Risk Navigation Strategies for Major Capital Projects ─ Beyond the Myth of Predictability

Investors and managers of major projects know how often they result in cost overruns and schedule delays. Risk Navigation Strategies for Major Capital Projects builds on conventional best practice to provide a risk-based view of current practices for planning and executing large international projects.As economies of scale continue to drive projects to ever-higher levels of scope and complexity, new thinking about strategy and risk is required. Since major projects are highly exposed to external risks, the traditional view of predictability as something that can be mandated and ensured by rigorous application of conventional best practice has become a myth.? Fresh thinking is required to manage projects today, and this book provides a framework for taking project management best practice to the next level.Risk Navigation Strategies for Major Capital Projects is intended for executives investing in major projects, project leaders and managers, as well as those with a teaching or research interest in project and risk management.

Per Willy Hetland is Adjunct Professor and Program Chair in Project Commercial Management at the Norwegian School of Management BI and The University College of Haugesund, Norway. He had a 30 year career with the oil company Statoil where he held project and management positions including Project Director, Finance and Procurement, and Director of Professional Development assigned to the European Institute for Advanced Project and Contract Management, EPCI. Most recently, he was Director of Competence Development and Integration for the Statoil Project Academy in cooperation with the University of California at Berkeley.George Farage Jergeas is Professor of Project Management at the University of Calgary where he also was the Director of the Project Management Program. His current research interests are focused on construction productivity, team dynamics, and the drivers of cost overruns on mega-projects. Prior to taking this university position in 1994, Dr. Jergeas had extensive experience in the construction industry including construction management and claims dispute resolution.Asbjorn Rolstadas is Vice Dean for research at the Faculty of Engineering Science and Technology and a Professor of Production and Quality Engineering at the Norwegian University of Science and Technology. He is the author of 12 books and over 260 papers. He has over 30 years of experience in education, research and consulting in project management and project risk management for major international projects.Richard E. Westney founded Westney Consulting Group in 1978, a Houston-based consulting firm serving energy industry executives with strategic risk management, and improving the performance of project organizations. Prior to the formation of Westney Consulting Group, he was engaged in managing major international projects for Exxon. He is the author of 5 books and numerous articles on project management and project risk management.