Level:
Intermediate
TCM Section(s):
1.4. Key Introductory Concepts for Total Cost Management
4.1. Project Implementation
Venue: 2022 AACE International Conference & Expo
Abstract: The significant cost overruns and schedule delays experienced by many megaprojects show how important it is to explore and tackle the main influential factors and root causes behind such overruns and delays. A key influential factor that significantly impacts the performance of megaprojects is the project governance landscape adopted for these projects. The development and implementation of an effective project governance framework should pave the way for successful selection and execution of megaprojects.
This paper presents a comprehensive project governance framework for megaprojects that takes today’s complex business environment and critical management processes into account. Key processes, actions, and principles associated with an effective project governance are identified and discussed under the following topics: project governance main objectives, leadership roles in project governance, project governance organization structure, decision-making strategy, critical success factors and key performance indicators, project selection and progression, risk management strategy, oversight and assurance strategy, and project monitoring and reporting. Influential factors and challenges that may be associated with publicly funded megaprojects are also presented and discussed.
Recommendations are made throughout this paper for the purpose of developing effective project governance practices that aim at achieving outstanding project performance.
TCM Section(s):
1.4. Key Introductory Concepts for Total Cost Management
4.1. Project Implementation
Venue: 2022 AACE International Conference & Expo
Abstract: The significant cost overruns and schedule delays experienced by many megaprojects show how important it is to explore and tackle the main influential factors and root causes behind such overruns and delays. A key influential factor that significantly impacts the performance of megaprojects is the project governance landscape adopted for these projects. The development and implementation of an effective project governance framework should pave the way for successful selection and execution of megaprojects.
This paper presents a comprehensive project governance framework for megaprojects that takes today’s complex business environment and critical management processes into account. Key processes, actions, and principles associated with an effective project governance are identified and discussed under the following topics: project governance main objectives, leadership roles in project governance, project governance organization structure, decision-making strategy, critical success factors and key performance indicators, project selection and progression, risk management strategy, oversight and assurance strategy, and project monitoring and reporting. Influential factors and challenges that may be associated with publicly funded megaprojects are also presented and discussed.
Recommendations are made throughout this paper for the purpose of developing effective project governance practices that aim at achieving outstanding project performance.