and practitioners with an interest in megaprojects, energy and climate policy, radioactive waste management, urban design, and project planning and management.

Download or read book Socioeconomic Evaluation of Megaprojects written by Markku Lehtonen and published by Routledge. This book was released on 2016-11-22 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: The governance and evaluation of ‘megaprojects’ – that is, large-scale, complex, high-stakes infrastructure projects usually commissioned by governments and delivered through partnerships between public and private organisations – is receiving increased attention. However, megaproject evaluation has hitherto largely adopted a linear-rationalist perspective to explain the frequent failure of such projects to meet the ‘iron triangle’ of performance criteria: delivering on time, within budget, and according to specifications. This approach recommends greater control and accountability to remedy megaproject ‘pathologies’. Drawing on empirical examples mainly from the transport sector and radioactive waste disposal, this book offers new perspectives to megaproject evaluation. Comprising contributions from leading experts in project evaluation and appraisal, this collection opens up new avenues by suggesting two ways of improving megaproject evaluation: 1) approaches that go beyond the dominant linearrationalist notion of policy processes, and emphasise instead the objective of opening up appraisal processes in order to enhance learning and reflexivity; and 2) approaches that extend evaluative criteria beyond the ‘iron triangle’, to cover the various socioeconomic impacts and preconditions for project success. This volume will be of great relevance to scholars and practitioners with an interest in megaprojects, energy and climate policy, radioactive waste management, urban design, and project planning and management.

Download or read book Industrial Megaprojects written by Edward W. Merrow and published by John Wiley & Sons. This book was released on 2024-08-06 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most up-to-date edition of the bestselling text on megaprojects In the newly revised second edition of Industrial Megaprojects Revisited: Concepts, Strategies, and Practices for Success, 2nd Edition , veteran megaproject valuator Edward Merrow delivers an accessible and authoritative discussion of why megaprojects frequently go over budget, past their deadlines, or result in safety compromises. You’ll explore project management deficiencies, destructive team dynamics, weak accountability systems, short-term biases, and technical expertise gaps and, more importantly, learn how to avoid or address these pitfalls in the real world. This latest edition offers extensive new material on renewable energy and decarbonization projects, as well as: Clear, nontechnical explanations of why major projects tend to get into trouble Strategies to avoid hazardous and costly errors in the high-stakes megaproject environment A comprehensive collection of tools, tips, principles, and frameworks to take a megaproject from start to finish without compromising on safety, blowing the budget, or exceeding the deadline An essential resource for engineers and industry professionals and executives, Industrial Megaprojects remains the gold standard on the subject. It also belongs in the libraries of finance and banking professionals who regularly fund these projects, and academics who research them.

Download or read book PROJECT PLANNING APPRAISAL CONTROL written by Dr. Sanjeev Bansal Dr. Ritu Wadhwa and published by Kojo Press. This book was released on 2020-09-01 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Project Planning, Appraisal, and Control is an all-inclusive book intended to meet the necessities of postgraduate management students specializing in the area of finance. The purpose of this book is to acquaint readers with the theoretical and practical aspects of project management in an organization to maximize its value through various examples and revelations. This book makes the reader familiar with the objectives of project planning and various phases of projects. This book deals with the planning of the project with references to phases of capital budgeting and levels of decision making in an organization. It explains the various project charts and layout and also gives the details of the work schedules. It deals with the topic like project life cycle, project selection, feasibility study, and techniques like PERT and CPM. The techniques of project risk analysis and financial analysis have been discussed in detail with the help of sufficient numerical examples. It also contains the administrative aspects of capital budgeting and issues involved in project review. Most importantly the book includes several chapter-end problems and questions to test students’ understanding of the subject. The main thrust of the book has been to bring home the concept clearly in the minds of readers.

