Maximizing strategic value from megaprojects: The influence of information-feed on decision-making by the project manager
Journal article, Peer reviewed
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Large projects are notorious for erosion of value during execution. Decisions made by project managers have a significant impact on the strategic value of the asset delivered, and those decisions depend on the information feed on which they are based. This study uses theories of organizational behaviour, decision-making and program management to investigate the impact of information feed used by project managers on the strategic value delivered by mega projects in the oil&gas industry. A global survey of 69 managers of mega-projects was conducted. Results showed that information feed to project managers significantly influences the strategic value created by megaprojects. Also some moderating effects of contextual factors on this relationship were found. The contextual factors that influenced project manager decision-making relate to what they perceived to be Senior Management drivers for their projects. However the hypothesised moderating influence of project manager experience on decision-making was not found – an interesting observation. It was found that the extent to which project managers feel in control should influence the scope and quality of information-feed that should be sought. Four risk areas were observed as significant to long-term value creation from megaprojects: government relations; host community relations; contract management and procurement; and the influence of multi-location execution.
This is the authors' final and acceptet version of the article, post refereeing. Publisher's version is available at www.sciencedirect.com