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Global Megaprojects. Lessons, Case Studies, and Expert Advice on International Megaproject Management. Edition No. 1

  • Book

  • 560 Pages
  • December 2022
  • Region: Global
  • John Wiley and Sons Ltd
  • ID: 5842401
GLOBAL MEGAPROJECTS

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

Authors

Virginia A. Greiman