Over half of large-scale construction projects, such as renewable energy installations, drilling platforms, chemical plants, and dams, have miserably poor results: billions of dollars in overruns, long delays in design and construction, and poor operability of plants once finally completed. In Industrial Megaprojects, author, founder, and CEO of the world's leading evaluator of billion-dollar "megaprojects" Edward Merrow delivers an accessible and authoritative discussion of why these problems occur and how to prevent and solve them, giving readers all the tools they need to ensure their project management practices lead to success. This Second Edition of the bestselling book on megaprojects includes extensive new material on renewable energy and decarbonization projects and explains the underlying causes of incompetently executed megaprojects, including poor project management, destructive team behaviors, weak accountability systems, an almost pathological focus on the short-term, and unwillingness to invest in deep technical expertise. Readers will learn about Merrow's Sorry Seven: seven critical mistakes, often masked with the bravado of "taking daring risks," that he has seen most often in his 30 years of studying and consulting on these massive-in-scale projects. Most importantly, readers will learn how to avoid or address these pitfalls in the real world, with detailed insight on contracting for the engineering and construction services that will be essential to executing the megaproject, the control of risk in execution, the three streams of work that must be completed and synchronized successfully by the sponsoring companies to produce a successful project, and many other need-to-know topics. An essential resource for engineers, industry professionals, and executives, the Second Edition of Industrial Megaprojects remains the gold standard on the subject. It also belongs in the libraries of finance and banking professionals who regularly fund these projects and seek to better understand them.