History is teeming with large, complex, one-off projects that are late and over budget, causing adverse economic and reputational impact to the stakeholders involved. Whether these so-called megaprojects are cutting-edge factories, new information systems, new aircraft or commercial nuclear power plant designs, all industries have them, and no industry is immune from undesirable outcomes. Yet some megaprojects do come in on-time and on-budget. PwC's Strategy&'s megaprojects practice works with our clients to improve the outcomes of their projects.
Over the past two decades, Strategy& has worked directly with more than 150 projects spanning industry, size, and phase of development to initiate, assess, build capability, and successfully guide these projects. Our megaprojects industry experience spans aerospace and defense, energy, infrastructure, auto, consumer products, health, industrials,IT, and financial services industries.
Strategy& works with all types of megaproject stakeholders, including corporate owners, engineering procurement and construction (EPC) firms, original equipment manufacturers (OEMs), governments, and major suppliers to improve the likelihood that megaproject scope will be delivered safely, on-time, on budget, and with high quality. We tailor our support to the particular needs of the client — whether it's an organization that manages multiple projects as a core part of its business and requires strong megaproject delivery as a source of competitive advantage, or an organization which only executes a megaproject once in a decade and needs a one-off capability boost.
Strategy&'s Chris Dann talks about the enormous opportunity offered by large capital infrastructure projects — or megaprojects — some of the risks they pose, and how companies can better plan to stay on time and under budget.
We apply our proprietary capability model to benchmark clients against best-in-class project management practices gleaned from advising more than 150 projects spanning multiple industries. We assist clients in developing distinctive but right-sized program management capabilities, such as project planning, performance management, project integration, risk management, and supplier management. We also support the institutionalization of those capabilities through the creation of comprehensive processes, tools, and training and development programs.
Through our risk integration with schedule and cost (RISC-IQ) methodology, we provide clients with a rigorous risk assessment approach with statistical tools to optimally assess and mitigate risk on individual projects and across program portfolios.
We help our clients develop and implement the optimal megaproject leadership and organization – including joint venture management–based on objectives, strategy, capabilities, and resources.
Working with clients, we apply best practices in structuring, negotiating and managing relationships with contractors and equipment suppliers.
Leveraging our proven and practical methodology for attacking costs in a coherent and prioritized manner across Inherent, Structural, Systemic and Realized (ISSR) costs, we help clients reduce program cost and schedule, and build contingency.
We partner with clients on the ongoing management of megaprojects by performing portions of the megaproject management where the client lacks the depth of resources or capabilities.