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 | |
| Publication status | Published - 1 Feb 2017 |
| Externally published | Yes |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 9 Industry, Innovation, and Infrastructure
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
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