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Megaproject Planning and Management: Essential Readings contains the seminal articles from the growing body of research on megaproject planning and management along with an original introduction by the editor, Bent Flyvbjerg. The leading... more
Megaproject Planning and Management: Essential Readings contains the seminal articles from the growing body of research on megaproject planning and management along with an original introduction by the editor, Bent Flyvbjerg. The leading and most cited authority in the field, Flyvbjerg has used crowdsourcing and 25 years of experience to cherry-pick from several hundred articles and books the writings that define the field. This volume will be an indispensable source for those wishing to speak with authority about how megaprojects are prepared, delivered, and fought over. The target audience is students, academics, practitioners, and media pundits alike, as well as communities affected by megaprojects.
More Info: Forthcoming.
Publisher: Cheltenham, UK and Northampton, MA, USA: Edward Elgar
Research Interests:
Supply Chain, Marketing, Science and technology studies, Urban Sociology, Chemical Engineering, and 891 moreGlobalization, Critical Pedagogy, Corporate Governance, Data Mining, Administração, Aerospace Engineering, Business Management, Finance, Social Sciences, Interdisciplinary Studies, Standardization, Marketing Research, Agricultural Economics, Business Administration, Administracion, Political Science and public administration, Airport Development, Airports, Mega Events As Catalysts For Regeneration, Media Sociology, Media theory and Research, Alternative Dispute Resolution, Alternative forms of management and organization, Alternative Economies, Critical Thinking, Critical Discourse Studies, Critical and Cultural Theory, Critical Realism, Critical Media Studies, Critical Management Studies, Anthropology, Applied Philosophy, Applied Anthropology, Applied Economics, Applied Research, Landscape Architecture, Architectural History, Architectural Theory, Modern Architecture, Architectural Education, Design Theory, Design education, Design Methods, Research Design, Asset Pricing, Asset and Facility Management, Asset Management, Civil Infrastructure Asset Management, Real estate investment, Investment Portfolio Management, Investing, Investment analysis and valuation, Accounting and Auditing, Behavioural Economics, Behavioral Sciences, Behavioral Economics, Political Behavior, Behavioural Science, Behavioral Decision Making, Big Data Analytics, Big History, Major Programme Management, Large scale systems, Mega Sport Events, Community As Stakeholder Within Mega Event Planning, Decision making about very large scale investment projects (“mega-projects”), Mega Events, Megastructures (Architectural History), Megastructures, Software Architecture, Judgement and Decision Making (JDM), Socio-legal studies, Sports Management, Communication, Communication Theory, Culture and Communication, Quantitative methodology, Mixed Methods Research, NGOs (Anthropology), Political ecology, NGOs, sustainable development, biodiversity, agroecology, amazonia, brazil, global change, environmental actors, protect areas, nature conservation., Organizational Change, Organizational Culture, Organizational Communication, International organizations, Organization Studies, Community Engagement & Participation, Community participation and engagement, Participatory Design, Political Participation, Public Participation In Governance, Policy Analysis/Policy Studies, Political Identity, Political Culture, Pubblic Communication. 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Pore pressure within the core of the embankment dams play a decisive role in performance of the earth dams. Although it may be high during the construction stage of the dam, it will be dissipated to a reasonable level as the... more
Pore pressure within the core of the embankment dams play a decisive role in performance of the earth dams. Although it may be high during the construction stage of the dam, it will be dissipated to a reasonable level as the consolidation process of the core is progressing in the long term. However, if these dams experience heavy earthquakes in short time, the rapid increase of the pore pressure may put the dam at risk in some critical conditions. In this paper the Excess pore pressure development of the Karkheh large embankment dam during the earthquake loading has been investigated. The Karkheh Dam is the largest storage dam in Iran that has been recently constructed in the south-west of the country. This is an earth dam by a mixed clay core. The length of the dam crest is 3030 m and its maximum height at the river section is 127 m. In the analyses carried out in this study, the FLAC-2D was used. To prepare the initial requirements for doing the dynamic analyses, the dam was modeled from the beginning of the construction. Different construction stages and also the impounding stages of the dam were modeled by 32 stages from the beginning of the dam construction up to Dec.2004. After application of the selected accelerogram to the model and doing the dynamic analysis, considerable changes happen both in values and in the pattern of the pore pressure developments. The results of the dynamic analyses revealed that the value of the developed pore pressure at the mid. Levels of the core increases and its distribution pattern changes during an earthquake.
Publication Date: Oct 12, 2008
Publication Name: The 14 World Conference on Earthquake Engineering
Research Interests:
Publication Date: Jan 1, 2004
Publication Name: … discourses. Vanderbijlpark, South Africa: North-West …
Research Interests:
Publisher: swepub.kb.se
Publication Date: Jan 1, 2007
Research Interests:
This article presents results from the first statistically significant study of cost escalation in transportation infrastructure projects. Based on a sample of 258 transportation infrastructure projects worth US$90 billion and... more
This article presents results from the first statistically significant study of cost escalation in transportation infrastructure projects. Based on a sample of 258 transportation infrastructure projects worth US$90 billion and representing different project types, geographical regions, and historical periods, it is found with overwhelming statistical significance that the cost estimates used to decide whether such projects should be built are highly and systematically misleading. Underestimation cannot be explained by error and is best explained by strategic misrepresentation, that is, lying. The policy implications are clear: legislators, administrators, investors, media representatives, and members of the public who value honest numbers should not trust cost estimates and cost-benefit analyses produced by project promoters and their analysts.
Location: DOI: 10.1080/01944360208976269
More Info: Co-authored with Mette K. Skamris Holm and Søren L. Buhl. Listed as "Most Cited" article on the journal's home page.
