This chapter brings an overview to an edited book that looks at how decisions can be made at the front-end of major projects, in circumstances where information is usually scant. The book examines how projects can be successfully aligned with the desired direction
ProjectsBusiness is becoming increasingly projectized or project-oriented, and global spend on projects is now many billions of dollars annually. Developing new technological products, building new capital assets, or carrying out unique large-scale enterprises all require major projects to be 2 undertaken. The place of projects has become increasingly important in the life of corporations and, indeed, of nations.Projects have always been important in human development. This is true both for projects with a tangible output (e.g. the Pyramids, or the Great Wall of China), and for projects which bring about a change in the organisation of society (e.g. the explorations of Columbus and his "discovery" of America). While society continuously tries to improve incrementally the way it operates, throughout history projects have formed the major stepping stones for step-changes.This has been even more the case in recent decades, and, indeed, projects are becoming more important to industrial life. Even 15 years ago, the preface to Turner (1993) extrapolates from statements by British Telecom to suggest that the annual spend on projects in the UK would be around £250 million.In recent decades, projects have become more complex, in parallel with the growth in complexity of technology. They have also become more time-constrained (Williams, 1999). Moreover, there has been an increase in extremely large projects. Kharbanda and Pinto (1996), for example, list over 40 projects in process in the mid-1990's in India, China and South-East Asia alone, each one forecast to cost over $1 billion. These are mainly construction projects, but engineering projects are also becoming larger in some industries, as the investment needed to develop new products increases (the break-even point of an aircraft development programme is generally held to be at least 300 units, for example).So clearly, projects are becoming important, one well-known definition of ' project' being "a temporary endeavour undertaken to create a unique product or service" (Project Management Institute, 2000). During the past 50 years, tools and techniques have been developed to manage projects better. The field generally known as "Project Management" became well-defined and developed in the 1950s, particularly in the US Navy Atlas and Polaris programmes. As methods were formulated and codified, there arose a Project Management "profession", represented by the US-based Project Management Institute, or PMI, with about a quarter of a million members (as well as a number of much smaller national organisations); there are university degrees in the subject, an ANSI standard, and professional qualifications such the PMI's PMP qualification.There are over 500 books on project management topics, and in the past 40 ye...