Megaprojects and Risk
An Anatomy of Ambition

A fascinating account of the problems and possible solutions involved in managing megaprojects.

Bent Flyvbjerg (Author), Nils Bruzelius (Author), Werner Rothengatter (Author)

9780521009461, Cambridge University Press

Paperback, published 13 February 2003

215 pages, 13 b/w illus. 10 tables
22.8 x 15.3 x 1.6 cm, 0.367 kg

'Megaprojects and Risk provides a fascinating look at the pervasiveness of misinformation in the planning of major construction projects and the systematic bias of such misinformation toward justifying project implementation. The power of its analysis is vastly reinforced by the range of cases examined, extending over seventy years and five continents. An extraordinary accomplishment, it will doubtless serve as the standard reference on this topic for many years to come.' Alan Altshuler, Kennedy School of Government, Harvard University

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, politicians and interested citizens for many years to come.

1. The Megaprojects paradox
2. A calamitous history of cost overrun
3. The demand for Megaprojects
4. Substance and spin in Megaproject economics
5. Environmental impacts and risk
6. Regional and economic growth effects
7. Dealing with risk
8. Conventional Megaproject development
9. Lessons of privatisation
10. Four instruments of accountability
11. Accountable Megaproject decision making
12. Beyond the Megaprojects paradox
Appendix. Risk and accountability at work: a case study.

Subject Areas: Environmental science, engineering & technology [TQ], Regional & area planning [RP], Economics [KC], Social issues & processes [JFF]