Publication Date: Jun 2002
Publication Name: Journal of the American Planning Association, vol. 68, no. 3, pp. 279-295
Research Interests:
Urban Studies, Ergonomics, Rural Development, Ethics, Political Philosophy, and 961 moreFinance, Architecture, Mobile Technology, Public Health, Social Media, Mass Communication, International Relations, Cities, Banking, Social History, Urban Design, Health Policy, Urban Development, Information Management, Technology Management, Artificial Intelligence, International Business, Organizational Behavior, Environmental Economics, Technology, Simulation, Violence, Diplomacy, Social Movements, Spatial planning, Development Studies, Comparative Law, Business and Management, Globalization, Petroleum Engineering, Biochemical Engineering, Game Theory, Investing, Auditing, Patrimonio Cultural, Chinese Studies, Antropología, Science and technology studies, Energy, New Media, Geography, Applied Ethics, International Development, Cultural Sociology, Geografia, Contract Law, Cultura, Water quality, Control Systems, Environment, Design, Google, Computer Science, Security, Urbanism, Political Science, Information Systems, Social Justice, Multiculturalism, Information Technology, Economics, Geographic Information Systems (GIS), Furniture, Housing, Assessment, Corporate Law, Media and Cultural Studies, Public Management, Sustainable Development, Critical Pedagogy, Public Finance, Marketing, Democracy, Supply Chain, Market Research, Media Studies, Green architecture, Strategic Management, Engineering, Change Management, Leadership, Knowledge Management, Landscape, Corporate Finance, Social Policy, Wastewater Treatment, Critical Theory, Educación, Business, Accounting, Facebook, Political, Development Economics, Standardization, Comparative Politics, Planning, Development, Renewable Energy, Computer Architecture, Entrepreneurship, Historia, Media, Management, Innovation, Hydrogeology, Environmental History, Water resources, Product Design, Entreprenuership, Human Geography, Business Management, Logistics, Design Methodology, Economia, Online Journalism, Political Economy, Ethnography, Big Data, Human Rights, Ciencia, Real Estate, Sustainability, Organizational Communication, Management of Innovation, Urban Geography, Language Teaching, Governance, Energy Engineering, Financial Accounting, Numerical Analysis, Geology, Urban Planning, Spatial Analysis, Cultural Studies, Sociology, Economic Growth, Wind Power, Social Capital, Energy Policy, Journalism, Space, Corporate Governance, Law, Aerospace, Nationalism, Sustainable Architecture, Time Use, Peace, Digital Media, UAV and Aircraft control, Digital Marketing, International Economics, Operating Systems, Financial management, Supply Chain Management, Agricultural Economics, Public Policy, Filosofía, Disaster risk reduction, Economía, Gender, Stakeholders, Investments, Power and Knowledge, Economic History, Development communication, Critical Discourse Analysis, Project Management, Wind Energy, Corruption, Urban Morphology, Economic Development, Qualitative Research, Urban Culture, Bureaucracy, Town and Regional planning, International Political Economy, International Studies, Community Development, Conflict, Industrial Design, Sociology of Culture, Public Affairs, Systems Thinking, Water Resources Management, Mechanical Engineering, Industrial Automation, Environmental Science, Money and Banking, Certification, Technology innovation, Africa, Spatial cognition, Urban Transport, Conflict and Conflict Resolution, Tecnologia, Chemical Engineering, Capital Market, Risk Management, Urban Economics, Rebuilding Cities, Quality Assurance, Knowledgement Management, Design Research, Critical Thinking, Inter-civilization contact and conflict, Islam (Philosophy and History, critical issues, renaissance, principles of jurisprudence), Comparative Linguistics, Water governance and management in Central Asia, History, Mega Projects Financing, Mega Projects Governance, Rationality, Public Law, Geotechnical Enginnering, Sports Mega Events, Thermal Power Plants, Quantiative Economics, Hydrology, Environmental Criminology, Youtube, Virtual Revolution, Iphones, Paywalls, Digital Story Telling, Political Economy and History, Public Administration and Policy, Computational Mathematics, Optimization Technology, Integration Technology of Automation Systems, Dynamic Systems and Control, System Modeling and Simulation, Information Technology and System Integration, Financial Derivatives, Asset and investment valuation, Minority Rights, Ethnicity, Freedom, Media Impact and Effects and Usages, Social Communication, Media Research, Alternate Media, Media Education, Media Literacy, International Trade, Organizational Development, International & Intercultural Communication/Marketing, Business & Ethics, Transition Economies, Marketing Research, Technological change, Mediacion, Multiculturalidad, Interculturalidad, Sts, Cybernetics, Political Geography, Creative Industries, Ecological Economics, Business Administration, Administration, Administração, Administracion, Political Science and public administration, Airport Development, Airports, Aviation, Mega Events As Catalysts For Regeneration, Mega Event Planning, Media Sociology, Media theory and Research, Alternative Energy, Alternative Dispute Resolution, Alternative forms of management and organization, Alternative Economies, Critical Discourse Studies, Critical and Cultural Theory, Critical Realism, Critical Media Studies, Critical Management Studies, Anthropology, Applied Statistics, Applied Econometrics, Applied Philosophy, Applied Anthropology, Applied Economics, Applied Behavior Analysis, Applied Research, Landscape Architecture, Architectural History, Architectural Theory, Modern Architecture, Architectural Education, Design Theory, Design education, Design Methods, Design thinking, Research Design, Asset Pricing, Asset and Facility Management, Information System, Judgement and Decision Making (JDM), Knowledge and Power, International Law, Socio-legal studies, Tourism Management, Management Accounting, Sports Management, Communication, Communication Theory, Communication Studies, Culture and Communication, Research Methods and Methodology, Qualitative Methods, Qualitative Research Methods, Social Research Methods and Methodology, Quantitative methodology, Mixed Methods, Mixed Methods Research, NGO, NGOs (Anthropology), Political ecology, NGOs, sustainable development, biodiversity, agroecology, amazonia, brazil, global change, environmental actors, protect areas, nature conservation., Organisational Change, Organisational Development, Organizational Change, Organizational Culture, International organizations, Organization Studies, Organizational Leadership, Community Engagement & Participation, Community participation and engagement, Participatory Design, Political Participation, Public Participation In Governance, Participatory Culture, Policy Analysis/Policy Studies, Political Anthropology, Political Identity, Political Culture, Pubblic Communication. Political Communication, Geopolitics, Language and Power, Power (social), Power Systems, Program Evaluation, Program Evaluation (Research Methodology), Program Analysis, Project, Programme, Portofolio Management, Agile Project Management, Project Management (in Business Process Improvement, Project Finance, Lean Project Delivery, Global Project Management, Global Governance, Megacities, Large-scale structure, Public Budgeting, Built Environment, Innovation In Built Environment, Business Intelligence, Information Systems (Business Informatics), Business Economics, Case Study Research, Regulation, Consumer Behavior, ICT, Public Administration, Local Government, Philosophy, Managing Change, Ports, Packaging, 3d Modeling, Prototyping, Materials Technology (Wood Derivatives), Proyectos De Responsabilidad Social, Proyectos Y Politicas De Inclusion Social, Modernización