Our News

Planning Challenges and Downsides of Megaprojects:
– Care is needed to reduce optimism bias and strategic misrepresentation in project development.
– Megaprojects often face poor performance against initial forecasts.
– Corruption in megaprojects leads to higher costs and lower benefits.
– Poor delivery is noted in megaprojects by European Cooperation in Science and Technology.
– Megaprojects have significant impacts on communities, environment, and budgets.
– They can disadvantage certain groups while advantaging others.
– Megaprojects are known for their extreme complexity and poor delivery records.

Examples and Rationale for Megaprojects:
– Examples of megaprojects include special economic zones, power plants, airports, bridges, and large public transportation projects.
– Common categories of megaprojects are hydroelectric facilities, nuclear power plants, and large public transportation projects.
– Megaprojects can involve scientific research and infrastructure initiatives.
– They are built on the logic of providing collective benefits like electricity or road access.
– Critics argue that megaprojects can reproduce urban inequality.
– Policymakers are attracted to megaprojects for various reasons such as technological advancements and economic benefits.

Economic Aspects of Megaprojects:
– Infrastructure-based development proponents advocate funding large-scale projects for long-term economic benefits.
– Investing in megaprojects to stimulate the economy has been a popular policy measure since the 1930s.
– Megaprojects often experience cost overruns and delays.
– Concerns about cost overruns are common during the planning phase.
– Corruption in the country where the megaproject is delivered can increase the likelihood of overbudgets.

References and Legislation Related to Megaprojects:
– Various references provide insights into effective design, management, and impact of megaprojects.
– Legislation like SAFETEA-LU defines thresholds for categorizing megaprojects.
– Prior to SAFETEA-LU, projects with over $1 billion in construction costs were designated as Mega Projects.
– The term Mega Project was replaced with Major Project under SAFETEA-LU.

Case Studies and Impact Analysis of Megaprojects:
– Case studies like Three Gorges dam in China highlight the impact of megaprojects on energy generation and displacement of communities.
– Waterfront redevelopment projects in cities like Toronto showcase the implications of megaprojects on urban development.