Mega-projects in Jamaican real estate offer unparalleled opportunities for transformation and growth, but they also present significant risks of failure. Often, these failures originate from the project's inception due to poor justification, stakeholder misalignment, insufficient planning, or a lack of appropriate capabilities.
Cost underestimation and benefit overestimation frequently disrupt the baseline for assessing overall project performance. Therefore, it's imperative for organizations to establish social and economic priorities before considering projects. Once these priorities are clear, projects must be selected based on factual, transparent criteria to ensure accountability with stakeholders and the public.
Successful mega-projects in Jamaican real estate must incorporate robust risk-analysis or risk-management protocols and provide timely progress reports relative to budgets and deadlines. While cash flow is commonly used to measure progress, real-time data on field activity…