del Estado, Administracion Publica, Politicas Publicas, Ciencias Policas, Governance Reforms, Interest groups in EU, Policy formulation, Nonprofit Organizations, Maritime, Canals, Highway, Rail, Land Use, State Owned Enterprises, CEO and Controls, Boards Structures, Ownership, Performances, Mixed Methods Research Process, Meta Auditing, Computerised Auditing, Public and private sector in India, Formal Models, Political Agency, Private law, Retaining Wall, Foundation, Tunnels, Soil Mechanivs, Political Economy of Sport, Security and Surveillance, Large Scale Urban Interventions, Philosophy of Urban and Regional Planning, Democracy and the City, Urban design and planning, Map Generalization, Complex network, Strategic Consultancy, Project Advisory, Banking and Finance law, Competition Law, Human Health and Factors and Travel Modes, Landscaping and Bioscience Solutions As Part of Infrastructure, Ecology and Sustainability of Transportation Corridors, Transportation Corridors, Community Development and Public Involvement, Global Compact Initiative and Its Social Impact, Leadership and Ethics, Public-Private Partnerships, Strategic CSR, Party System, National government, Good Governance, Disaster Culture, Participatory Decision Making, Community Resilience, Greenhouse Effect, Corporate Sustainability, Institutional Sustainability, Social Aspects of Sustainability, Waste, Materials and Consumption, Sustainability of the Built Environment, Sustainable Water & Sanitation, Postcolonial Theory, Climate Politics, Global (North/South) Environmental Politics, Critical Geopolitics, Critical Development Studies, Environmental Justice, Political Ecology, Organization and Strategy, Educational Research, Agile software development, Enterprise Information Systems, IS Project Management, Information Systems Development And Management, Biofuels, Technology for Community Development, Place Marketing, Poverty Studies, Arte contemporáneo, Humanidades, Sociología, Política, Landscape Planning, Computer Aided Design, Electrical Power Distribution, Signal and Image Processing, Laser Communication Networks, Optic-Photonic Communication Networks, Communication Networks, Distributed generation & energy storage systems, Biomass Processing, Bioproducts, Bioprocessing, Bioenergy, Water Treatment, Case Study, Creative City, City and Suburban Integration, City planning, Civil and Structural Engineering, Civil Society, Civic Engagement, Comparative Political Economy, Construction Management, Construction Project Management, Construction Technology, Construction Economics, Social Constructionism/ Constructivism, Constructivism, Sustainable Construction, Contemporary History, Cost-Benefit Analysis, Cost Accounting, business Strategic planning, balanced scorecard, performace measurement, risk management and organisational cost management and control, COST ESTIMATION IN PROJECT MANAGEMENT, Cost Management, Cultural Theory, Cultural History, Cultural Anthropology, Cultural Geography, Cultural Heritage Management, Cultural Politics, Cross-Cultural Studies, Lying, Deception, Truthfulness, Decision Making, Policy Analysis and Decision Making, Decision Support Systems, Judgment and decision making, Decision Sciences, Decision Making Analysis and Modeling, Decision-Making, Judgment and Decision Making (Judgment And Decision Making), Multi Criteria Decision Making, Decision Theory, Decision Making Processes, Decision Analysis, Public Deliberation, Public Sphere, Civil Society, Deliberation and Journalism Studies, Democratic Theory, Deliberative Democracy, Media and Democracy, New Models Of Participatory And Direct Democracy, Democracy and Citizenship Education, Urbanization in Developing Areas, Social Development in developing countries, Public Economics, Experimental Economics, Software Engineering, Electrical Engineering, Computer Engineering, Environmental Engineering, Structural Engineering, Electronic Engineering, Geotechnical Engineering, Geotechnical Engineering, Materials Engineering, Earthquake Engineering, Strategic Procurement, M&A, M&As, alliances, international strategy, Pipeline, Ports and Harbours, Ports and Shipping, Aerospace structural design, Aerospace Management, Aerospace Engineering and Control System Engineering, Aeronautics and Aerospace Managment, Aeronautical Engineering, Aerospace Engineering, Aircraft Design, Public Space, Anthropology of space, Space Sciences, Phenomenology of Space and Place, Theory of Space, Environmental Studies, Energy and Environment, Solar Energy, Renewable energy resources, Environmental Law, Environmental Management, Environmental Planning and Design, Environmental Anthropology, Business Ethics, Ethnology, Feasibility Study and Economic Study, Feasibility Study, Banking and Finance, Financial Economics, Behavioral Finance, International Finance, Financial Engineering, Phronesis, Flyvbjerg, Forecasting and Prediction Tools, Forecasting and Foresight, Predictive Analytics, Economic Geography, Historical Geography, Environmental Geography, Political Geography and Geopolitics, Critical Geography, 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During World War I, the US Congress made it unlawful to speak against the war. The executive prosecuted many for doing so and when tried at the Supreme Court it upheld the sentences. During the Iraq War it was not a crime to speak against... more
During World War I, the US Congress made it unlawful to speak against the war. The executive prosecuted many for doing so and when tried at the Supreme Court it upheld the sentences. During the Iraq War it was not a crime to speak against the war, but it was almost impossible to be heard if you had anything critical to say. Mass media practiced a self-imposed censorship. The op-ed below was written a few days after the invasion of Iraq and sent to main media in the US, but none wanted to print it on the grounds that critique of the war was considered untimely.
More Info: Op-Ed/Comment
Publication Date: Apr 2003
Publication Name: Unpublished paper from Oxford: Oxford University
Research Interests:
Ergonomics, Urban Ecology, Mobile Technology, Development, International Relations, and 961 moreUrban Studies, City and Regional Planning, Geopolitics, Language Teaching, Educación, Economic Development, Facebook, Private law, Public Health, Urban Development, Cultural Anthropology, Financial management, Artificial Intelligence, Health Informatics, International Business, Environmental Economics, Human Rights, Embedded Systems, Simulation, Economia, Violence, Diplomacy, Historia, Space, Chemical Engineering, Spatial planning, Development Studies, Green Building, Business and Management, Strategy, Postcolonial Theory, Land Use, Project Management, Tecnologia, Africa, Systems Thinking, Law, Patrimonio Cultural, Economic History, Antropología, Science and technology studies, Applied Ethics, International Development, Cultura, Water quality, Control Systems, Strategic Management, Disaster Management, Leadership, Google, Computer Science, Wastewater Treatment, Finance, Business, Information 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Dan Lovallo and Daniel Kahneman must be commended for their clear identification of causes and cures to the planning fallacy in “Delusions of Success: How Optimism Undermines Executives’ Decisions” (July 2003). Their look at overoptimism,... more
Dan Lovallo and Daniel Kahneman must be commended for their clear identification of causes and cures to the planning fallacy in “Delusions of Success: How Optimism Undermines Executives’ Decisions” (July 2003). Their look at overoptimism, anchoring, competitor neglect, and the outside view in forecasting is highly useful to executives and forecasters. However, Lovallo and Kahneman underrate one source of bias in forecasting—the deliberate “cooking” of forecasts to get ventures started. My colleagues and I call this the Machiavelli factor.
