Megaprojects and Risk: Anatomy of Failure

The study analyses systematic weaknesses in megaproject management in Bulgaria through a qualitative comparative approach and in-depth case analysis. Based on three emblematic projects - Hemus Highway, Sofia Metro, and Belene NPP - recurring management deficits such as institutional fragmentation, political instability, lack of transparency and inadequate risk management are identified. The theoretical framework builds on concepts such as planning optimism, institutional governance and risk management. The study offers comparative analysis with European best practices and outlines structured recommendations for improvement. The findings contribute to enriching theoretical literature on megaprojects in the context of transition economies and provide a basis for future empirical research and institutional reforms.