The Sydney Opera House: 1400% over budget.A megaproject is generally defined as “large‐scale, complex ventures that typically cost a billion dollars or more, take many years to develop and build, involve multiple public and private stakeholders, are transformational, and impact millions of people.” And if there is one iron law of megaprojects, according to expert Bent Flyvbjerg, it is “ over budget, over time, over and over again.”Ī quick glance at some of the most recent high-profile megaprojects illustrates this iron law perfectly: ![]() In fact, 77% of large construction projects are at least 40% late, dragging average construction profitability down each year. ![]() The Biggest Builds and Their Skyrocketing CostsĪccording to McKinsey, an astonishing 98% of megaprojects will incur a cost overrun of more than 30%.
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