Publication Date: Dec 2003
Publication Name: Harvard Business Review, vol. 81, no. 12, pp. 121-122
Research Interests:
Social Movements, Ergonomics, Marketing, Finance, Software Development, and 961 moreLeadership, Africa, Logistics, Space, Risk Management, Historical Geography, Geopolitics, Language Teaching, Architecture, Economic Development, Innovation, Economy, Urban Design, Private law, Health Policy, Cultural Anthropology, Industrial Engineering, Technology Management, Artificial Intelligence, Design Research, Accounting, Embedded Systems, Violence, Historia, Political Geography and Geopolitics, Design Theory, Political Geography, Economics, Mechanical Engineering, Consumer Behavior, Globalization, Nationalism, Land Use, Biochemical Engineering, Business Administration, Game Theory, Investing, Communication Studies, Auditing, Patrimonio Cultural, Chinese Studies, Cities, Economic History, Antropología, Science and technology studies, Cultural Sociology, International Finance, Maritime, Contract Law, Cultura, Water quality, Control Systems, Google, Urbanism, Wastewater Treatment, Information Systems, Social Justice, Ciencia, Multiculturalism, Design, Banking, Organisational Development, Organizational Behavior, Geographic Information Systems (GIS), Business, Management, Social Media, Engineering, Media and Cultural Studies, Constructivism, Computer Science, Public Management, Corruption, Geotechnical Engineering, Critical Pedagogy, Civil Engineering, Digital Marketing, Market Research, Development Economics, Government, Media, Built Environment, Change Management, War Studies, Knowledge Management, International Law, Decision Making, Cultural History, Technology, Creative Industries, Tecnologia, World Literature, Asian Studies, Facebook, Computer Architecture, Comparative Politics, Urban Politics, Peace, Environment, Green architecture, Global Governance, Digital Media, Health Sciences, Mining, Political Sociology, Comparative Law, Entrepreneurship, Strategic Management, Environmental Economics, Environmental History, Social History, Mass Communication, Cultural Studies, Rural Development, Cost Accounting, Governance, Administracion, Corporate Governance, Democratization, Environmental Science, Town planning, Environmental Management, Numerical Analysis, Big Data, Computer Aided Design, Political Science, Transportation Engineering, Applied Ethics, Sustainability, Law, Renewable Energy, Organizational Communication, Urban Planning, Power System, Energy Engineering, Financial Accounting, Public Administration, Chemical Engineering, Spatial Analysis, Urban Morphology, Civil Society, Geology, Journalism, Educación, Supply Chain, Communication, Time Use, Landscape Architecture, Social Capital, Corporate Finance, Business Management, Impact Evaluation, International Political Economy, Urban Economics, Business Intelligence, Geography, International Economics, ICT, Product Design, Landscape, Agricultural Economics, Ethics, Environmental Ethics, Landscape Planning, Social Theory, Alternative Energy, Mobile Technology, Urban Development, Critical Discourse 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Results from the first statistically significant study of the causes of cost escalation in transport infrastructure projects are presented. The study is based on a sample of 258 rail, bridge, tunnel and road projects worth US$90 billion.... more
Results from the first statistically significant study of the causes of cost escalation in transport infrastructure projects are presented. The study is based on a sample of 258 rail, bridge, tunnel and road projects worth US$90 billion. The focus is on the dependence of cost escalation on: (1) the length of the project‐implementation phase, (2) the size of the project and (3) the type of project ownership. First, it was found, with very high statistical significance, that cost escalation was strongly dependent on the length of the implementation phase. The policy implications are clear: decision‐makers and planners should be highly concerned about delays and long implementation phases because they translate into risks of substantial cost escalations. Second, projects have grown larger over time, and for bridges and tunnels larger projects have larger percentage cost escalations. Finally, by comparing the cost escalation for three types of project ownership - private, state‐owned enterprise and other public ownership - it was shown that the oft‐seen claim that public ownership is problematic and private ownership effective in curbing cost escalation is an oversimplification. The type of accountability appears to matter more to cost escalation than type of ownership.
Location: DOI: 10.1080/0144164032000080494a
More Info: Co-authored with Mette K. Skamris Holm and Søren L. Buhl
Publication Date: Jan 2004
Publication Name: Transport Reviews, vol. 24, no. 1, pp. 3-18
Research Interests:
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Management, Construction Cost Management, Procurement studies, Estimating, Tendering and Estimating, Mergers & Acquisitions, Mergers and Acquisitions, Mergers and acquisitions (Business), Shipping, Shipping Management, Shipping Finance, Shipping Economics, Front-End Development, Stakeholders, Stakeholder Relationships & Issues Management, Stakeholder Theory, Strategy, business value creation and stakeholder relationships, Stakeholder Analysis, Design Innovation, Economics of Innovation, UAV and Aircraft control, Public Space, Anthropology of space, Space Sciences, Phenomenology of Space and Place, Theory of Space, Energy and Environment, Wind Energy, Energy Policy, Renewable energy resources, Energy Engineering, Container Shipping, Container Terminal, Cognitive Bias, Heuristics, Philosophy of Agency, Agency Theory, Agency Problem (Corporate Governance), Principal Agent Theory, Social Networking, Social Entrepreneurship, Social Geography, Social Activism, Law and Society, Civil Society 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Sociologyedit
The Supplementary Green Book Guidance on Optimism Bias (HM Treasury 2003) with reference to the Review of Large Public Procurement in the UK (Mott MacDonald 2002) notes that there is a demonstrated, systematic, tendency for project... more
The Supplementary Green Book Guidance on Optimism Bias (HM Treasury 2003) with reference to the Review of Large Public Procurement in the UK (Mott MacDonald 2002) notes that there is a demonstrated, systematic, tendency for project appraisers to be overly optimistic and that to redress this tendency appraisers should make explicit, empirically based adjustments to the estimates of a project’s costs, benefits, and duration. HM Treasury recommends that these adjustments be based on data from past projects or similar projects elsewhere, and adjusted for the unique characteristics of the project in hand. In the absence of a more specific evidence base, HM Treasury has encouraged departments to collect data to inform future estimates of optimism, and in the meantime use the best available data. In response to this, the Department for Transport (henceforth DfT), has contracted Bent Flyvbjerg in association with COWI to undertake the consultancy assignment "Procedures for dealing with Optimism Bias in Transport Planning". The present Guidance Document is the result of this assignment.
