Megaprojects and Risk: An Anatomy of Ambition

by Bent Flyvbjerg, Nils Bruzelius, Werner Rothengatter

Overview

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.

Product Details

ISBN-13:	9781139930970
Publisher:	Cambridge University Press
Publication date:	02/13/2003
Sold by:	Barnes & Noble
Format:	eBook
File size:	3 MB

About the Author

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. Previously, he was Professor in the Department of Planning and Development at Aalborg University. He is the author of the highly successful Making Social Science Matter (Cambridge, 2001) and Rationality and Power (1998).
Nils Bruzelius is Associate Professor at Stockholm University and an independent consultant on transport and planning.
Werner Rothengatter is Head of the Institute of Economic Policy Research and of the Unit on Transport and Communication at the University of Karlsruhe, Germany. He is also the president of the World Congress on Transport Research Society (WCTRS).

Table of Contents

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.

What People are Saying About This

From the Publisher

"Megaprojects and Risk: An Anatomy of Ambition provides a fascinating look at the pervasiveness of misinformation in the planning of major construction projects and the systematic bias of such misinformation towards justifying project implementation. The power of its analysis is vastly reinforced by the range of cases examined, extending over 70 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, Professor of Urban Policy and Planning, Kennedy School of Government, Harvard University

"Anyone concerned with public works projects, planning, and ethics in public policy should read this book. It provides a genuinely original perspective on why large complex projects often cost much more than their planners say they will and treats this problem as a fascinating puzzle involving technical methods, professional ethics and the politics of urban decision making." Martin Wachs, Director of Institute of Transportation Studies, Professor of Civil and Environmental Engineering, Professor of City and Regional Planning, University of California at Berkeley

"Flyvbjerg's damning analysis concentrates on a series of financial nightmares that should bring even the most casual reader out in a sweat." New Scientist

"Life is too short to read every tome penned by Scandinavian and German social scientists. But Megaprojects and Risk, written by Bent Flyvbjerg, Nils Bruzelius and Werner Rothengatter, is a cracker. In lurid and startling detail it examines dozens of vast construction schemes around the world." Times Online

"The book is provocative throughout, documenting the often dismal performance history of these huge projects and calling attention to the forces that make reform a formidable undertaking." Civil Engineering

"By vividly illustrating the dynamics of megaprojects, Flyvbjerg and his colleagues clearly and acutely identify the problem and propose sensible solutions. Hopefully, their work will receive the kind of attention that it deserves from planners, decision makers, technical experts and the public, stimulate discussion on how to resolve what is likely to be an ever growing problem and lead to the adoption, by at least a few countries, of a new approach to megaproject decision making." Journal of Planning Education & Research

"With his two co-authors, Flyvbjerg has produced a clear and lucid account of the economic, environmental, and social impacts of megaprojects...a lucid critique of existing norms is combined with practical suggestions for improvement." Canadian Journal of Urban Research, Carolyn Whitzman

Editorial Reviews

"Megaprojects and Risk: An Anatomy of Ambition provides a fascinating look at the pervasiveness of misinformation in the planning of major construction projects and the systematic bias of such misinformation towards justifying project implementation. The power of its analysis is vastly reinforced by the range of cases examined, extending over 70 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, Professor of Urban Policy and Planning, Kennedy School of Government, Harvard University

"Anyone concerned with public works projects, planning, and ethics in public policy should read this book. It provides a genuinely original perspective on why large complex projects often cost much more than their planners say they will and treats this problem as a fascinating puzzle involving technical methods, professional ethics and the politics of urban decision making." Martin Wachs, Director of Institute of Transportation Studies, Professor of Civil and Environmental Engineering, Professor of City and Regional Planning, University of California at Berkeley

"Flyvbjerg's damning analysis concentrates on a series of financial nightmares that should bring even the most casual reader out in a sweat." New Scientist

"Life is too short to read every tome penned by Scandinavian and German social scientists. But Megaprojects and Risk, written by Bent Flyvbjerg, Nils Bruzelius and Werner Rothengatter, is a cracker. In lurid and startling detail it examines dozens of vast construction schemes around the world." Times Online

"The book is provocative throughout, documenting the often dismal performance history of these huge projects and calling attention to the forces that make reform a formidable undertaking." Civil Engineering

"By vividly illustrating the dynamics of megaprojects, Flyvbjerg and his colleagues clearly and acutely identify the problem and propose sensible solutions. Hopefully, their work will receive the kind of attention that it deserves from planners, decision makers, technical experts and the public, stimulate discussion on how to resolve what is likely to be an ever growing problem and lead to the adoption, by at least a few countries, of a new approach to megaproject decision making." Journal of Planning Education & Research

"With his two co-authors, Flyvbjerg has produced a clear and lucid account of the economic, environmental, and social impacts of megaprojects...a lucid critique of existing norms is combined with practical suggestions for improvement." Canadian Journal of Urban Research, Carolyn Whitzman

From the Publisher