Chaos Theory: Implications for Cost Overrun Research in Hydrocarbon Megaprojects

O. J. Olaniran; P. E.D. Love; D. J. Edwards; O. Olatunji; J. Matthews

doi:10.1061/(ASCE)CO.1943-7862.0001227

Chaos Theory: Implications for Cost Overrun Research in Hydrocarbon Megaprojects

O. J. Olaniran, P. E.D. Love, D. J. Edwards, O. Olatunji, J. Matthews

Research output: Contribution to journal › Article › peer-review

19 Citations (Scopus)

Abstract

Cost overruns are a recurrent problem in hydrocarbon (oil and gas) megaprojects. An understanding of why and how they occur is needed if they are to be mitigated; such knowledge can provide managers with the foundations to develop techniques to reduce and contain their negative impacts on a project's performance. This paper examines the nature of cost overruns in hydrocarbon megaprojects using the theoretical lens of chaos theory. The underlying principles of chaos theory are reviewed and its research implications for examining cost overruns identified. By viewing megaprojects as chaotic or dynamic systems, the industry and research community may be better positioned to develop innovative solutions to mitigate cost overrun occurrence.

Original language	English
Article number	05016020
Journal	Journal of Construction Engineering and Management - ASCE
Volume	143
Issue number	2
DOIs	https://doi.org/10.1061/(ASCE)CO.1943-7862.0001227
Publication status	Published - 1 Feb 2017
Externally published	Yes

Keywords

Chaos theory
Cost and schedule
Cost overruns
Hydrocarbon projects
Megaprojects

ASJC Scopus subject areas

Civil and Structural Engineering
Building and Construction
Industrial Relations
Strategy and Management

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1061/(ASCE)CO.1943-7862.0001227

Cite this

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Chaos Theory: Implications for Cost Overrun Research in Hydrocarbon Megaprojects

Abstract

Keywords

ASJC Scopus subject areas

UN SDGs

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