With the IHS estimating that on average infrastructure mega projects run 20 months late and 80% over budget. Mckinsey have come up with 5 ways to improve project delivery. Some may be obvious but easily overlooked, others involve more thought upfront and long term thinking around potential risks and operational challenges.
Infrastructure has a problem. Even for projects that are similar and that many companies have experience building—think of roads, for example—delays and cost overruns are common. Poor planning and execution, unbalanced contract terms and conditions, inadequate controls, and lack of proper risk management are rife. According to data from IHS Global Insight,1 1. Expert interviews; IHS Global Insight 2015 (Belgium, China, France, Germany, India, Italy, Spain, United Kingdom, and United States), ihs.com; World Input-Output Database, 2015, http://www.wiod.org/new_site/home.htm. construction productivity in many areas has worsened over the past decade