The World Economic Forum has released a White Paper on the future of construction, based on results from six working WEF Working Groups, which looks to overcome labor productivity and low innovation in the sector. Roughly 90% of mega-projects end up over budget and behind schedule. Many of these projects are taxpayer-funded, which increases public pressure and scrutiny. The authors make recommendations related to collaboration, knowledge-sharing, legal and insurance frameworks, future talent, and even future educational needs. One example – Project Alliance contracting – envisions “an operational model where risk is borne jointly and reward is shared on the basis for the success of the entire project,” firmed up by a multi-party contract with all the participants involved.
The white paper covers a variety of topics related specifically to construction but with general implications for project management, knowledge management, and procurement for important public goods. This could be a good thought starter for other industries seeking ways to think differently about how they adapt themselves to the environment and ensure success on their own big projects.