Download or read book Leading Megaprojects written by Mounir A. Ajam and published by CRC Press. This book was released on 2020-01-06 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: The performance of megaprojects is questionable, and a large percentage of them fail in one dimension or another. The challenges that contribute to these failures are known. Then why do these projects still fail at a high rate? Leading Megaprojects: A Tailored Approach examines the challenges facing megaprojects and, more importantly, successes in delivering megaprojects. To close the performance gaps in megaproject deliveries, the book presents a customizable model that professionals and organizations can use to increase the chance of successful project delivery. To illustrate the model, it uses examples and case studies, primarily from capital projects, with engineering and construction components. The book also explains how the approach can be applied to all projects, regardless of industry or domain. The book emphasizes the role of leadership because it takes the point of view that megaprojects cannot be successful without great leadership due to their massive size, complexity, number of parties and stakeholders involved, and cost, among other vital factors. Leaders can define the path for a megaproject to guide seasoned managers and project managers to successful closure. The tailored approach is based on a stage-gate project life cycle model, which covers projects from concept to success. However, it is not limited to a purist form of traditional project management. It is a tailored methodological approach, with an emphasis on leading the work, end-to-end, at the project level, along with the management of every stage of the project. Also, it presents the integration of the business, product delivery, and operations management into a cohesive approach. The book concludes with an in-depth simulation showing how the model is can be tailored to deliver a megaproject successfully.

Download or read book Decision making on Mega projects written by Hugo Priemus and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: It will be useful for those experienced and senior professionals who are charged with authorizing and controlling projects. Recommended. P.F. Rad, Choice Building on the seminal work of Bent Flyvbjerg, this book is a collection of expert contributions that will prove essential to anyone wanting to understand why mega-projects go wrong and how they can be made to work better. Professor Sir Peter Hall, University College London, UK This book offers a refreshing and fascinating look at mega-projects from the perspective of public evaluation and planning. With the changing role of the public sector in planning and implementing large-scale projects and a subsequent strong emergence of private public modes of operation, mega-projects have become a problematic phenomenon. This volume is a major source of information and reference. It provides the reader with unique insights and caveats in mega-projects planning. Peter Nijkamp, VU University Amsterdam, The Netherlands This book enlarges the understanding of decision-making on mega-projects and suggest recommendations for a more effective, efficient and democratic approach. Authors from different scientific disciplines address various aspects of the decision-making process, such as management characteristics and cost benefit analysis, planning and innovation and competition and institutions. The subject matter is highly diverse, but certain questions remain at the forefront. For example, how do we deal with protracted preparation processes, how do we tackle risks and uncertainties, and how can we best divide the risks and responsibilities among the private and public players throughout the different phases of the project? Presenting a state-of-the-art overview, based on experiences and visions of authors from Europe and North America, this unique book will be of interest to practitioners of large-scale project management, politicians, public officials and private organisations involved in mega-project decision-making. It will also appeal to researchers, consultants and students dealing with substantial engineering projects, complex systems, project management and transport infrastructure.

Download or read book The Oxford Handbook of Megaproject Management written by Bent Flyvbjerg and published by Oxford University Press. This book was released on 2017 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook provides state-of-the-art scholarship in the emerging field of megaproject management. The 25 chapters cover all aspects of megaproject management, from front-end planning to project delivery, including how to deal with stakeholders, risk, finance, complexity, innovation, governance, ethics, project breakdowns, and scale itself.

Download or read book Planning and Controlling Megaprojects written by Frank Parth and published by . This book was released on 2014 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Multiple independent research efforts are beginning to show a more consistent approach to developing successful megaprojects in the areas of oil/gas, mining, and construction projects than have been used in the past. These megaprojects are characterized by high value (often defined as greater than US$1 billion), comparably high benefits, years-long timelines, and correspondingly high risk. While there have been great advances in both project management methodologies and in the tools the project managers have available, the complexity of these multi-year programs has advanced even more quickly than the tools have. This article will look at the classical project management approaches that focus on delivering the final product within cost and schedule constraints once the project enters the execution phase. We will then examine multiple lines of research that show that the ultimate success of a complex program has very little dependency on how the program is managed once the construction phase begins and far greater dependency on what happens before that phase begins. The paper covers four topics: an overview current project management practices; current research on megaprojects; development stages for efforts on this scale; and some recommendations.

