Extraordinary projects have been executed through millennia. Think of the scope of project management required to build the Pyramids of Giza, the Great Wall of China, and the cathedrals of Europe; or more recently, the development of the world’s transport, energy, space, military, and science infrastructure. Today, the prize for executing large projects successfully is significant. With ever-increasing size and ambitions, the modern large construction project not only has a lasting impact on the organisation, but can also impact wider industry dynamics, the regulatory landscape and even geopolitical relations. However, the execution of large projects has historically proved difficult. On average, projects with budgets above US $1 billion, commonly referred to as “megaprojects” in the industry, are delivered one year behind schedule, and run 30 percent over budget. If this trend continues, US $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. 

Most of the research into root causes of failure in large capital projects has concentrated on flaws in project management processes, standards, systems, tools, and technical mastery—the body of knowledge that we call the “science” of project management. We believe that it is this art that presents the critical missing element, mastery of which increases the probability that a large capital project meets its objectives and purpose. As the size of capital projects rises, these multibillion-dollar investments combine unparalleled complexity of strategy, design, financing, procurement and, ultimately, project execution. We have chosen to focus on a new subclass of capital megaprojects, which we refer to as “ultra-large projects”—the largest and most complex of capital projects, with budgets exceeding US $5 billion, and timeframes exceeding five years. These characteristics bring unique complexities associated with the scale of the project: multiple complex interfaces with stakeholders such as local communities and government bodies, new regulatory and environmental requirements, and often unique technological challenges. When we refer to “ultra-large projects” we choose our language deliberately—we assert that an “ultra-large project” is as different from a megaproject as an ultramarathon is from a marathon. A marathon is a substantial challenge—yet many thousands prepare for one by covering the full distance in training and complete one each year. An ultramarathon is exponentially harder, and one can never train for the full distance. Similarly, an ultra-large project represents an exponentially tougher challenge than a typical ~ US $1 billion megaproject and is the preserve of the few. Mindsets play a critical role in the development of ultra-large projects. Good systems and processes will positively influence team behavior to a certain extent, but success or failure is largely determined by how well a team works together. Team mindsets inform the multitude of decisions and interpersonal interactions that occur on a project. Constructive mindsets lead to good decisions and strong trust-based relationships, which in turn lead to high team morale and excellent performance.

Extraordinary projects have been executed through millennia. Think of the scope of project management required to build the Pyramids of Giza, the Great Wall of China, and the cathedrals of Europe; or more recently, the development of the world’s transport, energy, space, military, and science infrastructure. With reference to mega projects, discuss the benefits associated to project resource management.