A capital construction mega-project is defined as a project which has a completed cost of at least 1 billion dollars (US). Other characteristics of mega-projects may include:
* A multinational project execution team
* A long term project time
* Multiple consultants and contractors, some linked in consortium arrangements
* Multple stakeholders and investors

The focus of this presentation is on the governance and enterprise risks for civil projects from the perspective of governments, private corporations and the Senior Executive levels of these organizations. Successful achievement of mega-project goals is difficult in a stable economic environment; however, in an unstable economic environment such as that encompassing the world in the last 2 years successful achievement of mega-projects goals becomes even more difficult and unlikely. Over the last 24 months a growing number of mega-projects have had to deal with the impacts of the global economic crisis. Depending on the stage of development at which a mega-project rests, the issues of greatest concern appear to be:
*Securing financing and investment for a mega-project
*Managing enterprise risk in an unstable economic environment
*Mega-project planning and execution risk profile changes due to an unstable economic environment
*Strategic execution adjustments
*Project life cycle changes resulting from unstable economic environment

This is the fifth presentation in the CECAR series by the authors, updating the current practical issues in project risk management.