Megaprojects and Risk provides the first detailed examination of the phenomenon of megaprojects. It is a fascinating account of how the promoters of multi-billion dollar megaprojects systematically and self-servingly misinform parliaments, the public and the media in order to get projects approved and built. It shows, in unusual depth, how the formula for approval is an unhealthy cocktail of underestimated costs, overestimated revenues, undervalued environmental impacts and overvalued economic development effects. This results in projects that are extremely risky, but where the risk is concealed from MPs, taxpayers and investors. The authors not only explore the problems but also suggest practical solutions drawing on theory, experience and hard, scientific evidence from the several hundred projects in twenty nations and five continents that illustrate the book. Accessibly written, it will be the standard reference for students, scholars, planners, economists, auditors, p oliticians and interested citizens for many years to come.
Professor Bent Flyvbjerg is Founding Chair of Major Programme Management at Oxford University's Saïd Business School and Director of the Oxford Centre for Major Programme Management. He works for better planning and management of megaprojects and cities, plus he writes about phronetic social science and case study research. Bent Flyvbjerg has served as adviser to the United Nations, the EU Commission and government and companies in many countries.