About The Project
However, $1 billion is not a constraint in defining megaprojects; in some contexts, a relative approach is needed, such as in developing countries, where a much smaller project (such as one with a $100 million budget) could constitute a megaproject. Therefore, a more general definition is "Megaprojects are temporary endeavors (i.e. projects) characterized by: large investment commitment, vast complexity (especially in organizational terms), and long-lasting impact on the economy, the environment, and society".[3]
Bent Flyvbjerg, a professor at the Saïd Business School of the University of Oxford says that globally, megaprojects make up 8 percent of total global GDP.[4] Megaprojects refer not only to construction projects but also to decommissioning projects, which are projects that can reach multi-billion budgets, have a high level of innovation and complexity, and are affected by a number of techno-socio-economic and organizational challenges.
Care in the project development process is required to reduce any possible optimism bias and [3]
Bent Flyvbjerg, a professor at the Saïd Business School of the University of Oxford says that globally, megaprojects make up 8 percent of total global GDP.[4] Megaprojects refer not only to construction projects but also to decommissioning projects, which are projects that can reach multi-billion budgets, have a high level of innovation and complexity, and are affected by a number of techno-socio-economic and organizational challenges.
Care in the project development process is required to reduce any possible optimism bias and strategic misrepresentation, as a curious paradox exists in which more and more megaprojects are being proposed despite their consistently poor performance against initial forecasts of budget, schedule, and benefits.
-->.wikipedia.org/wiki/Strategic_misrepresentation">strategic misrepresentation, as a curious paradox exists in which more and more megaprojects are being proposed despite their consistently poor performance against initial forecasts of budget, schedule, and benefits.
