Megaproject

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A megaproject 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]. The average megaproject has a dismal record of cost overruns and benefit shortfalls. Only few megaprojects are built on time, within budget, and deliver the promised benefits. The reason is that project promoters ignore or underestimate risks, sometimes due to optimism bias and sometimes due to strategic misrepresentation (lying). One of the solutions can be to reform the project development process in ways that reduce optimism bias and strategic misrepresentation.[1]

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

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[edit] Examples

Some examples of megaprojects are:

[edit] Aerospace projects

Eurofighter Typhoon F2, RAF.
Eurofighter Typhoon F2, RAF.

[edit] Airport projects

Photo of Kansai Airport
Photo of Kansai Airport

[edit] Building projects

The front facade of the Petronas Twin Towers
The front facade of the Petronas Twin Towers

[edit] Canal projects

[edit] Dam Projects

[edit] Defense Projects

[edit] International Sports infrastructure projects

[edit] IT projects

[edit] Oil and Gas projects

Main article: Oil Megaprojects

[edit] Port projects

[edit] Rail and rapid transit projects

[edit] Road traffic projects

[edit] Science projects

Apollo Program Saturn V awaiting launch.
Apollo Program Saturn V awaiting launch.

[edit] Urban projects

[edit] Water infrastructure projects

[edit] See also

[edit] 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)

[edit] External links