The paper "Whаt Аre the Mоst Significant Reasоns fоr Megа-Prоject Fаilure" is a great example of a literature review on business. In spite of the amounts of money going into mega projects, surprisingly, nominal systematic knowledge is available on the reasons why most of these projects fail. The available literature offers valid explanations as to why these projects fail to perform as anticipated. However, massive research has been done to determine the rationale behind the failure of megaprojects. The superconducting super collider provides an example of failed megaprojects. A combination of numerous factors is said to propel the failure.
These factors are analyzed across the project lifecycle, which comprises four phases namely the inception phase, development phase, implementation phase, and closeout phase. Being a perpetually complex project, the SSC project displayed massive difficulty in dealing with the increasing complexity. Additionally, the projects failed due to a lack of effectual project management. It lacked realization of specifications to cost, quality, and time, failed to deploy competent staff, and as well proved incapable of defining project objective. Ultimately, megaprojects fail to owe to cost underestimation.
There tends to emerge incongruities amid projections at the preliminary phases and the final overrun costs. Introduction The industrializing and industrialized nations are making massive progress toward the initiation of megaprojects. These projects are a principal way in which contemporary societies are generating novel value through the creation of physical assets, which are exploited to realize economic and social ends. Megaprojects, described as large, complex projects within the minerals, petroleum, power, and chemical industries remain massively challenging with a startlingly high rate of failure. Megaprojects are employed within the private as well as public sectors (Altshuler and Luberoff 2003, p.
56), for instance in the sector of merger and acquisition (Weston, Mitchell and Mulherin 2003, p. 147). In spite of the increasing proportion, megaprojects are portraying meager performance record in regard to the environment, public endorsement, and economy (Flyvbjerg and Rothengatter 2003, p. 143). According to the recent CHAOS results, success rates of projects has portrayed a significant decrease, with merely 32 percent of projects being completed on budget, on time, and with the required features (The Standish Group International 2010, p.
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