Measuring the readiness of a megaproject

Abstract

PurposeA vast proportion of global megaprojects have not performed up to the expectations of their stakeholders. A failed megaproject has the potential even to derail the economy of a country where it was implemented. Stakeholders must, therefore, ensure that they do not invest in megaprojects that are bound to fail. But, how can stakeholders consistently identify such megaprojects? This paper develops a framework for a metric that can help stakeholders measure the readiness of a megaproject.Design/methodology/approachA comprehensive literature review identified 19 critical success factors of megaprojects. These success factors were integrated into a fuzzy-based model to develop the megaproject readiness metric. An assessment team studied the levels of presence and importance of these success factors in a candidate megaproject to derive its readiness.FindingsThe readiness-based model provides stakeholders valuable insights into the strong and weak areas of a megaproject. It can help stakeholders prioritize and systematically eliminate the identified weaknesses and improve megaproject readiness. While the model was tested on a metro rail megaproject, it can be used on any megaproject across domains.Originality/valueThis paper adopts the concept of readiness for the domain of megaprojects. Besides the readiness measurement framework, a vital contribution of this research is its application to a real-life case. Future research can include more granular success factors to improve the estimate of megaproject readiness.