Successful Megaprojects - A Seminar for Those Involved with Large and Complex Projects
Successful Megaprojects is a 2-day training seminar based on an interactive, research-based, and facilitated discussion about how to plan, manage, and execute industrial megaprojects. Half of all megaprojects have been shown to be failures. Their failures can ruin the financial viability of their businesses, with many of these large projects experiencing cost growth of almost 100 percent. IPA has studied the causes of success or failure in this group of very important, but difficult projects. The research findings, which are the basis of this seminar, provide participants with the understanding of drivers and critical success factors of complex and difficult projects.
The seminar is predicated on the observation that large, complex projects are inherently fragile rather than robust, as one might assume because of their size. Therefore, approaches, strategies, and tactics that may have succeeded for less complex projects may be inappropriate when transferred directly to the complex or megaproject. Not all complex or megaprojects are disasters. A significant minority is successful, and these successes are behind our Lessons Learned and Best Practices for the shaping and better execution of complex and megaprojects when practiced together. The compexity and the difficulty of megaprojects – not the cost alone – are what provide the challenges for project management professionals.
The seminar materials are based on the cumulative findings of more than 20 years of research. IPA maintains proprietary upstream and downstream databases of projects executed by more than 200 companies. These IPA databases have detailed information for approximately 200 megaprojects. IPA uses these databases to conduct quantitative research that is focused on the drivers of project success. This seminar integrates key aspects of this body of knowledge into a single course.
Successful Megaprojects Seminar Content
The seminar covers 2 days and is made up of six separate instructional modules. Although much of the content will be based on IPA’s definitive research on megaprojects, the format uses discussion and illustrative case examples to demonstrate and document the salient concepts. The specific seminar modules for Successful Megaprojects are the following:
Module 1: Introduction to and Definition of Mega and Complex Projects
This first module is designed to set the stage for the entire seminar by giving some basic definitions, by achieving agreement on terms, and by reviewing the basic structure and purpose of project development processes. Other topics include Front-End Loading (FEL), inputs and outcomes, and IPA’s statistical approach to projects.
Module 2: Outcomes of Complex Megaprojects
We can learn from both the successful and the disaster megaprojects. Establishing agreement on what constitutes success is important because of the size and importance of megaprojects to their businesses. Predictability can be more important to megaprojects than it is for less complex projects because of the size and importance of megaprojects to their businesses. Sometimes industry average cost and schedule performance are sufficient for these fragile projects.
Module 3: The Anatomy of Complex and Megaprojects
This module focuses on the technical and organizational complexities that characterize difficult projects. We also discuss the environment, which is important, and examine the criticality of inputs in driving both successes and failures.
Module 4: Best Practices
The seminar leaders will show, based on IPA statistical analysis, which practices combine to almost always ensure a highly successful megaproject. Discussion will then center on what the practitioners can do to install and implement these practices in their system and/or for their project. Our emphasis is on the notion of a cluster of five associated Best Practices and the need to do them in sequence, with adequate owner team staffing.
Module 5: Cost, Schedule and Contingency
This module emphasizes how to set targets and implement project controls. The role of new technology, which has often been problematic, is also examined. This module also examines contracting strategies: monitoring, control, and potential changes in the face of claims or inadequate work. Finally, we discuss risk identification and allocation—with appropriate mitigation strategies.
Module 6: Conclusions and Implementation Strategies
The seminar concludes with a session to develop techniques for implementing improvements and will discuss obstacles to change. A bibliography of research and resources for further learning will be provided.
Course Benefits
On completion of Successful Megaprojects, participants will have a firm understanding of the critical drivers of project success. The seminar will provide experienced project managers with the following:
- Techniques for recognizing the important characteristics of complex and megaprojects
- Tools for successfully planning and managing complex and megaprojects
- Practices to implement for improved results
- The learnings provided in the seminar will be directly applicable to ongoing and future complex and megaprojects.
Target Audience
IPA’s research indicates that no significant difference exists in the outcomes or drivers between upstream and downstream complex and difficult projects. Therefore, this seminar will be open and taught to upstream, midstream, and downstream project professionals from owner companies as a single group. Contractor personnel sponsored by an owner are invited to attend. We anticipate that participants will receive significant synergistic benefits from this open approach. Forecasts indicate that, worldwide, many companies currently have megaprojects and complex projects in the planning stage, and most business leaders and project professionals will likely be associated with at least one of these soon.
Attendees should have at least 5 years of project management experience, including assignment to at least one complex or difficult project. They should be knowledgeable about phased, stage-gated processes for project development and basic project concepts. All attendees should be willing and able to share experiences in a collaborative learning environment. Business leaders and asset and plant managers, as well as project professionals, should find the seminar valuable.