Chaos Theory: Implications for Cost Overrun Research in Hydrocarbon Megaprojects

Olaniran, Olugbenga Jide and Love, P.E.D. and Edwards, D.J. and Olatunji, Oluwole Alfred and Matthews, J. (2017) Chaos Theory: Implications for Cost Overrun Research in Hydrocarbon Megaprojects. Journal of Construction Engineering and Management, 143 (2). ISSN 07339364 (ISSN)

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Abstract

Cost overruns are a recurrent problem in hydrocarbon (oil and gas) megaprojects. An understanding of why and how they occur is needed if they are to be mitigated; such knowledge can provide managers with the foundations to develop techniques to reduce and contain their negative impacts on a project’s performance. This paper examines the nature of cost overruns in hydrocarbon megaprojects using the theoretical lens of chaos theory. The underlying principles of chaos theory are reviewed and its research implications for examining cost overruns identified. By viewing megaprojects as chaotic or dynamic systems, the industry and research community may be better positioned
to develop innovative solutions to mitigate cost overrun occurrence.

Item Type: Article
Uncontrolled Keywords: Chaos theory; Cost overruns; Hydrocarbon projects; Megaprojects; Cost and schedule.
Subjects: K900 Others in Architecture, Building and Planning
Divisions: Faculty of Computing, Engineering and the Built Environment
Faculty of Computing, Engineering and the Built Environment > School of Engineering and the Built Environment
Faculty of Computing, Engineering and the Built Environment > School of Engineering and the Built Environment > Integrated Design Construction
UoA Collections > UoA16: Architecture, Built Environment and Planning
Depositing User: $ Ian McDonald
Date Deposited: 13 Mar 2017 09:50
Last Modified: 13 Mar 2017 09:50
URI: http://www.open-access.bcu.ac.uk/id/eprint/4031

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