KEY DECISION-MAKING CHALLENGES IN PLANNING INFRASTRUCTURE MEGAPROJECTS: A PROSPECT THEORY PERSPECTIVE
Phakisi Stephen Lehlomela and Prof. Khatleli Nthatisi
Published: Journal of Construction, Volume 17, Issue 03
DOI: https://doi.org/10.64755/IBCP4691
Keywords: Infrastructure Planning; Megaprojects; Decision-making; Infrastructure Projects; Decision Making
ABSTRACT
PURPOSE
This paper investigates the primary planning challenges during decision-making for investing in infrastructure megaprojects through the analytical lens of prospect theory.
DESIGN
It uses a systematic review of bibliometric data and applies scientometric analyses on retrieved articles from the Scopus database (2014-2024). Quantitative metrics such as CiteSpace, CiteScore, and Field-Weighted Citation Impact (FWCI) are used to analyse the performance, quality and overall impact of publications used under this research. These techniques are used to explicate research gap using evidence-based outcomes to show that behavioural economics and cognitive dimensions remain unexplored within this research domain. The reporting of results follows Preferred Reporting Items for Systematic review and Meta-Analyses (PRISMA).
FINDINGS
Key challenges include complexities, uncertainties, stakeholder management, political and market dynamics, governance mechanisms, and sustainability concerns. Traditional approaches of instrumental rationality cannot deal with these inherent complexities and uncertainties in megaprojects. They however still take precedence in justifying investment decision-making in megaprojects. Unpredictability of outcomes makes it difficult to align with strategic imperatives of policy and societal needs.
RESEARCH IMPLICATIONS
The paper advocates for a multi-dimensional and interdisciplinary approach, incorporating adaptive qualitative and quantitative methods, and suggests future research explore pluralistic and adaptive decision-making approaches using tools like Decision Support Systems (DSS) and Complex Adaptive Systems (CAS).