Megaprojects and Risk

Megaprojects and Risk provides the first detailed examination of the phenomenon of megaprojects. It is a fascinating account of how the promoters of multi-billion dollar megaprojects systematically and self-servingly misinform parliaments, the public and the media in order to get projects approved and built. It shows, in unusual depth, how the formula for approval is an unhealthy cocktail of underestimated costs, overestimated revenues, undervalued environmental impacts and overvalued economic development effects. This results in projects that are extremely risky, but where the risk is concealed from MPs, taxpayers and investors. The authors not only explore the problems but also suggest practical solutions drawing on theory, experience and hard, scientific evidence from the several hundred projects in twenty nations and five continents that illustrate the book. Accessibly written, it will be the standard reference for students, scholars, planners, economists, auditors, politicians and interested citizens for many years to come.

ISBN 0521009464   Pages 221 ISBN13 9780521009461 (What's this?)   Volumes 1 Publisher Cambridge University Press   Weight (grammes) 367 Imprint Cambridge University Press   Published in Cambridge Format Paperback   Previous ISBN 9780521804202 Publication date 13 Feb 2003   Height (mm) 228 Non-book description ix, 207 p. :   Width (mm) 152 Library of Congress 2002074193   Spine width (mm) 16 DEWEY 302   Academic level Professional / Scholarly, Tertiary education DEWEY edition DC21

		List of figures
		List of tables
		Acknowledgements
1		The megaprojects paradox		1
2		A calamitous history of cost overrun		11
3		The demand for megaprojects		22
4		Substance and spin in megaproject economics		32
5		Environmental impacts and risks		49
6		Regional and economic growth effects		65
7		Dealing with risk		73
8		Conventional megaproject development		86
9		Lessons of privatisation		92
10		Four instruments of accountability		107
11		Accountable megaproject decision making		125
12		Beyond the megaprojects paradox		136
		App.: Risk and accountability at work: a case study		143
		Notes		152
		Bibliography		180
		Index		201

'Life is too short to read every tome penned by Scandinavian and German social scientists. But Megaprojects and Risk, written by Bent Flyvbjerg, Nils Bruzelius and Werner Rothengatter, is a cracker. In lurid and startling detail it examines dozens of vast construction schemes around the world.' The Times '... impressive ... Get the book and read the story. It's megamazing.' Law Society Journal 'I will use this book for many years to come in my urban planning classes ... Anyone concerned with public works projects, planning, and ethics in public policy making should read this book. It provides a genuinely original perspective.' Martin Wachs, University of California, Berkeley 'This book is a warning against the betrayal of public trust when hubris and profit come together. It shows that some decisions are too important to be left only to the accredited experts; that there is no substitute for a post-normal science involving citizens' active participation ... We should all learn the lesson brought home by this book, and never accept uncritically the experts' 'magic numbers' that are used to justify megaprojects.' Silvio Funtowicz and Jerry Ravetz, authors of Uncertainty and Quality of Science for Policy 'Reading this fascinating story ... one is reminded of Enron and similar affairs ... recommends itself.' Andreas Faludi, University of Nijmegen 'The book is provocative throughout, documenting the often dismal performance history of these huge projects and calling attention to the forces that make reform a formidable undertaking.' Civil Engineering 'Megaprojects and Risk is an important and innovative book. It should be required reading for any serious student of planning and project management, as well as for professionals concerned with the planning and financing of public projects.' Peter Hall, Institute of Community Studies, London '... should be required reading for anybody in government with any role of budgetary oversight.' Moneyweb 'The book is of enormous practical relevance, written by a team whose empirical engagement with their material - and what important empirical and theoretical material it is - is exemplary ... This is a social science that matters - because it makes a difference.' Stewart Clegg, University of Technology, Sydney '... fascinating ... Do read this book.' Financial Express '... a thought-provoking book that presents a clear, concise, and readable argument to change the ways large infrastructure projects are managed around the world.' Environment & Planning 'For readers interested in project management, Megaprojects and Risk is a must.' Barbara Czarniawska, School of Economics and Commercial Law, Gothenburg University 'In particular, the aspect of unstoppable projects seems to be of pivotal interest and has been overlooked in literature on planning until recently. Flyvbjerg et al. fill this gap ... a fascinating reading that convincingly illustrates shortcomings, pitfalls and strategies of megaproject developments ... I can only recommend people to read this book even if planning, reform or risk analysis are currently only of remote interest to the reader - this book might change this.' British Journal of Sociology 'Many people talk about deliberative democracy, but few have actually done it. Megaprojects and Risk is an important contribution to the literature showing how it is possible for us to deliberate rationally and publicly about risk and those large scale decisions that are increasingly the concern of modern politics.' James Bohman, St Louis University 'Love them or loathe them, megaprojects capture the imagination ... And Bent Flyvbjerg's damning analysis concentrates on a series of financial nightmares that should bring even the most casual reader out in a sweat.' New Scientist 'Megaprojects and Risk provides a fascinating look at the pervasiveness of misinformation in the planning of major construction projects and the systematic bias of such misinformation toward justifying project implem

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Version	Price	Published	Edition
Hardback	£40.00	2003	illustrated edition