March 2018

Trends & Resources

Business Trends: Rejuvenating the contract “spine” of megaprojects—Part 1

Business executives and project managers are grappling with challenging business environments and a 20-yr legacy of failing megaprojects.

Crossley, B., Energy Contract Solutions Pte. Ltd.; McLeod, G., Chevron

Business executives and project managers are grappling with challenging business environments and a 20-yr legacy of failing megaprojects. The “medicine” applied over decades is not working. Two respected consulting firms recently reported on project failure causes and made valid observations. However, they misdiagnosed symptoms of failure as root causes. This article is based on understanding what it takes to build megaprojects. It diagnoses the root cause of problems—business culture. A change is required to empower project professionals to lead the preparation of well-designed contract “spines” that underpin business governance and project management discipline. Contract “preventive medici

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