Over 80% of major projects fail badly on cost, and/or schedule and/or production rate (1). The average cost overrun is 33%; on a $4 billion project that is $1.5 billion. Schedule overruns and production impairments cost atleast that much again. Consequently, we are leaving billions of dollars on the table.
Why does this happen? One reason it happens is because major projects in the oil patch are now more complex than we are capable of effectively managing.