There are several risks associated with construction megaprojects. Failure to scope the project adequately may lead to cost overruns and time delays. Even seasoned construction firms are still subject to unforeseen complications when undertaking megaprojects. It is important to establish a project management system to minimize the risks associated with the process. The failure to properly scope out a project can also affect the budget. Luckily, there are a number of ways to stay within budget when tackling megaprojects.
Firstly, pre-construction services can be considered as ideal cases to study innovative practices. The construction industry is criticized for being slow to innovate and this can make them a perfect testing ground for new innovations. Using a case study approach and longitudinal action research, researchers can analyze the interdependencies of construction projects. The BangNa Expressway in Thailand serves as a focal case, being the world’s largest bridge. This case study provides detailed information about the various components of a megaproject and how they interrelate.
This study explores the relationships between CSFs and key performance indicators of construction megaprojects and construction model. The study also proposes a dynamic model of construction megaprojects to assess their performance. Based on the results of this research, decision-makers and practitioners can establish relevant policies to optimize the outcomes of their projects. Once the dynamic model is established, the research will examine the factors and key performance indicators that are necessary for construction megaprojects to be successful.
In addition, a case study of three megaprojects in China has been conducted. These include the Hong Kong-Zhuhai-Macau Bridge Island Tunnel Project, Foshan West Railway Station Comprehensive Transportation Hub Project, and the Kunming Comprehensive International Transportation Hub project. All three projects had significant stakeholders and are of high technical complexity. The study also examines the effects of different policies on megaprojects, including the impacts on the environment.
The process of contracting for construction model and megaprojects involves various risks. It must incorporate proper management controls. For example, the contract should establish project controls that monitor the contract’s performance in real-time. In addition, it must have adequate communication and reporting mechanisms. Furthermore, the project management system should include changes management. Ultimately, the project’s success will be determined by the management system used in the project. There are some major risks that need to be addressed before the project can be delivered on time and within budget.
Managing risks of megaprojects requires a strong understanding of project risk management processes. Decision-making process risk relates to the technical aspects of the project. Decision-making execution process risk is higher when risks are not controlled. However, early stage megaprojects tend to have weaker risk effects. Consequently, technical risk management can help lower these risks. In this way, the risk of risk accidents is minimized. But there are several risks to consider when managing megaprojects.
The primary aim of this research is to identify TDMRs and their dynamic interactions in megaprojects. The method is a hybrid of qualitative content analysis and quantitative simulation. Using GT, we elicit TDMRs from interviews. Then we develop a SD model describing how the TDMRs interact. We then simulate these risks using different scenarios. The results of the simulations are used to develop risk management strategies.