Understand the connection between projects and society in the globalized economy
• Analyse theories and emergent ideas in project management
• Identify and critically appraise societal forces influencing projects and the management of projects
• Evaluate the impact of global and mega or major projects on society
• Develop and apply research skills to examine global and mega or major projects
Globalized framework and economic development are crucial elements for any country. Today, globalization has rapid advancement in terms of better and improved infrastructure, facilities, and complex projects. The current research essay discusses the scope of a megaproject in an economy and its influence on society. In the global economy, the megaprojects are necessary to build better infrastructure, to connect world economies, and to bring sustainability. The project management framework, in this regard, takes the lead to explain the competitiveness in the global economy. Megaprojects are managed under project management forces, concepts, and theories. These theories involve better organizational framework, ideas, and management implications.
The megaprojects work inherently for an economy, as discussed in this research essay. They have a substantial role in global demand and supply-side because it is always preferred to become a cost-effective organization. Due to better equipment, better infrastructure, and workplace, an organization can work better for employees and provide them better opportunities. This set up also help to bring state of the art system of information. This research essay explains the role of megaprojects, their significance, and persistence in today’s economy. The purpose and scope of these projects are discussed. The global environment is related to the structural aspects of extensive projects. The impact of megaprojects on society is also elaborated in this paper. Global suppliers, contractors, and team members are crucial to working under project management. They not only act globally but also provide and achieve the advantage of a professional team and cost-effective systems.
The current global environment thrives due to intense competition. Organizations must consider their behavioral practices to place the importance of project management. It is critical to know that global projects are managed by integrated informational technology tools. The scope of cultural differences to manage complexity and risk of the project is always extensive when viewed under mega projects (Bovensiepen, J. and Yoder, L.S.M., 2018). Integrated IT tools enhance focus on improving competitiveness, innovation, and effectiveness. A review of research studies provides ample evidence about global project management. The effect of global projects on society and their implementation develops a managerial framework.
The rationale of this study is to explore the impact of global megaprojects on society. When global projects are developed, improved performance and structural maintenance are viewed. The study begins with the premise of megaprojects and project management scope. It will discuss the interaction of integrated IT factors to accomplish megaproject development. The interrelationship of these variables will define the role and responsibilities of project management. To that end, key concepts and theories of project management will be included in this paper. Critical evaluation and reflection is also discussed in the paper.
Global Project Management
Megaprojects, energy infrastructure, transport, urban regenerations schemes, new towns, city clusters, and technology parks are some examples of megaprojects. These are reconfigured spaces that have a prominent role of local and regional elites as well as public-private capital (Cummings, L., 1997). The design and implementation of megaprojects are according to the need for harmonized scales. This structure increases the global visibility and urban competitiveness. In a diverse socio-economic context, the political power configuration exhibits a unique relationship between regional, national, local, and universal domains. The meaning of planetary urbanization also presents the nature of urban projects and their location that adds to the urbanization process. Due to urban competitiveness and development, the megaproject construction has a significant role in globalization and neoliberalism (Bovensiepen, J. and Yoder, L.S.M., 2018).
The megaprojects actively participate in the planetary urbanization. These projects are nominated as privileged particles that contribute to development. They are also considered as trait making. They not only change the structure of society but also fit in the pre-existing structure of society and attempt to modify it. The megaprojects in urban areas offer different packages of development (Purkayastha, P., 2017). There is a clear relationship in megaprojects and development because massive scale development is attributable to the iconic design that transform the image of a city. The scope of urban governance to entrepreneurialism is based on a global networking that defines perceived linkages to global economy. In regaining global visibility, the quintessential economic strategy serves representational transformation (Fang, J., Fu, Y. and Yao, D., 2010).
Megaprojects are the immense scale investments that attract public attention, so a substantial impact on communities occurs. Megaprojects bring a positive change in the economy, in terms of increased spending and buying. There are different aspects of the city related to megaprojects that deliver long term changes. Though complicated projects face economic fluctuations and many other methods like cost estimation and forecasting, bring shortcomings. The urban megaprojects also effect on societal groups due to their broader domain—the negative and positive effects of their implementation move with demographic migration. In the context of the city, native and non-native groups face change in identity, character, and physical environment.