More Info: Co-authored with Carsten Glenting and Arne Kvist Rønnest
Publication Date: Jun 2004
Publication Name: London: The British Department for Transport, Guidance Document
Research Interests:
Social Movements, Urban Ecology, Finance, Computer Science, Africa, and 960 morePublic Policy, Political Economy, Logistics, Urban Studies, Banking, Historical Geography, Technology, Architecture, Economic Development, Historia, Social History, Research Methodology, Facebook, Private law, Public Health Policy, Industrial Engineering, Knowledge Management, Information Management, Project Management, Aerospace, Information Science, Urban Transport, Online Journalism, Diplomacy, Development Studies, Green Building, Energy and Environment, Information Technology, Consumer Behavior, Tecnologia, Entreprenuership, Business Administration, Game Theory, Aviation, Communication Studies, Law, Patrimonio Cultural, Cities, Market Research, Investing, Comparative Law, Contract Law, Artificial Intelligence, Control Systems, Geography, Information System, Environmental Engineering, Ethnography, Globalization, Architectural Theory, Multiculturalism, Design, Innovation, Organisational Development, Risk Management, Energy, Organizational Behavior, Geographic Information Systems (GIS), Marketing, Wind Power, Political Anthropology, Social Anthropology, Urban Design, Assessment, Media and Cultural Studies, Critical Theory, Strategy, Urbanism, Infrastructure, Corruption, Geotechnical Engineering, Science and technology studies, Social Media, Embedded Systems, Ethics, Government, Water, Organizational Culture, Social and Cultural Anthropology, Change Management, War Studies, Social Justice, Landscape, Management, Violence, Public Health, Nationalism, Financial Economics, Social Networks, Technology Management, Media Studies, Computer Architecture, Corporate Law, Comparative Politics, Geopolitics, Development, Financial management, Mechanical Engineering, Digital Media, Uncertainty, Planning, Chemical Engineering, Security, Social Theory, Political Sociology, Media, Econometrics, Hydrogeology, Water resources, Economic History, Mass Communication, ICT, Decision-Making, Human Rights, Business Management, Rural Development, Asian Studies, Stakeholders, Cost Accounting, Governance, Economia, Rail, Corporate Governance, Democratization, Political communication, Environmental Science, Politicas Publicas, Supply Chain, Urban History, Public Space, International Finance, Health Policy, Environmental Management, Defense, Public Management, Numerical Analysis, Electrical Engineering, Filosofía, Engineering, New Media, Political Ecology, Big Data, Real Estate, Sustainability, Design thinking, Cultural Anthropology, Behavioral Economics, Solar Energy, Energy Engineering, Wind Energy, Dams, Russian Studies, Environmental Sociology, Risk assessment, Geology, Public Administration, International Business, Quantitative Methods, Policy Analysis/Policy Studies, Spatial Analysis, Social Capital, Civil Society, Political Culture, Economics, Health Sciences, Action Research, Case Study, Banking and Finance, Sts, Space, Transportation, Business and Management, Educación, Design Methods, Entrepreneurship, Communication, Sustainable Architecture, Social Geography, Financial Derivatives, Critical Pedagogy, Impact Evaluation, Applied Ethics, Development Economics, Operating Systems, Product Design, Leadership, Economy, Supply Chain Management, Agricultural Economics, International Relations, Applied Statistics, Social Sciences, Conflict, Development communication, Critical Discourse Analysis, Environment, Urban Morphology, Strategic Management, Innovation Policy, Disaster Management, Language and Power, Business, Health Informatics, Financial Accounting, Power Systems, International Political Economy, Quality Control, International organizations, Journalism, Architectural History, Public Affairs, Disaster risk reduction, Systems Thinking, Land Use, Money and Banking, Urban Development, Human Geography, Organizational Leadership, Antropología, Accounting, Civil Engineering, Cultura, Industrial Economics, Administration, Public International Law, Water quality, 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Philosophy of Urban and Regional Planning, Democracy and the City, Spatial cognition, Urban design and planning, Map Generalization, Complex network, Strategic Consultancy, Project Advisory, Banking and Finance law, Competition Law, Human Health and Factors and Travel Modes, Landscaping and Bioscience Solutions As Part of Infrastructure, Ecology and Sustainability of Transportation Corridors, Transportation Corridors, Community Development and Public Involvement, Global Compact Initiative and Its Social Impact, Leadership and Ethics, Public-Private Partnerships, Strategic CSR, Mining, Quality Management, Water Resources Management, Party System, National government, Gender, Good Governance, Local Government, Disaster Culture, Participatory Decision Making, Community Resilience, Greenhouse Effect, Corporate Sustainability, Institutional Sustainability, Social Aspects of Sustainability, Waste, Materials and Consumption, Sustainability of the Built Environment, Sustainable Water & Sanitation, Thermal Power Plants, Postcolonial Theory, Climate Politics, Global (North/South) Environmental Politics, Critical Geopolitics, Critical Development Studies, Environmental Justice, Organization and Strategy, Educational Research, Quantiative Economics, Agile software development, Enterprise Information Systems, IS Project Management, Information Systems Development And Management, Hydrology, Management Information Systems, International Studies, Technology for Community Development, Place Marketing, Poverty Studies, Arte contemporáneo, Humanidades, Economía, Sociología, Política, Landscape Planning, Environmental Criminology, Electrical Power Distribution, Signal and Image Processing, Laser Communication Networks, Optic-Photonic Communication Networks, Communication Networks, Distributed generation & energy storage systems, Biomass Processing, Bioproducts, Bioprocessing, Biofuels, Bioenergy, Wastewater Treatment, Water Treatment, Biochemical Engineering, Virtual Revolution, 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Bridges, Highway & Bridge Engineering, Mesh Free methods, Design of Dams, DEsign of bridges, Deep excavation and urban tunnelling, Tunnel Engineering, Tunnelling, Tunneling, Underground Tunnel, Water and wastewater treatment, Integrated Water Resources Management, Water Engineering, Water Resources engineering, Hydrology, Hydraulics and Water Resources Engineering, Water quality, wastewater reuse, integrated water resources management, water resources pollution, emerging pollutants in water, soil and groundwater, Big Dams, Hydroelectric dams, Impact of dams on the Mekong River, Large Dams, Analysis and design of concrete dams (Gravity, RCC)., Procurement, Procurement Management, Public Procurement, Construction Project Management, Property Development, Project