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Megaproject

 
Wikipedia: Megaproject

A megaproject (sometimes also called "major program") is an extremely large-scale investment project. Megaprojects are typically defined as costing more than US$1 billion and attracting a lot of public attention because of substantial impacts on communities, environment, and budgets.[1] Megaprojects can also be defined as "initiatives that are physical, very expensive, and public."[2] Care in the project development process may be needed to reduce any possible optimism bias and strategic misrepresentation.[1]

Megaprojects include bridges, tunnels, highways, railways, airports, seaports, power plants, dams, wastewater projects, Special Economic Zones (SEZ), oil and natural gas extraction projects, public buildings, information technology systems, aerospace projects, and weapons systems.

Contents

Examples

Some examples of megaprojects are:

Aerospace projects

Airport projects

Building projects

The front facade of the Petronas Twin Towers

Canal projects

Shipping on the Suez Canal

Dam Projects

Defense Projects

International Sports infrastructure projects

IT projects

Oil and Gas projects

Port projects

Rail and rapid transit projects

The Channel Tunnel under the English Channel linking the United Kingdom and France.

Road traffic projects

Science projects

Apollo Program Saturn V awaiting launch.

Urban projects

Water infrastructure projects

The Chicago River at night

Climate and environmental change projects

The Megaproject Paradox

The megaproject paradox was first identified by Oxford professor Bent Flyvbjerg, in his book with Nils Bruzelius and Werner Rothengatter, Megaprojects and Risk[5].

The paradox consists in the fact that more and bigger megaprojects are being planned and built despite their poor performance record in terms of cost overruns, schedule delays, and benefit shortfalls. For the majority of megaprojects, performance is significantly and consistently below what could be called "best" – or "good" – practice, when measured in these terms. This has been the case for decades and existing data show no immediate end to this state of affairs.

See also

References

  1. ^ a b Bent Flyvbjerg, Nils Bruzelius, and Werner Rothengatter, 2003. Megaprojects and Risk: An Anatomy of Ambition ISBN 0521009464 (Cambridge: Cambridge University Press).
  2. ^ Alan Altshuler and David Luberoff, Mega-Projects: The Changing Politics of Urban Public Investment (Washington, DC: Brookings Institution, 2003). ISBN 0815701292
  3. ^ Dan McNichol and Andy Ryan, The Big Dig, Silver Lining Press, 1991
  4. ^ Environmental Impact Statement for the East Bay Municipal Utility District Wet Weather Overflow Project, EMI prepared for the U.S. EPA and East Bay Municipal Utility District, Oakland, Ca. (1985)
  5. ^ Bent Flyvbjerg with Nils Bruzelius and Werner Rothengatter, Megaprojects and Risk: An Anatomy of Ambition (Cambridge University Press, 2003).

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