"medium-sized town may be considered "mega," whereas this would not necessarily be the casefor a similar-sized project in a major world city."Mega" also implies the size of the task involved in developing, planning, and managing projectsof this magnitude. The risks are substantial. Cost overruns of 50% are common, overruns of100% not uncommon. Similarly, substantial benefit shortfalls trouble many megaprojects.Finally, regional development effects and environmental impacts often turn out very differentlyfrom what proponents promised. Cost overruns combined with benefit shortfalls spell trouble.But an interesting paradox exists for megaprojects: More and bigger megaprojects are beingplanned and built despite their poor performance record in terms of costs and benefits.Bent Flyvbjerg's research on megaprojects identifies this "megaprojects paradox" and examinesits causes and possible cures. His focus is on cost overruns in megaprojects, benefit shortfalls,regional and economic growth effects, environmental impacts and risks, forecasting, optimismbias, strategic misrepresentation, risk assessment and management, accountability, democracy,and new governance structures for megaprojects in city and regional development.Describe the Concept of Globalization in the Construction Industry and it’spro and cons.Ans. 4. "Globalization refers primarily to the ways in which economic and industrial institutions(such as industries or corporations) interact in various locations throughout the world, withprimacy given to no specific geographic location".Pros: Globalization has implications for different fields, in addition to the economic field, includingsociety, culture and customs. ? Globalization has added international and global awareness to issues like economy,culture, politics, human rights, the workers‘ rights, the environment, informationtechnology and telecommunications and has encouraged local and economicdevelopment.?Globalization has marked influence on information and communication technologies,which led to free trade and better market economies that are capable of attracting newinvestments and have resulted in creating jobs, improving productivity, reducing thenumber of people living in poverty, and led to general economic growth. ? Rodrik (1997) noted facilitating trade and investments worldwide as an advantage forglobalisation. ? Globalisation leads to economic growth, which improves living 36 standards (Lukas,2000). ? It results in competition and progress in world trade, and therefore often reduces theprices of goods and services worldwide. Cons:? Kluver (2000) cited the December, 1999 riots at the World Trade Organization (WTO) asan example of those who oppose globalisation; he added that globalisation hasempowered international terrorism and hackers to attack others. ? Globalisation creates arguments within and between nations with regard to customs andother social aspects (Ngowi and Lema, 2002).? The United Nations Development Project (UNDP, 1999) viewed globalisation as a sourceof broadening the gap between the wealthy and deprived countries (Kluver, 2000).?Globalisation and informatisation cause contradictions between global and localeconomies. ? Ahmad (2001) advised to deal with globalisation carefully as it could have negativeimpacts on local economy as well as opposition to cultural aspects. ? Globalisation has affected labour markets (Khan, 2004). Globalisation of labour islimited; while there is a global skilled labour market, the medium-skilled and unskilledlabour markets are restricted within national boundaries (Vandenbroucke, 1998). What are Ethical and Unethical Behaviours in Construction Industry?Ans. 5 Ethics is a branch of moral philosophy that involves the principles of guiding andrecommending behaviours and conduct. Ethical BehaviorIn a business, and construction, regard, ethics has developed both at a professional andorganisational level. Professionals such as lawyers, engineers and surveyors have ethical codes touphold as befits their profession, as do organisations. Ethical behaviour is often measured by thedegree of trustworthiness and integrity with which companies conduct business.Ethics are a key facet of a companies‘ corporate social responsibility (CSR) which they mustendeavour to fulfill. In 2003, the Society for Construction Law considered the question of ethics in the constructionindustry. They published a report which highlighted that organisations should comply with thefollowing ethical principles:? Honesty: Acting honestly and avoiding conduct likely to result, directly or indirectly, in thedeception of others.? Fairness: Not seeking to obtain a benefit which arises directly or indirectly from the unfairtreatment of others.? Fair reward: Avoidance of acts likely to deprive another party of a fair reward for work.? Reliability: Only provide services and skills within areas of competence.? Integrity: Regard for the public interest.? Objectivity: Identify potential conflicts of interest and disclose this to the party who would beadversely affected by it.? Accountability: Provide appropriate information so effective action can be taken wherenecessary. Unethical Behavior It is worldwide recognized that corruption constitutes an unethical behavior. In the constructionindustry, corruption is the most common issue affecting this industry, whether occurring withindepartments on a firm, between firms and between firms and governments.Corruption is considered by many as a synonym of =bribery‘. However, corruption takes manyforms and it may be interpreted in a broader sense not only including bribery, but also extortion,fraud, =cartels‘, abuse of power and money laundering as described by the =Global InfrastructureAnti-Corruption Centre‘: "