Features and key factors affecting the implementation of major projects

Abstract

Aim. The presented study aims to identify factors that have a significant impact on the implementation of large-scale projects.Tasks. The authors analyze major project management practices; investigate problems arising in the management of such projects; describe factors leading to an increase in the cost of major projects; examine the features of infrastructure projects.Methods. This study uses general scientific methods of cognition and analysis, as well as the tabular method.Results. In recent decades, mega-projects that are crucial for economic growth and social prosperity have become increasingly common across the world. The characteristic features of most large-scale and infrastructure projects include cost overruns, time delays, and often failure to achieve expected revenues compared to the original estimates. The implementation of major projects is associated with various problems, such as extreme technical and social complexity, poor implementation, low construction safety indicators, and significant impact on society, people’s living conditions, and the environment. One of the reasons for the current situation is the lack of scientifically based methodological research on the issues of major project management in a changing external environment and with a risk of uncertainty. The success of the project as a multidimensional structure includes technical and managerial aspects, as well as economic and strategic goals.Conclusion. Analysis of current major project management practices shows the shortcomings of existing approaches manifested in organizational and planning errors, as well as economic, geopolitical, and environmental risks. Mega-projects require complex management strategies to ensure smooth implementation, such as introduction of a risk management system, promotion of partnerships, and creation of information platforms. It can be concluded that there is significant international experience in the implementation of major projects. However, the shortcomings identified in this study suggest that a number of issues in the theory and practice of managing such projects remain underdeveloped methodologically.