DELIVERING THE WORLD$$S LARGEST PROJECTS

Today, the very largest and most complex projects command budgets exceeding $$5$ billion and require more than five

years for design, planning, and construction. The sheer scale of such projects brings unique complexities: multiple

interfaces with stakeholders such as local communities and government bodies, new regulatory and environmental

requirements, and often unique technological challenges. We define megaprojects of this scale as ultra large. To draw on

a sporting analogy, seeing any large$-$scale project through to a successful conclusion is a marathon not a sprint. Without

doubt, every marathon, at a little over $42$ kilometres, is a substantial challenge. An ultramarathon, by contrast, is

exponentially harder at up to $100$ kilometres. Due to the enormity of the challenge, it$$s something for which you can never

fully train$$only a select few know what it$$s like to complete the race successfully.

Similarly, ultra large projects represent an exponentially tougher challenge than a typical megaproject, often defined as

$$1$ billion in in value or greater. They are the preserve of the few. As the size of capital projects rises, so does the

complexity of strategy, design, financing, procurement, and, ultimately, project execution. Today, the prize for executing

large projects successfully is significant. With ever$-$increasing size and ambitions, the modern construction megaproject

not only has a lasting impact on the owner organization but also can impact wider industry dynamics, the regulatory

landscape, and even geopolitical relations. However, execution of large projects has historically proved difficult. On

average, projects with budgets above $$1$ billion are delivered one year behind schedule and run $30$ percent over budget.

If this trend continues, $$5$ trillion in value will be destroyed in the projects currently announced around the world. For the

sake of economic prosperity and lost opportunity alone, this must change.

So$,$ how can project owners boost their chances of completing an ultra large project successfully? Consultants believe a

critical element for successful large project delivery has so far been neglected: specifically, the $$soft$$ issues of project

delivery such as leadership, organizational culture, mind$-$sets, attitudes, and behaviours of project owners, leaders, and

teams. In a report compiled by a collective of researchers, they refer to this blend of soft organizational topics as $$the art

of project leadership,$$ as opposed to standards, systems, processes, and technical subject$-$matter expertise, which are

referred to collectively as project management $$science$.$ A better understanding of how to get this art right will materially

improve delivery of large capital projects$$this is especially true in the context of the largest and most complex capital

projects.

In addressing why ultra large projects continue to fall short of expectations$$despite all the experience, learning,

discussion, and analysis that has been fed into this area down the years$$ consultants together with researchers set out

to explore the unique success factors drawn from the experience of $$project practitioners$$people with hands$-$on

experience in ultra large project delivery. In$-$depth interviews with $27$ practitioners were conducted, who collectively have

over $500$ years of project delivery experience, and then distilled, structured, and synthesized the report findings. While

interviewees did give full credit to the absolute necessity of getting the core project$-$management systems and processes

right $($the science$),$ most of the practitioners almost take that part for granted, claiming that many companies attempting

large capital investment already do $($and must$)$ have best$-$practice standards and processes implemented. Based on the

research findings there are several variables that need to be emphasised in order for improved delivery of ultra projects.$$On average, projects with budgets above $$1$ billion are delivered one year behind schedule and run $30$

percent over budget. If this trend continues, $$5$ trillion in value will be destroyed in the projects currently

announced around the world.$$ Considering the provided statement, analyse the main challenges that project

managers encounter when striving to ensure quality outcomes in ultra$-$large projects. Your response should

refer to relevant examples