From Ms Catherine Griffiths and Dr Andy Davies.

Sir, John Kay (August 22) correctly addresses the issue of good clients, but omits two key factors that make all the difference as to whether a mega project leaves a good value legacy or not.

The first is that projects of this size carry a degree of complexity, innovation and risk that makes them extraordinary. Whether it be drilling deeper, using new materials, backwards integration, overcoming unique environmental challenges or simply transferring knowledge in the right way at the right time, these projects are dealing with great unknowns that throw up enormous, unexpected developments that need to be addressed in parallel with the original specifications.

Second, once implemented, they often have a seismic impact on area values and use (look at the redevelopment of London’s King’s Cross) as well as lasting for generations (for example the Victoria line and Channel tunnel), which means that initial funding triggers other economic activities.

So how do we create successful legacy? Research shows that bringing in the right expertise and knowledge for the projects makes all the difference. The Olympics project has delivered on the infrastructure and facilities, and holds the potential to add value over an area and for generations. How we manage it now will be the true test of whether £11bn is seen by future generations as one of Prof Kay’s astonishing bargains.

Catherine Griffiths, Researcher, Risk and Major IT Projects

Andy Davies, Reader, Innovation and Entrepreneurship Group

Imperial College Business School

Copyright The Financial Times Limited 2024. All rights reserved.
Reuse this content (opens in new window) CommentsJump to comments section

Follow the topics in this article

Comments

Comments have not been enabled for this article.