February | Megaproject Success | Read time: calculating...
Megaprojects are proliferating around the globe. There are now hundreds of them on land, in the sea and in our skies. Although increasingly commonplace, these megaprojects have a notorious record for budget blowouts and missed completion dates.
We conducted a review of the literature to identify currently cited success factors, and in conjunction with insights derived from our own experience, developed a quantitative and qualitative-based questionnaire.
This provided the basis for our in-depth interviews with a representative cross-section of executive managers with extensive mega and major project experience. Given the scope, scale and sheer complexity of factors that define megaprojects, perhaps we should not be surprised that they have a failure rate of 65%.
Why is the failure rate so high? These are complex operations, but how can we improve on this disturbing figure? Keogh set out to shine a light on the factors most critical to delivering megaprojects, presented in this white-paper.