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Management teams speculate on major capital projects to drive company performance. Capital committed to megaprojects has increased at a compounded average growth rate of more than 12% during the last decade, and this trend is expected to continue over the next decade. To manage the shareholder value that is at risk in these projects, most companies have invested heavily in a formal stage-gate Project-Management Process (PMP). Yet the performance of major projects has not improved appreciably, and significant project failures - both technical and economic - continue to occur. Key organizational and technical shortcomings that diminish project performance are identified, and actions that management can take to gain significant competitive advantage are suggested.
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