Project characteristics enabling the success of megaprojects: an empirical investigation in the energy sector

Megaprojects are extremely large-scale investment projects typically costing more than EUR 0.5 billion. They include power plants, infrastructural projects and even cultural events. Historical data show very poor performance for megaprojects. In particular they are often over-budget and/or behind schedule and, once finished, they deliver less benefits than planned. Despite the existing research in megaprojects, it is still unclear which project characteristics promote the delivery of successful megaprojects. This paper starts to tackle this issue focusing on energy projects and performing a cross-case analysis assessing how project characteristics are correlated with performance. The database is composed of 11 projects described by 50 characteristics categorised in 9 groups. The analysis assesses the correlation of the independent variables with the dependent performance variables expressed as spend against budget, delay in the planning phase of the project and delay in the execution phase of the project. The correlation is tested using the Fisher Exact test. The results show that there are few independent variables strongly correlated to the dependent variables. On the other hand several independent variables do not seem correlated to project performance. In the conclusions, the paper provides a rich research agenda for further investigations.