Chaos Theory: Implications for Cost Overrun Research in Hydrocarbon Megaprojects

Olaniran, O. J. and Love, P. E. D. and Edwards, D. J. and Olatunji, O. ORCID: https://orcid.org/0000-0002-9726-4218 and Matthews, J. (2017) Chaos Theory: Implications for Cost Overrun Research in Hydrocarbon Megaprojects. Journal of Construction Engineering and Management, 143 (2):05016020. pp. 1-8. ISSN 0733-9364


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.


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Additional Information: Files associated with this item cannot be displayed due to copyright restrictions.
Faculty/School / Institute/Centre: No Faculty
Faculty/School / Institute/Centre: No Faculty
Date Deposited: 04 May 2022 04:17
Last Modified: 16 May 2022 03:28
Uncontrolled Keywords: Chaos theory; Cost and schedule; Cost overruns; Hydrocarbon projects; Megaprojects
Fields of Research (2020): 33 BUILT ENVIRONMENT AND DESIGN > 3302 Building > 330299 Building not elsewhere classified
33 BUILT ENVIRONMENT AND DESIGN > 3302 Building > 330207 Quantity surveying
33 BUILT ENVIRONMENT AND DESIGN > 3302 Building > 330203 Building industry studies
Socio-Economic Objectives (2020): 12 CONSTRUCTION > 1299 Other construction > 129999 Other construction not elsewhere classified
Identification Number or DOI: https://doi.org/10.1061/(ASCE)CO.1943-7862.0001227
URI: http://eprints.usq.edu.au/id/eprint/48110

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