Ten Things You Should Know about Megaprojects

How to avoid the worst pitfalls in multi-billion-dollar capital investments

Photo by Mark Plötz from Pexels

Misinformation about costs, benefits, schedules, and risks is the norm

If you’re involved in megaprojects — as a citizen, politician, planner, or manager — here are ten things you should know, or you’ll be tripped up.

1. Megaprojects are inherently risky due to long planning horizons and complex interfaces.
2. Often projects are led by planners and managers without deep domain experience who keep changing throughout the long project cycles that apply to megaprojects, leaving leadership weak.
3. Decision-making, planning, and management are typically multi-actor processes involving many stakeholders, public and private, with conflicting interests.
4. Technology and designs are often non-standard, leading to “uniqueness bias” amongst planners and managers, who tend to see their project as singular, which impedes learning from other projects.
5. Frequently there is overcommitment to a certain project concept at an early stage, resulting in “lock-in” or “capture,” leaving alternatives analysis weak or absent, and leading to escalated commitment in later stages…