Conclusion

Large capital projects are shaped through iterative processes involving project sponsors and participants in interaction with the institutional framework. The shaping of projects anchors them to the institutional framework and defines the trajectory. The adequacy and the stability of the institutional structure are the most important factors in determining the way in which the project will unfold. Throughout its life cycle, the project will be exposed to many different risks. These nearly inevitable but unforeseen risks constitute the most important challenges to project survival and success. Projects that have strong sponsors, are governed by rich portfolios of strategies, and have the flexibility to restructure in response to a crisis have shown themselves to be more resilient.

Notes

1. The IMEC project was supported by financial contributions from: the Project Management Institute (PMI ), Cofiroute, CAE, lectricit de France, the Electronic Commerce World Institute, the Export Development Corporation of Canada, the governments of Canada, France, and Quebec, Hydro-Qu bec, the Inter-American Development Bank, the Natural Sciences and Engineering Research Council/Social Sciences Research Council of Canada, Ontario-Hydro, and SNC-Lavalin.

2. MIT Press published a full account of the IMEC Research Program, The Strategic Management of Large Engineering Projects: Shaping Institutions, Risks, and Governance. Edited by Roger Miller and Donald Lessard, February 2001.