The concept of sustainable urban development under different purposes serves the urban future. In European cities, minimum use of natural resources, space and efficient administration, protecting public health, and equal access to resources are some main objectives considered before developing megaprojects (Anantatmula, V. and Thomas, M., 2010). The significance of sustainability is related to social, economic, ecological, and cultural needs under urban indices. In Iran, to maintain urban tourism, a complex in Padideh city is formed. The complex is built on more than 50 hectares and consists of shopping malls, hotels, entertainment, Water Park and apartments. This example of megaproject at the municipal level is considered due to its national, local, and regional importance and to attract citizens. Arranging an undertaking is connected to the improved creation and utilization of crude material. Literature has concentrated on critical advantages and structures necessary for an economy to look for financial development (Anabestani, Z., Sarvar, R. and Hajiluie, M.O.M., 2016).
Impact of global projects on society
The socio-economic significance of megaprojects is based on globalization. Four global processes are attributable to neoliberalism and globalization. First is city-based competition at the worldwide level. Second is knowledge economy mobility and growth, third is the movement of investment from physical to human capital, and the fourth is market rule ideology and its dominance. Significant economic and political change is associated with megaprojects. Increased complex projects tend to increase foreign direct investments. This indicates a wide relationship between urban development and globalization. If international direct investment increases, it brings a change in the economy, so the centrality of manufacturing industries move to information-based development (Habison, R., 1985). Global foreign direct investment services increase the extent of global capital mobility. It develops the aim of capturing a world share of mobile wealth; the situation of global competitiveness brings economic survival.
Megaproject impacts positive on economic productivity, development of infrastructure, quality of life, housing, recreational activities, cost of living, and public prosperity perception. Research studies argue that the efficiency of most populated cities is based on accessibility level. There are specific patterns required to use land and transportation that can bring immense scale benefits. The relationship in prosperity and urban growth guides the geographical nature and socio-economic status. The megaprojects work significantly to shape society. In modern project management, customer relations, and economic profitability matter most (Korytárová, J. and Hromádka, V., 2014). The projects are linked to utility values and financial investments. They need initial outlays, but utility value differs from the investment costs. The megaprojects are critical to change the fate of any nation, and in less created economies, these structures improve remote direct venture. They are additionally impressive to upgrade the salary stream in the marketplace.
In public and private undertakings, client or customer holds an important role. The scope of economic performance is linked to megaprojects so they collectively induce change in the society. In the matter of development, the organizational actions work significantly for community. The social impact is all about wellbeing of community in terms of economic growth, better economic opportunities and access to opportunities. The megaprojects always behave positively with the benefit of society and this impact is counted positive in terms of economic value. The scope of global project is linked to globalization because all over the world, economic development is attributable to these megaprojects. Megaprojects give a reasonable guide under undertaking the executive’s system (Purkayastha, P., 2017). They are enduring segment of the task the board on the grounds that in dealing with an enormous scope venture, the industry needs to concentrate on arranging and authoritative structure.
Project Management concepts
Management theory today relates to construction and engineering projects. The management concepts related to organization and labor coordination work since the 19th century under the transition of entrepreneurial capitalism. The classical theory under management framework undertakes two primary schools of thought. The first one is scientific management, and the second is the administrative theories. The scientific management allows efficiency framework, for instance, under the growing industrial production while the managerial theories suggest further discussions. These are bureaucracy and administration. The bureaucracy is based on the principles of bringing changes in society under social sciences. The administration approach was developed by a mining engineer Fayol that categories classical theories into further concepts.
The scientific framework allows for the elemental work under the rule of thumb method that is based on competence and set out some regulations. The other purpose is related to the cooperation carried out to work on a decision-based mechanism (Korytárová, J. and Hromádka, V., 2014). This process is based on specific details that need administration. Under project management, classical theories are related to the human relations movement. The behavioral approach presents that management and organization work on an ongoing process under a dynamic framework to enhance social wellbeing. This process undertakes consideration of human aspects (Purkayastha, P., 2017). For example, a theory of motivation in project management is presented by McGregor that follows motivational dimensions. The motivation theory states that managers can develop a condition where employees confirm the expectations of managers. The behavior can be motivated where it is desired according to the satisfaction. This further needs physiological safety and fulfillment of social needs.
