Preparing well before entering a contract is always vital, independent of the characteristics of the project and type of contract. However, as projects become larger and more complex, and value for stakeholders and society becomes the dominating perspective on success, the need for well-developed collaboration is becoming more and more critical. In this paper, we investigate how the parties should prepare for a collaborative project. The purpose is to help owners secure the success of the project for its key stakeholders. We choose to address the issues as an active risk mitigation strategy that serves as a vehicle to reduce uncertainty, avoid unnecessary risks, and utilize opportunities as a project owner. We look at the project mainly through a project owner perspective, but on key points, we contrast this with contractor perspectives. The research was performed in Australia in 2020 and includes public and private sector investment projects. The methodology is qualitative case studies and includes primarily in-depth interviews supplemented with document studies and two workshop group discussions. The paper highlights the difference between being collaborative in a contract and using a collaborative contract. The results document significant differences in preparations depending on the degree of complexity of the projects. One major difference is illustrated in the different levels of precision in terms and definitions used in communication. Complex projects require freedom of interpretation only gained by allowing wide and less precise expressions.

In this article, we consider a variety of different mechanisms through which crises such as COVID-19 can propagate from the micro-economic behaviour of individual agents through to an economy’s aggregate dynamics and subsequently spill over into the global economy. Our central theme is one of changes in the behaviour of heterogeneous agents, agents who differ in terms of some measure of size, wealth, connectivity, or behaviour, in different parts of an economy. These are illustrated through a variety of case studies, from individuals and households with budgetary constraints, to financial markets, to companies composed of thousands of small projects, to companies that implement single multi-billion dollar projects. In each case, we emphasise the role of data or theoretical models and place them in the context of measuring their inter-connectivity and emergent dynamics. Some of these are simple models that need to be ‘dressed’ in socio-economic data to be used for policy-making, and we give an example of how to do this with housing markets, while others are more similar to archaeological evidence; they provide hints about the bigger picture but have yet to be unified with other results. The result is only an outline of what is possible but it shows that we are drawing closer to an integrated set of concepts, principles, and models. In the final section, we emphasise the potential as well as the limitations and what the future of these methods hold for economics.

Purpose: Current literature acknowledges the growth of careers in project management. The purpose of this paper is to provide a better understanding of the characteristics of those who choose and continue in project-based careers. Design/methodology/approach: Using social cognitive career theory as the lens to explore project management career journeys, 74 project practitioners were interviewed from across three broad industry sectors. A qualitative research approach was utilized and Atlas.ti was used to analyze and categorize the interview data collected. Findings: Those who choose to continue in project-based roles demonstrate high levels of self-efficacy and coping efficacy and see uncertainty as opportunity. They value challenge, flexibility and variety and take responsibility for their own career progression. Desire for employment security may vary according to personal circumstance. These findings are of value to employers in guiding selection and retention of people for project roles. Research limitations/implications: This is a qualitative and exploratory study covering only three industry sectors and results are not generalizable. SCCT was found useful as a lens for understanding the nature of project-based careers. Practical implications: Findings of this research provide valuable guidance for employers and HR practitioners in project-based organizations. For practitioners the study provides a useful framework for reflecting upon their own careers in projects. Social implications: The nature of careers is changing. Project-based careers are indicative of this change. This study therefore provides insight into an evolving phenomenon. Originality/value: This study expands our understanding of careers in projects, going beyond technical skill development to gain a deeper understanding of personal attributes that contribute to selection into and retention in project-based careers.