Papers by Olugbenga Olaniran
Cost overruns are a persistent problem in oil and gas megaprojects. Whilst the extant literature ... more Cost overruns are a persistent problem in oil and gas megaprojects. Whilst the extant literature is filled with studies on incidents and causes of cost overruns, underlying theories to explain their emergence in oil and gas megaprojects are few. Yet, a way to contain the syndrome of cost overruns is to understand the bases of ‘how and why’ they occur. Such knowledge will also help to develop pragmatic techniques for better overall management of oil and gas megaprojects. The aim of this paper is to explain the development of cost overruns in hydrocarbon megaprojects through the perspective of chaos theory. The underlying principles of chaos theory and its implications for cost overruns are examined and practical recommendations proposed. In addition, directions for future research in this fertile area provided. Keywords—Chaos theory, oil and gas, cost overruns, megaprojects.
Bookmarks Related papers MentionsView impact
Journal of Construction Engineering and Management
Bookmarks Related papers MentionsView impact
Project Management Journal
Bookmarks Related papers MentionsView impact
Project Management Journal
Cost overruns are prevalent in hydrocarbon (oil and gas) megaprojects. A recent report indicates ... more Cost overruns are prevalent in hydrocarbon (oil and gas) megaprojects. A recent report indicates that 64% of ongoing megaprojects globally are facing cost overruns. Despite their increasing occurrence, there has been limited published research in the mainstream literature that has specifically examined why and how they occur. Consequently, suggestions regarding how to constructively address cost overruns in hydrocarbon megaprojects are scant. To better understand the causal nature of cost overruns in hydrocarbon mega-projects, this article provides a critical review of the extant literature. Findings from the research indicate that complex interactions between project characteristics, people, technology, and structure and culture contribute to cost overruns occurring. As a result, it is suggested that chaos theory can be used to explain how cost overruns arise in hydrocarbon megaprojects. This article provides a reference point for engendering future research in this pervasive and fertile area.
Bookmarks Related papers MentionsView impact
Bookmarks Related papers MentionsView impact
Uploads
Papers by Olugbenga Olaniran