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Industrial Megaprojects: Concepts, Strategies, and Practices for Success

ISBN: 978-1-118-06750-5
384 pages
March 2011
Industrial Megaprojects: Concepts, Strategies, and Practices for Success (1118067509) cover image
Avoid common pitfalls in large-scale projects using these smart strategies

Over half of large-scale engineering and construction projects—off-shore oil platforms, chemical plants, metals processing, dams, and similar projects—have miserably poor results. These include billions of dollars in overruns, long delays in design and construction, and poor operability once finally completed.

Industrial Megaprojects gives you a clear, nontechnical understanding of why these major projects get into trouble, and how your company can prevent hazardous and costly errors when undertaking such large technical and management challenges.

  • Clearly explains the underlying causes of over-budget, delayed, and unsafe megaprojects
  • Examines effects of poor project management, destructive team behaviors, weak accountability systems, short-term focus, and lack of investment in technical expertise
  • Author is the CEO of the leading consulting firm for evaluating billion-dollar projects

Companies worldwide are rethinking their large-scale projects. Industrial Megaprojects is your essential guide for this rethink, offering the tools and principles that are the true foundation of safe, cost-effective, successful megaprojects.

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Foreword JAMES B. PORTER, JR. vii

Acknowledgments xi

Introduction

Why Megaprojects Fail So Often: Seven Key Mistakes 1

Part One

Understanding the Projects

Chapter 1

Megaprojects—Creators and Destroyers of Capital 11

Chapter 2

Data and Methods 23

Chapter 3

Project Outcomes 37

Part Two

Making the Right Business Decisions Before You Commit

Chapter 4

The Opportunity-Shaping Process 53

Chapter 5

Devising the Shaping Strategy 91

Chapter 6

Megaprojects and Co rporate Governance 123

Part Three

Making the Right Project Decisions

Chapter 7

Basic Data Are Basic: Get Them Right Before You Start to Design 137

Chapter 8

Megaproject Teams: People Do Projects 159

Chapter 9

Organizing Megaproject Teams 185

Chapter 10

Project Defi nition: Getting the Front End Right 199

Chapter 11

Contracting 253

Chapter 12

The Control of Execution Risk 305

Chapter 13

Focus on Success 333

Glossary and Abbreviations 341

Notes 343

Index 347

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Edward W. Merrow is the founder and CEO of Independent Project Analysis, Inc., the world's leading consulting firm evaluating billion-dollar megaprojects of national and international oil, chemical, pharmaceutical, and major mineral companies, and benchmarking their cost, schedules, safety, startup, and operational performance. Before founding IPA in 1987, Merrow was a research analyst and later the director of the Energy Policy Program at the RAND Corporation.
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