Krystallis, I, Locatelli, G orcid.org/0000-0001-9986-2249 and Murtagh, N (2020) Talking about Futureproofing: Real Options Reasoning in Complex Infrastructure Projects. IEEE Transactions on Engineering Management. ISSN 0018-9391
Abstract
Complex infrastructure projects often attract criticism regarding their short- and long-term performance. An effective development process requires thinking about both present and future requirements. We employed the lens of real options reasoning to investigate the power of verbal theorizing, without the aid of analytical modeling, to add flexibility in the development process. Drawing on 32 semi-structured interviews with decision-makers involved in health estate projects, we examined if and how informal talks in the development process can lead to futureproof outcomes. Our findings synthesize and conceptualize relevant insights on iterative design thinking, affordability, bounded rationality, and motivational gaps as causal mechanisms for futureproofing talks and thus real options reasoning. This article contributes to the planning and project studies literature dealing with futureproofing complex infrastructure projects.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2020 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works. |
Keywords: | Decision-making, project management, real options reasoning (ROR), uncertainty |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Engineering & Physical Sciences (Leeds) > School of Civil Engineering (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 24 Sep 2020 14:43 |
Last Modified: | 10 Dec 2020 14:02 |
Status: | Published online |
Publisher: | IEEE |
Identification Number: | 10.1109/TEM.2020.3026454 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:165804 |