Megaprojects are the new norm in today’s high-end, global engineering and construction environment. Megaprojects are defined as very large-capital investment projects that attract a high level of public attention or political interest because of substantial direct and indirect impacts on the community, environment, and companies that undertake such projects. They are generally defined as major projects that cost more than $1B (USD). Other attributes of megaprojects include: execution of an engineered facility or structure which is complex or unusual, an extended execution schedule (greater than 3-4 years measured from initial concept development to final completion), performing multiple stages of the project (e.g. engineering and construction) concurrently, multiple equipment and material suppliers, multiple specialty trade contractors, multiple project stakeholders/investors, and multi-national party involvement.
Megaprojects require the same types of systems as non-megaprojects; however, the form of those systems may differ from those of a conventional project due to the unique and complex aspects of a megaproject. The primary differences between a megaproject and a typical project, beyond their total costs, are the megaproject's higher risk profile, its increased complexity, its extended duration, and its overlapping execution staging.,
These projects have brought on a new level of operational intricacy unimaginable even 10 years ago. Internationally recognized standards of operation are just now being developed for the largest international public and private projects, and the privatization of many formerly public functions, such as regional waste treatment systems, beg the inclusion of international standards in the day-to-day operation of private business.
Pegasus-Global's key personnel have not only worked on many of the world's most prominent megaprojects, they also authored the first compilation of large project experiences published by the American Society of Civil Engineers, Managing Gigaprojects: Advice from Those Who've Been There, Done That. Their effort has gained the respect of international engineers, attorneys, and project managers, many of whom were proud to add their experiences to Pegasus-Global's senior management team's contributions. Pegasus-Global has made their name in projects like these for over 30 years, and they can help you avoid project complications with their profound understanding of the nature and composition of today’s megaprojects.