The definitive guide to international megaprojects from an undisputed authority in the field
In Global Megaprojects: Lessons, Case Studies, and Expert Advice on International Megaproject Management, distinguished international megaproject researcher and consultant Virginia A. Greiman delivers a comprehensive and incisive discussion of a key topic in global infrastructure development: the international megaproject. In the book, readers will find indispensable guidance and insights from experienced megaproject experts, as well as over 20 case studies highlighting practical solutions to common and pressing issues faced by project stakeholders around the world.
This book was written to demonstrate that megaprojects can and have accomplished major economic, social, and technical advancements thought impossible but achieved by successfully confronting the challenges of the time. This book offers solutions and prescriptions for megaproject participants to overcome the complex challenges presented by these projects. It incorporates the latest evidence-based theory and a wealth of practical experience and provides a truly international perspective, showcasing viewpoints from a diverse collection of regions, cultures, and industries.
Global Megaprojects also presents: - Thorough introductions to megaprojects and their lifecycles, including the megaproject ecosystem and the world’s emerging megaprojects - In-depth examinations of megaproject finance and economics, including innovation and value-driven program management - Extensive explorations of complex project leadership, including the characteristics of uncertainty, complex projects, and cross-cultural dynamics - Comprehensive discussions of megaproject implementation management, including global delivery methodologies and strategic objective alignment
Global Megaprojects: Lessons, Case Studies, and Expert Advice on International Megaproject Management will earn a place in the libraries of project managers, policymakers, academics, contractors, engineers, suppliers, investors, and sponsors of large international projects.
Table of Contents
List of Figures xiii
List of Tables xv
List of Boxes xvii
Author’s Perspectives xix
Acknowledgments xxi
Introduction to This Book xxiii
Key Concepts and Objectives xxiii
Pedagogy xxiv
Book Structure xxv
Overview of Book Chapters xxvi
References xxviii
1 Introduction to Global Megaprojects 1
Introduction 1
Globalization and Megaprojects 2
Characterization of Global Megaprojects 3
Megaprojects: The Global Timeline 6
Prehistory 7
The Middle Ages 8
The Golden Age of Globalization (1870-1914) 9
The Great Depression (1930-1940s) 12
The Great Megaproject Era (1950-1970s) 14
The Era of Great Tunnel, Energy, and Pipeline Projects: (1970s-2000) 17
The Millennium Projects 23
Why Study Megaprojects? 26
Summary 33
References 35
2 Megaproject Finance: Innovation and Value Driven Megaproject Management 43
Introduction: Financing the World’s Infrastructure 43
Project Finance Definition and Characteristics 45
Project Finance v. Corporate Finance 48
Investment in the Developing Countries 49
Infrastructure Financing in the United States 51
Infrastructure Financing in the European Union 52
Sources of Funding for Project Financing 54
The Legal Framework: The Major Project Participants and Agreements 59
Export Credit Agencies (ECAs) 65
Multilateral Development Banks 67
Public-Private Partnership Structures 69
Evaluation Criteria for Project Finance 70
Megaproject Evaluation: Beyond the Iron Triangle 77
Looking Back and Looking Forward: Ex-ante and Ex-post Evaluations 78
Evaluating Projects Through the Life Cycle 81
Looking Back and Looking Forward and Qualitative Scoring 85
Summary 86
References 88
3 The Multilaterals and World Development 95
Introduction 95
Growing Demand for Global Infrastructure 96
The Role of the Multilaterals in Development 101
Mobilization of Capital 107
The Changing Landscape of Development Banks 116
International Development Case Studies 118
A Collective Action Perspective on the Planning of Global Megaprojects 121
The Social, Economic and Institutional Value of Megaprojects 123
Frameworks for Sustainable Development 124
Summary 127
References 129
4 Leading Complex Global Projects 135
Introduction 135
Complexity in Relation to Uncertainty, Ambiguity, Conflict, and Risk 138
Case Studies of Complex Projects 146
Strategic Management of Complexity 151
Summary 159
References 161
5 Global Megaproject Governance 167
Introduction to Global Governance of Megaprojects 167
Developing a Megaproject Governance Framework 174
Project Governance Between Developed and Developing Countries: Considerations for Improving Governance 188
Case Studies in Governance: What Causes Governance Failure? 191
Summary 198
References 200
6 Integrated Project Organizations and Public Private Partnerships 207
Introduction 207
Part I: Project Organization Integration: A New Mindset for Systems Engineering and Program Management 209
Part II: The Structure of Organizations as Systems of Systems 211
Part III. Public-Private Partnerships: The Sharing of Risk and Opportunity 225
Case Studies in Public-Private Partnership Development 236
Emerging Trends and Social Considerations for PPP Development 241
Summary 243
References 249
7 Managing the Megaproject Implementation and Delivery 255
Introduction 255
Phase 1: Initiation of the Megaproject 257
Phase 2: Global Project Delivery Methodologies and Procurement 261
Phase 3: Implementation 263
Phase 4: Project Controls 279
Phase 5: Transitioning a Megaproject to Operations 289
Lessons Learned on Cost and Schedule 290
Summary 294
References 297
8 Megaprojects and Mega Risk: Opportunity, Risk, and Resilience Management 301
Introduction 301
Emerging Risks on a Global Scale Impacting Megaprojects 302
Defining Risk and Risk Management 305
Structure of Megaproject Risks 306
Resilience and Risk Management 307
What Is Project Risk Intelligence? 310
Developing a Risk Management Framework: A Shared Vision of Risk 313
Global Risk Factors in International Projects 325
Business Continuity Planning in the Management of Risks 327
Root Cause Analysis 327
Characterizing Risk 330
Normalization of Deviance Related to Risk Discovery 333
Catastrophic Loss Potential: Natural and Manmade Disasters 336
Summary 341
References 344
9 Megaprojects: Troubles and Triumphs 349
Introduction 349
What Is Meant by Success? Successful Megaproject Failures 350
Characteristics of Failed Projects 356
Characteristics of the Most Successful Projects 370
Summary 372
References 373
10 Laws and Contracts in Global Megaprojects 381
Introduction 381
Planning for Procurement 382
Concession Procurement 383
Private Sector Procurement 383
Megaproject Procurement Contracts in the United States 385
Laws Governing International Megaproject Contracting 387
Challenging Negotiations in Megaproject Contracts 391
Collaborative Contracting 414
Emerging Issues in Global Development Laws and Contracts 414
Summary 419
References 421
11 Megaproject Innovation and Resilience 425
Introduction 425
Where Does Innovation Come From? 427
What Is an Innovation Megaproject? 429
Megaproject Innovation Programs 431
What Is an Innovation Strategy? 435
Enablers and Challenges to Innovation 439
Best Practices for Innovation 443
Summary 450
References 452
12 The Future of Global Megaprojects 459
Introduction 459
Blue Ocean Thinking 460
Blue Economy Thinking 461
Challenges of Future Megaprojects 463
Meeting the Grand Challenges of the Twenty-first Century 469
Global Change and International Cooperation 474
Global Megaprojects and the Leaders of Tomorrow 474
Megaprojects and the Growth of the Digital Economy 478
Megaproject Management: Looking Back to Move the Future Forward 485
Leadership for Megaprojects in the Emergent Era 486
A New Principle Based Approach to Project Management 489
Megaprojects and System Perspectives 490
Summary 492
References 494
Glossary 501
Acronyms 523
Index 527
