In Australia, the value of projects currently underway is more than $408 billion – an all-time record. A further $60 billion in committed projects are about to commence. In addition, many organisations are investing in projects that will transform their technological and organisational capabilities. The successful delivery of these projects is critical for business and economic success in the future.
While projects become ever larger and more complex, the overall track record of delivery indicates there is significant room for improvement. A major study of more than 300 megaprojects by industry firm, Independent Project Analysis, indicated that as many as 65 percent of these projects failed to meet their objectives.
Large-scale and technology-driven projects place extensive demands on governance and leadership. Huge cost overruns and extensive project delays are often caused by:
- a failure to ask the right questions of strategic fit, risk and return
- deficiencies in leadership practices, collaborative engagement and strategic and design thinking.
Executive education that complements practical experience, shares lessons learned and incorporates the latest thinking in project planning and delivery is vital if Australia is to turn around its major project performance and position itself as a location for future capital investment.
(Source: Business Council of Australia, Securing Investment in Australia’s Future, Report of the Project Costs Task Force)