Download or read book Megaprojects and Risk written by Bent Flyvbjerg and published by Cambridge University Press. This book was released on 2003-02-13 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Megaprojects and Risk provides the first detailed examination of the phenomenon of megaprojects. It is a fascinating account of how the promoters of multi-billion dollar megaprojects systematically and self-servingly misinform parliaments, the public and the media in order to get projects approved and built. It shows, in unusual depth, how the formula for approval is an unhealthy cocktail of underestimated costs, overestimated revenues, undervalued environmental impacts and overvalued economic development effects. This results in projects that are extremely risky, but where the risk is concealed from MPs, taxpayers and investors. The authors not only explore the problems but also suggest practical solutions drawing on theory, experience and hard, scientific evidence from the several hundred projects in twenty nations and five continents that illustrate the book. Accessibly written, it will be the standard reference for students, scholars, planners, economists, auditors, politicians and interested citizens for many years to come.

Download or read book Mega Project Management written by Lim Guan Leng and published by Independently Published. This book was released on 2022-04-12 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Megaprojects of construction would no more be difficult to initiate, understand and carry out practically. A key to all the problems related to Mega Project Management is going to be in your hand. It will be no more complex now. You have been facilitated to solve each and every problem by yourself. The book is going to be a perfect guide for you because it will tell: -What is Megaproject Management? -A Fundamental Conceptualization of Mega Infrastructure Construction -Significant Engineering and Construction of Mega-Infrastructure -Management of Massive Infrastructure Construction -Management of Construction Projects to Mega Infrastructure Construction Management: From Systematisms to Complexity -The Difficulty of Building and Managing Mega Infrastructure -The Good, The Bad, and the Best of Megaprojects -Making Megaprojects Modular -8 Planning and Organizing Best Practices for Megaproject Success -The Causes and Cure for Underperforming Megaprojects -The Increasing Difficulty of Building Mega-Infrastructure -The Possibilities and Hope for the Future

Download or read book MEGA PROJECT MANAGEMENT written by Guan Leng Lim and published by . This book was released on 2022-06-20 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Megaprojects of construction would no more be difficult to initiate, understand and carry out practically. A key to all the problems related to Mega Project Management is going to be in your hand. It will be no more complex now. You have been facilitated to solve each and every problem by yourself. The book is going to be a perfect guide for you because it will tell: -What is Megaproject Management? -A Fundamental Conceptualization of Mega Infrastructure Construction -Significant Engineering and Construction of Mega-Infrastructure -Management of Massive Infrastructure Construction -Management of Construction Projects to Mega Infrastructure Construction Management: From Systematisms to Complexity -The Difficulty of Building and Managing Mega Infrastructure -The Good, The Bad, and the Best of Megaprojects -Making Megaprojects Modular -8 Planning and Organizing Best Practices for Megaproject Success -The Causes and Cure for Underperforming Megaprojects -The Increasing Difficulty of Building Mega-Infrastructure -The Possibilities and Hope for the Future

Download or read book Smart Urban Regeneration written by Simon Huston and published by Routledge. This book was released on 2017-09-01 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of real estate in our cities is crucial to building sustainable and resilient urban futures. Smart Urban Regeneration brings together institutional, planning and real estate insights into an innovative regeneration framework for academics, students and property professionals. Starting by identifying key urban issues within the historical urban and planning backdrop, the book goes on to explore future visions, the role of institutions and key mechanisms for smart urban regeneration. Throughout the book, international case studies and discussion questions help to draw out global implications for urban stakeholders. Real estate professionals face a real challenge to build visionary developments which resonate locally yet mitigate climate change and curb sprawl, and foster biodiversity. By avoiding the dangers of speculative excess on one side and complacency on the other, Smart Urban Regeneration shows how transformation aspirations can be achieved sustainably. Academics, students and professionals who are involved in real estate, urban planning, property investment, community development and sustainability will find this book an essential guide to smart urban regeneration investment.

Download or read book Megaproject Risk Analysis and Simulation written by Prince Boateng and published by Emerald Group Publishing. This book was released on 2017-04-28 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing new knowledge on risk analysis and simulation for megaprojects, this book is essential reading for both academics and practitioners. Its focus is on technical descriptions of a newly developed dynamic systems approach to megaproject risk analysis and simulation.