Redefining Major Project Success for Australian Leaders
Academics from the University of Queensland are collaborating with Oxford University experts to restructure the planning and delivery of complex projects, aiming to reduce costs.
Australia is on the cusp of one of its most ambitious infrastructure phases, driven by the upcoming 2032 Brisbane Olympic Games.
Historically, most complex projects have failed to meet their intended targets, with only 0.4% being delivered on time, within budget, and to their intended benefit, resulting in substantial costs to stakeholders and investors.
This phenomenon is often referred to as the "Iron Law of projects," characterized by going over budget, exceeding timelines, and underdelivering on benefits.
The cost to stakeholders and investors can be immense.
Author's summary: Experts aim to change project planning.