Management and Procurement, Construction Procurement, Urban Open Space Design, Debates on public space and public life, urban design theory, urban culture and history, Mining Engineering, Information Systems, Database Systems, Complex Systems Science, Dynamical Systems, Systems Theory, Systems Engineering, Control Systems Engineering, Mine Surveying; Open Pit and Underground mining systems; Mining Operation, Planning and Design Management; Rock Mechanics and Geotechnical Engineering; Petroleum well drilling, design and Reservoir Engineering, Underground Mining, Metropolitan Planning, Metropolitan Governance, Metro and Subway Systems, Constitional law, Administrative law, Criminal law, Criminal procedural law, Public administration, Public policy, Contract law, Construction law, Academic legal writing and research, Contract Theory, Construction Contract Management, Construction Contract Management and Dispute Resolution, Contract Law - Commercial, Partnership, Procurement/Purchase, Sales, PSA, SPA, O & M, IPR, Licence, PPP, EPC, Investment/Share Purchase/PE Agreement, Property, Construction, Employment, NDA, Non-compete Agreement, PPP, Financial Sociology,economics of Households,economic Psychology,new Institutional Economics,history of Economic Thought,globalization,civilization Development,economic Theory,households Savings,trust,public and Private Partnership,social Responsibility, PFI, PPP/PFI Contracts, Pfi ,facility Management and Risk Assesment in Pfi, Facility and Envronment Management, Public Finance Theory, Public Budgeting and Finance, Value Theory, Value Management, Construction Cost Management, Procurement studies, Estimating, Tendering and Estimating, Mergers & Acquisitions, Mergers and Acquisitions, Mergers and acquisitions (Business), Shipping, Shipping Management, Shipping Finance, Shipping Economics, Front-End Development, Stakeholder Relationships & Issues Management, Stakeholder Theory, Strategy, business value creation and stakeholder relationships, Stakeholder Analysis, Design Innovation, Management of Innovation, Economics of Innovation, Technological Innovation, Container Shipping, Container Terminal, Cognitive Bias, Optimism, Heuristics, Philosophy of Agency, Agency Theory, Agency Problem (Corporate Governance), Principal Agent Theory, Social Networking, Social Activism, European Studies, Law and Society, Civil Society and the Public Sphere, Technology and Society, Civil Society - NGOs, Governance and Civil Society, Sociology, Urban Sociology, Sociology of Culture, Sociology of Sport, Historical Sociology, Software Development, Geo-spatial analysis with GIS and GPS, Spatial Practices, Spatial Theory, Spatial Modeling, Spatial planning, Highway engineering, Highway and Transportation systems, Impact evaluation, causality and evaluation methodologies for public policies, programs, and development projects, Research, Monitoring, Evaluation and Impact Assessment Studies, Social Impact Assessment, Information Communication Technology, Infrastructure Planning, Rail Transport and Infrastructure, Transportation Infrastructure Systems, Critical Infrastructure Systems, Infrastructure Finance, Infrastructures (Architecture), Institutional Economics, Institutional Theory, New Institutional Economics, Institutions (Political Science), Institutional Change, Interdisciplinary Studies, Interdisciplinary research (Social Sciences), International Management, International Politics, Global Studies, Global cities, Global Civil Society, Architecture and public spaces (Architecture), Public Transport, Qualitative methodology, Quantity Surveying, QUANTITY SURVEYING AND CONSTRUCTION MANAGMENT, Cost Engineering, Railway Transport, Railway and Transportation History, Railway Engineering, Railways and trains, Railway transport (Engineering), Railway History--18th and early 19th Centuries, High-speed rail, Underground Railroad (History), Railway organisation and management, City and Regional Planning, Regional development, Regional and Local Governance, Risk communication, Sociology of Risk, Risk, Risk Management and Insurance, Transport Planning, Shipping/ Transport Logistics, Transport Economics, Transport Geography, Transport Logistics, Air 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Pipeline, Oil and Gas Management, Spatial econometrics, Space and Place, Strategic Planning, Strategic Studies, Strategic Human Resource Management, Defence and Strategic Studies, Strategy (Business), Strategy Planning, Strategy (Strategic Planning), Environmental Sustainability, Sustainable Building Design, Sustainable Urban Environments, Sustainable Water Resources Management, Sustainable Energy, Web Technologies, BIM-technology, Environmental Impact Assessment, Life Cycle Assessment, Risk Assessment & Risk Management, Technology Assessment, Environmenatl Impact Assessment, Financial Risk Management, Supply Chain Risk Management, Financial engineering,Quantative finance, finacial markets, risk management, intelligent systems, corporate finance, Risk Governance, Urban Transportation, Transportation Policy, Transportation Planning, Traffic Engineering, Traffic modelling, Urban Planning, Public Health, Land Use, Transportation, Social Equity, Urban Design (Architecture), Urban Geography, Urban Anthropology, Urban Regeneration, Urban Politics, Urban Design (Urban Studies), Urban Culture, Area Studies, Japanese Studies, Chinese Studies, Urban And Regional Planning, Town planning, Town and Regional planning, Decision And Game Theory, Olympics and Olympism, Summer Olympics and Urban Development, Epistemologies of Ignorance, Anthropology of Ignorance, Political Ignorance, Total Quality Management (TQM), Quality Assurance, TQM, and 6 Sigma, Statistical Quality Control, Delusions, Deception / Lying (Deception Lying), Executive Control, Executive Leadership, Global Leadership, Demand Analysis, Demand Side Management, Decision Making Under Uncertainty, Post Disaster Reconstruction, Reasoning about Uncertainty, Power System, Economic Anthropology, Creative Industries, Public Finance, Cultural Sociology, and Forecastingedit
More Info: Phan Trong Trinh, Hoang Quang Vinh, Nguyen Van Huong, Ngo Van Liem, nguy hiểm động đất, phân đoạn đứt gãy, địa chấn kiến tạo , đập lớn
Publication Name: Central European Journal of Geosciences, V 5 (2) 2013, p.223-235
Research Interests:
As megaprojects have become ubiquitous, their real benefits and costs have come under increased scrutiny. We interviewed Bent Flyvbjerg, who has extensively studied megaproject development. Flyvbjerg has found systematic problems in the... more
As megaprojects have become ubiquitous, their real benefits and costs have come under increased scrutiny. We interviewed Bent Flyvbjerg, who has extensively studied megaproject development. Flyvbjerg has found systematic problems in the development process: by intentionally misrepresenting information and deliberately disregarding risks, proponents instigate projects that result in fewer benefits and higher costs than promised.
