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Mega-Projects: exploring challenges, strategies and/or risks to manage mega-projects (such mega-projects are usually those in th - Dissertation Example

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mega projects Author’s Name Author’s University Summer 2011 Background Practitioners and researchers have defined Megaprojects have as multibillion-dollar mega-infrastructure projects (Marrewijk, Clegg, Pitsis, & Veenswijk, 2008) (Turner, 1999; Flyvbjerg, Bruzelius, & Rothengatter, 2003) (Koppenjan, 2005), normally contracted by the governments and delivered by the private sector in what is called a public-private partnership…
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Download file to see previous pages Flyvbjerg (2007) points out “Cost overruns of 50% are common, overruns of 100% are not uncommon. Similarly, substantial benefit shortfalls trouble many mega-projects. Finally, regional development effects and environmental impacts often turn out very differently from what proponents promised.” Stakeholders of mega-projects usually are International construction firms, private and public international financial institutions and public-works bureaucracies, who form the multinational epistemic groups hence exercising significant influence in support of mega-projects, especially in developing nations (Goldman, 2001). This article talks about few research queries those are centered around the concept of project management and its relevance with respect to mega projects. This article includes a section on methodology that would act as a pathway to address research queries listed in this article. Research Questions Project management is an organized and a structured plan to execute a project successfully. It may be highly challenging to context the statement that project management generates and add significant value to any project. The value added by project management is dependent on numerous factors and stakeholders’ perspective is one of those factors. Researchers (Zhai, Xin, & Cheng, 2009) studied the value of project management from stakeholders’ perspective and has proposed a value framework, the framework has also been certified with respect to its applicability through empirical study. The value framework proposed by (Zhai, Xin, & Cheng, 2009) is as shown in Figure 1. The research indicates that the implementation of project management in mega-projects can enhance management capabilities of an organization. Still the research has several limitations and as a result leads us to the following research queries (Zhai, Xin, & Cheng, 2009): 1. The applicability of value framework of mega-project management is not fully displayed. In the case of aspects like “Technical Standards and Management Mechanisms” do not clearly indicate the value because the applicability. Applicability of this value framework needs to be studied in an organization that operates at the national level and is a market leader. Figure 1. Value Framework for Project Management in Mega-Projects. 2. Research needs to be carried out for each value dimension primarily to understand that which value gets benefitted from the project management and for which stakeholder. 3. Since it is challenging to calculate ROI precisely, ROI was not included in the earlier research. Another reason for not including ROI has been that some part of investment in the type of project studied has intangible aspects like improving the project management system. Research needs to be carried out for exploring exploring specific value of project management in projects with varied levels of complexity and scales. Methodology Research methodology to address the first research query a large-sample survey at the national level needs to be carried out, the same query can also be addressed by analysing a suitable case study that is relevant to Technical Standard ...Download file to see next pagesRead More
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