Should you approach a large construction project plan the same way you would a small one? On first consideration, it might seem like you could. The construction company should examine what the end product will look like, establish key tasks that will lead to the desired result, schedule how long it will take to meet all of the milestones along the way, and finally complete the project.
Large construction projects are the same as small ones in principle. But when a project’s value balloons over $1 billion, it signifies a new level of complexity. The sheer number of dependencies, key project deliverables, and deadlines to get a megaproject from conception to completion necessitates a different method of action.
Megaprojects are an important part of the construction world. McKinsey estimates that in order to keep the world moving it will have to spend $57 trillion in infrastructure by 2030. The projects are also prone to going over budget (an estimated 9 out of 10 of them do).
So how can contractors hope to succeed on large construction projects, successfully managing the schedule and budget along the way? Research from the Project Management Institute shows that early analysis and planning and effective ongoing management are key to the process.
A construction plan is a series of documents that outlines all the elements of a project, including the approach the team will take, illustrations and images to make everything clear, and the project schedule. Having a project plan and schedule fine-tuned before any ground is broken increases the chances of carrying out a successful construction project.
Traditionally a project plan involves chopping up projects into phases, and planning each with its own steps for initiation, planning, execution, monitor and control, and closure. Each phase is then mapped out in a Gantt chart or a Time Distance chart (there are various other methods too) that illustrates the steps so they can be managed as the construction project progresses.
This approach emphasizes the importance of setting out construction planning milestones and their deliverable dates, and asks the project manager to predict the timelines that will occur over the length of the construction project. For megaprojects that can take years to complete, forecasting is very difficult to do. External influences can change so much during that time.