More Info: Interview conducted by Renia Ehrenfeucht
Publication Date: Jun 2004
Publication Name: Critical Planning, vol. 11, pp. 51-63
Research Interests:
Ergonomics, Economy, Energy, Civil Society, Africa, and 958 moreEconometrics, Logistics, Business, Cities, Cost Accounting, Architecture, Economic Development, Historia, Social History, Facebook, Private law, Risk, Knowledge Management, Project Management, Development Economics, Labor Economics, Law, Software Engineering, Cultural Anthropology, Online Journalism, Diplomacy, Environment, Design Theory, Social Anthropology, Land Use, Tecnologia, Business Administration, Aviation, Patrimonio Cultural, Economic History, Science and technology studies, Economia, Cultura, Water quality, Artificial Intelligence, Control Systems, Computer Science, Banking, Ciencia, Globalization, Design, Information Technology, Management, Organizational Behavior, Geographic Information Systems (GIS), Furniture, Financial Accounting, Urban Design, Green Building, Decision Making, Corruption, Public Law, Social Media, Embedded Systems, Government, Water, Conflict, Change Management, Real Estate, Strategic Planning, International Law, Landscape, Marketing, Development, Packaging, Financial Economics, Industrial Organization, Business Management, Qualitative Methods, Digital Marketing, Technology Management, Asian Studies, Construction Management, Corporate Law, Educación, Earthquake Engineering, Corporate Governance, Social Networking, Security, Solar Energy, Water Treatment, Mining, Power Systems, Forecasting, Política, Housing, Hydrogeology, Water resources, Product Design, International Trade, Human Rights, Rural Development, Local Government, Quality Assurance, Political Science, Youtube, International Economics, Public Management, Computer Aided Design, International Finance, Built Environment, International Studies, Political Ecology, Capital Market, Violence, Environmental Law, Organizational Communication, Computer Engineering, Google, Numerical Analysis, Technology, Social Movements, Supply Chain, Geology, European Studies, Media, Consumer Behavior, Urban Planning, Economics, Political Culture, Action Research, Peace, Entrepreneurship, Social Geography, Administration, Planning, Bureaucracy, Risk Management, Big Data, Supply Chain Management, Geopolitics, New Media, Agricultural Economics, Interculturalidad, Filosofía, Cultural Politics, Structural Engineering, Conflict and Conflict Resolution, Landscape Planning, Environmental Science, Environmental History, Critical Theory, Urban Morphology, Market Research, Innovation Policy, Sociología, Economía, Antropología, Entreprenuership, Renewable Energy, Engineering, International Politics, Disaster risk reduction, Database Systems, Money and Banking, Electronic Engineering, Journalism, Certification, Bim, Human Geography, Regulation, Spatial cognition, Economic Sociology, Case Study, Construction Technology, Nationalism, Predictive Analytics, Transportation, Decision-Making, Community Development, International Relations, Post Disaster Planning, Interim Planning, Recycling In the Construction of Future Cities, Rebuilding Cities, Knowledgement Management, Philosophy, Urbanism, Ports, World Literature, Language Teaching, Inter-faith Contact and Theology, Inter-civilization contact and conflict, Islam (Philosophy and History, critical issues, renaissance, principles of jurisprudence), Comparative Linguistics, 3d Modeling, Prototyping, Design Methodology, Materials Technology (Wood Derivatives), Proyectos De Responsabilidad Social, Proyectos Y Politicas De Inclusion Social, Modernización del Estado, Administracion Publica, Politicas Publicas, Ciencias Policas, Governance Reforms, Water governance and management in Central Asia, Interest groups in EU, Policy formulation, Nonprofit Organizations, Maritime, Canals, Highway, Rail, Time Use, History, Mega Projects Financing, Mega Projects Governance, Rationality, State Owned Enterprises, CEO and Controls, Boards Structures, Ownership, Performances, Mixed Methods Research Process, Meta Auditing, Computerised Auditing, Public and private sector in India, Political, Formal Models, Political Agency, Retaining Wall, Foundation, Tunnels, Soil Mechanivs, Geotechnical Enginnering, Political Economy of Sport, Security and Surveillance, Large Scale Urban Interventions, Sports Mega Events, Power and Knowledge, Space, Philosophy of Urban and Regional Planning, Democracy and the City, Urban design and planning, Map Generalization, Complex network, Strategic Consultancy, Project Advisory, Urban Transport, Banking and Finance law, Competition Law, Human Health and Factors and Travel Modes, Landscaping and Bioscience Solutions As Part of Infrastructure, Ecology and Sustainability of Transportation Corridors, Transportation Corridors, Community Development and Public Involvement, Global Compact Initiative and Its Social Impact, Leadership and Ethics, Public-Private Partnerships, Strategic CSR, Party System, National government, Gender, Good Governance, Disaster Culture, Participatory Decision Making, Community Resilience, Greenhouse Effect, Corporate Sustainability, Institutional Sustainability, Social Aspects of Sustainability, Waste, Materials and Consumption, Sustainability of the Built Environment, Sustainable Water & Sanitation, Thermal Power Plants, Postcolonial Theory, Climate Politics, Global (North/South) Environmental Politics, Critical Geopolitics, Critical Development Studies, Environmental Justice, Organization and Strategy, Educational Research, Quantiative Economics, Agile software development, Enterprise Information Systems, IS Project Management, Information Systems Development And Management, Hydrology, Technology for Community Development, Place Marketing, Poverty Studies, Biochemical Engineering, Political Economy and History, Public Administration and Policy, Financial Derivatives, Asset and investment valuation, Transition Economies, Marketing Research, Technological change, Mediacion, Multiculturalidad, Ethics, International Business, Governance, Industrial Design, Political Theory, Qualitative Research, Sociology, Administração, Administracion, Political Science and public administration, Airport Development, Airports, Mega Events As Catalysts For Regeneration, Mega Event Planning, Media Sociology, Media theory and Research, Alternative Energy, Alternative Dispute Resolution, Alternative forms of management and organization, Alternative Economies, Critical Pedagogy, Critical Discourse Analysis, Critical Thinking, Critical Discourse Studies, Critical and Cultural Theory, Critical Realism, Critical Media Studies, Critical Management Studies, Anthropology, Applied Statistics, Applied Econometrics, Applied Philosophy, Applied Anthropology, Applied Economics, Applied Behavior Analysis, Applied Research, Landscape Architecture, Architectural History, Architectural Theory, Modern Architecture, Architectural Education, Design education, Design Methods, Design thinking, Research Design, Design Research, Asset Pricing, Asset and Facility Management, Civil Infrastructure Asset 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This article presents results from the first statistically significant study of traffic forecasts in transportation infrastructure projects. The sample used is the largest of its kind, covering 210 projects in 14 nations worth U.S.$59... more
