ABSTRACT
Megaprojects, those with a cost in excess of $1b, are considered in Chapter 12. Notwithstanding the obvious commercial importance of such projects, their widespread application, and the resources applied to them, their track record of success is significantly worse than projects of smaller value. International and Australian literature that have surveyed the outcomes of megaprojects and the factors, contractual and otherwise, found to be significant to their lack of success are reviewed, and supplemented with the authors’ own observations. Of the many important issues that have been identified as contributing to project success or failure, this chapter focusses on two that are important for the success of any project, but are critical to the success of megaprojects: proper definition of scope at the outset of a project, and identification, allocation and management of risks.
