OtherDOI
Evolving Strategy: Risk Management and the Shaping of Mega-Projects
Roger Miller,Donald R. Lessard +1 more
TLDR
In this paper, the authors argue that the succession of shaping episodes that form the front-end process to cope with risks can be reinterpreted in terms of the real-options framework that is currently revolutionizing academic treatments of project evaluation.Abstract:
The authors of this paper argue that the succession of shaping episodes that form the front-end process to cope with risks can be reinterpreted in terms of the real-options framework that is currently revolutionizing academic treatments of project evaluation In fact, as is often the case with cutting-edge practice, managers have been successful at creating value through the development and exercise of sequential options without explicitly framing the process in options terms Academics have simply codified this practice in the form of a new conceptual framework The real-options framework is based on the same logic as that of financial options as previously developed It recognizes that the decisions that determine project cash flows are made sequentially over many episodes This paper illustrates the rich varieties of mechanisms through which these options are shaped and exercised over the life of the project – the real management that is integral to real optionsread more
Citations
More filters
Journal ArticleDOI
The more the better?: Investigating performance of the Danish and Swedish offshore wind farm cluster
TL;DR: In this article, the authors developed a combined social constructivist, internal and external conceptualisation of the process of realising offshore wind farms, and investigated costs, time, delays and operational performance results of offshore wind farm power plant projects in Denmark and Sweden with a view to possible strategic misrepresentation.
Dissertation
Risk management unveiling and taming danger : exploratory search embedded in legitimating routines
TL;DR: Siteman et al. as discussed by the authors explored how contemporary organizations manage inherent tensions between productivity and legitimacy in the context of the "risk society" and found that many risk managers echo this tension within their own work as they juxtapose two seemingly contradictory modes of search and action across five dimensions of risk management (identification, assessment, action, reassessment, and monitoring/reporting).
Project, policy and public consultation: the art of government of mega urban transport projects
TL;DR: In this article, the authors used the findings from a study into the "art of government" of MUTPs based on three Australian case studies from Melbourne, Perth and Sydney to shed light on the attraction of the MUTP as a solution to policy problems, and the reasons for the relative imperviousness of project to genuine public consultation.
Journal ArticleDOI
Making sense of an innovation in a safety-critical megaproject
TL;DR: In this article, the authors investigate how actors in a project network make sense of a safety-related process innovation introduced during the design phase, and find that actors' differing framings of innovation may increase ambiguity and equivocality.