Understanding Uncertainty and Risk in Capital Projects

摘要

The SPE Asia Pacific Unconventional Resources Conference and Exhibition held in Brisbane last November featured a special session, "Megaprojects: Past, Present, and Future," that focused on some of the key issues facing megaprojects in the Asia Pacific region. Panel speakers discussed the main impediments to megaprojects, resource acquisition and management, and the project management skills and business climate in the region. Another topic the speakers addressed was the role of uncertainty and risk in sanctioning megaprojects. In an environment where more than half of all projects are facing cost overruns, schedule delays, or both, the need to recognize problem areas prior to sanction is as great as ever (Ernst and Young 2014).