A megaproject is an extremely large-scale investment project.The European Cooperation in Science and Technology (COST) categorises megaprojects as having "extreme complexity (both in technical and human terms) and by a long record of poor delivery". Megaprojects attract a lot of public attention because of substantial impacts on communities, environment, and budgets, and many cost more than US$1 billion.Megaprojects can also be defined as "initiatives that are physical, very expensive, and public".Bent Flyvbjerg, a professor at the Saïd Business School of the University of Oxford says that globally, megaprojects make up 8 percent of total GDP.
"Care in the project development process is required to reduce any possible optimism bias and strategic misrepresentation, as a curious paradox exists in which more and more megaprojects are being proposed despite their consistently poor performance against initial budget and schedule forecasts."
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