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. (2016) 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
Identification Number:	https://doi.org/10.1061/(ASCE)CO.1943-7862.0001227
Dates:	Date Event 19 August 2016 Published 11 July 2016 Accepted
Uncontrolled Keywords:	Chaos theory; Cost overruns; Hydrocarbon projects; Megaprojects; Cost and schedule.
Subjects:	CAH13 - architecture, building and planning > CAH13-01 - architecture, building and planning > CAH13-01-01 - architecture CAH13 - architecture, building and planning > CAH13-01 - architecture, building and planning > CAH13-01-02 - building CAH13 - architecture, building and planning > CAH13-01 - architecture, building and planning > CAH13-01-04 - planning (urban, rural and regional)
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 > Dept. of Built Environment
Depositing User:	Ian Mcdonald
Date Deposited:	13 Mar 2017 09:50
Last Modified:	22 Mar 2023 12:16
URI:	https://www.open-access.bcu.ac.uk/id/eprint/4031

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