Focusing megaproject strategies on sustainable best value of stakeholders

Abstract

Purpose Most megaprojects focus on overcoming current infrastructure capacity problems or opening up new business opportunities, while a few may be inspired by iconic-symbolic or socio-political drivers. Also, many megaprojects may be seen to focus on benefitting proximate stakeholders in the short-medium term. A case is made here, for aligning the immediate expectations from a megaproject with a parallel focus on the best overall value for all, including long-term stakeholders, thereby also targeting more meaningful and sustainable contributions to the built environment. The paper aims to discuss these issues. Design/methodology/approach This paper draws together and synergises relevant findings from two completed PhD projects and another research project in Hong Kong. Additionally, a focused literature survey and a case study, also contribute to the development of the proposed concepts and strategies. This is therefore a hybrid between a “review” paper and a “conceptual” paper where a suite of significant improvements to current practice are conceptualised and proposed, based on logical integration of relevant findings from the above three research projects, literature review and case study. Findings Inadequate stakeholder engagement has led to many process disruptions and adverse outcomes in recent megaprojects. A structured approach focusing throughout on common overall value from the outset is proposed to achieve better and more sustainable megaproject outcomes. Specific recommendations include: aligning megaproject stakeholder objectives with regional or even national needs and targeting co-creation of common value through early stakeholder involvement in planning and design of built infrastructure megaprojects. Originality/value The increasing number, scale and complexity of megaprojects has amplified their impact on the built environment and its sustainability, hence the imperative to incorporate sustainability considerations, so as to formulate and manage megaprojects better. The proposed approaches in this paper can help revamp megaproject strategies towards such sustainable outcomes.