Megaproject

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A megaproject is an extremely large-scale construction and investment project.^[1] According to the Oxford Handbook of Megaproject Management, "Megaprojects are large-scale, complex ventures that typically cost $1 billion or more, take many years to develop and build, involve multiple public and private stakeholders, are transformational, and impact millions of people".^[2] However, $1 billion is not a constraint in defining megaprojects; in some contexts a relative approach is needed, such as in developing countries, where a much smaller project (such as one with a $100 million budget) could constitute a megaproject. Therefore, a more general definition is "Megaprojects are temporary endeavours (i.e. projects) characterised by: large investment commitment, vast complexity (especially in organisational terms), and long-lasting impact on the economy, the environment, and society".^[3]

Bent Flyvbjerg, a professor at the Saïd Business School of the University of Oxford says that globally, megaprojects make up 8 percent of total global GDP.^[4] Megaprojects refer not only to construction projects but also decommissioning projects, which are projects that can reach multi-billion budgets, and have a high level of innovation and complexity, and are affected by a number of techno-socio-economic and organizational challenges.^[5][6]

The OFCCP Mega Construction Project (Megaproject) Program involves projects valued at over $35 million.^[7]