Under a project management framework, dynamic and static concepts highlight the notion of the organizational environment. In a dynamic environment, the exchange of information occurs under either stable systems or chaotic systems. The durable systems are about the input of limited sensitivity, and chaotic systems are about the high sensitivity systems. This concept is based on the chaos theory that highlights individual cases. The dynamic aspect is further based on the non-deterministic element that works on the basis of the global cascade. The complex systems are about the characterization of resilience or sensitivity, which can bring minor changes in the input. The complex system is based on complexity theory.
The project management theory is based on four leading schools of thought. First is industrial, it is about encompassing of Smiths’ labor division to accomplish work activities under administrative approaches. The second is humans that surround human aspects as the behavior of an organization. The third aspect is biological, which represents the system theory and incorporates static and dynamic systems. Due to the structural framework, the deterministic characteristics are included in this system. The fourth approach is evolutionary that represents non-deterministic complex systems. For project management understanding, these essential concepts work integral. Fayol’s function of project management is divided into five parts; for instance, it plans to forecast, to organize, to coordinate, to command, and to control. The traditional approaches of project management are linked to the visibility of work structure, its time scale, and complexity (Purkayastha, P., 2017). Under the project management framework, the process-based systems work integral, while lean and agile methods are moved with traditional theory.
Under project management aspects, the totality of work is linked to semi-permeable boundaries of works that act as influencing vectors. The initial decomposition is related to initial transformation. The strategic business objectives are essential to consider the influencing vectors and their required timeframes. In large projects, the exclusive focus is to satisfy the client; otherwise, it’s not possible to get project success.
Critical Evaluation & Reflection
Megaprojects are a basic need of metropolitan cities. Research studies have discussed that public, private partnership, and regional structures as complex projects form the most significant settlements of the economy. Literature has focused on key benefits and structures necessary for an economy to seek economic growth. The megaprojects are essential to transform the destiny of any country, and in less developed economies, these structures improve foreign direct investment. They are also considered to enhance income flow in the marketplace. The megaprojects are long term transformations for any country that lead the underdeveloped nation to a developed one. They offer the opportunity to many sectors of the economy to boost and increase their rate of economic development. The megaprojects are also a form of power generation for the economy because of the development of related structures, transportation, and raw material (Timo, P., 2013).
They deliver clear benefits to the existing physical assets of the country, some main advantages of megaprojects are; optimal use of natural resources, irrigation expansion, improved quality of life, the opening of new markets, enhanced productivity, opening up of trade, increased efficiency of government and better infrastructure of the economy.
Megaprojects provide a clear roadmap under the project management framework. They are a perennial component of project management because in managing a large scale project, the industry has to focus on planning and organizational structure (Purkayastha, P., 2017). Planning of a project is linked to the enhanced production and use of raw material. Project development is linked to the managing of team members, suppliers, and partners. The global impact of project management is seen from the extended levels of a project team—for example, deployment of a new management system work to involve highly specialized teams under the global company. The relocation of highly advanced machinery and professionals to a certain project is based on expertise to handle a complex project and reduce cost. In my view, megaprojects are large-scaled functions that are inherent in the global economy, and their influence on the globalized world is significant because one segment attracts others.
Megaproject management and its sustainability is a key issue in the global world. Large scale projects are the cornerstone of any economy because they aid in production and work to enhance development. There are certain factors in urban planning that matter mostly during planning and implementation. Urban context mostly focuses on managers, leaders and entrepreneurs to remember the scope of decision making elements. In viewing the global project management and its influence over globalization, the effective communication, efficient coordination of stakeholders and team members’ interaction is positive to consider. Megaprojects are a key part of any global economy, and this link can be better understood by the connection of project management. The societal forces that work to determine project management are socio-economic, regional, and local factors. Global or mega projects are a key part of an economy, and their influence on society is great in terms of economic development.
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