This article presents results from the first statistically significant study of traffic forecasts in transportation infrastructure projects. The sample used is the largest of its kind, covering 210 projects in 14 nations worth U.S.$59 billion. The study shows with very high statistical significance that forecasters generally do a poor job of estimating the demand for transportation infrastructure projects. For 9 out of 10 rail projects, passenger forecasts are overestimated; the average overestimation is 106%. For half of all road projects, the difference between actual and forecasted traffic is more than ±20%. The result is substantial financial risks, which are typically ignored or downplayed by planners and decision makers to the detriment of social and economic welfare. Our data also show that forecasts have not become more accurate over the 30-year period studied, despite claims to the contrary by forecasters. The causes of inaccuracy in forecasts are different for rail and road projects, with political causes playing a larger role for rail than for road. The cure is transparency, accountability, and new forecasting methods. The challenge is to change the governance structures for forecasting and project development. Our article shows how planners may help achieve this.
Location: DOI: 10.1080/01944360508976688
More Info: Co-authored with Mette K. Skamris Holm and Søren L. Buhl. Listed as "Most Cited" article on the journal's home page.
Publication Date: Apr 2005
Publication Name: Journal of the American Planning Association, vol. 71, no. 2, pp. 131-146
Research Interests:
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Sociology, Political Philosophy, and Embedded Systemsedit
This paper focuses on problems and their causes and cures in policy and planning for large infrastructure projects. First, it identifies as the main problem in major infrastructure development pervasive misinformation about the costs,... more
This paper focuses on problems and their causes and cures in policy and planning for large infrastructure projects. First, it identifies as the main problem in major infrastructure development pervasive misinformation about the costs, benefits, and risks involved. A consequence of misinformation is massive cost overruns, benefit shortfalls, and waste. Second, the paper explores the causes of misinformation and finds that political-economic explanations best account for the available evidence: planners and promoters deliberately misrepresent costs, benefits, and risks in order to increase the likelihood that it is their projects, and not the competition's, that gain approval and funding. This results in the "survival of the unfittest," where often it is not the best projects that are built, but the most misrepresented ones. Finally, the paper presents measures for reforming policy and planning for large infrastructure projects, with a focus on better planning methods and changed governance structures, the latter being more important.
Publication Date: Dec 2005
Publication Name: Policy Research Working Paper, WPS 3781, Washington DC: World Bank, 32 pp.
Research Interests:
Urban Studies, Market Research, Social Justice, Ethics, Economy, and 962 moreAfrica, Electrical Engineering, Social Media, Logistics, Geology, Language Teaching, Educación, Administracion, Security, Research Methodology, Facebook, Public Health Policy, Project Management, Development Economics, Entrepreneurship, International Business, Information Science, Design Research, Violence, Diplomacy, Political Geography and Geopolitics, Political Geography, Critical Theory, Historia, Hydrology, Business Administration, Housing, Communication Studies, Patrimonio Cultural, Antropología, Energy, Ergonomics, Signal and Image Processing, Geografia, Contract Law, Economia, Water quality, Engineering, Artificial Intelligence, Control Systems, Geography, Disaster Management, Security, Wastewater Treatment, Marketing, Social History, Management, Globalization, Computer Science, Organisational Development, Digital Marketing, Geographic Information Systems (GIS), Critical Thinking, Financial Accounting, Strategy, Governance, Corruption, Science and technology studies, Gender, Regulation, Embedded Systems, Industrial Design, Government, Community Development, Organizational Culture, Economics, Urbanism, International Law, Transportation Planning, Landscape, ICT, Business, Cultura, Nationalism, NGO, Development, Business Management, Information Systems, Technology Management, World Literature, Architecture, Sustainable Development, Corporate Law, Peace, Corporate Governance, Political Science, Water Treatment, Media, Power Systems, Civil Engineering, Hydrogeology, Product Design, Economic History, Asian Studies, Design Methodology, Design, Sustainability, Environmental Science, Urban History, Public Space, Ethnography, Public Management, Numerical Analysis, Google, Action Research, Capital Market, Leadership, International Development, Law, Public Health, Management of Innovation, Political Ecology, Solar Energy, Communication Networks, Conflict, Risk, International Relations, Civil Society, Economic Growth, Political Culture, Labor Economics, Social Capital, Qualitative Research, Quality Management, Spatial Analysis, Space, Community Resilience, Educational Research, Communication, Private law, Digital Media, Planning, Critical Discourse Analysis, Procurement, Rural Development, Qualitative Methods, Business Intelligence, International Economics, Human Geography, Accounting, Financial Economics, Construction Management, Filosofía, Cultural Politics, Anthropology of space, Landscape Planning, Power and Knowledge, Climate Politics, Environment, Political Economy, Wind Power, Sociología, Cultural History, International Studies, Entreprenuership, Renewable Energy, International organizations, Disaster risk reduction, Political Theory, Urban Development, Landscape Architecture, Information Technology, Social Policy, Electronic Engineering, Forecasting, Cultural Studies, Multiculturalism, Competition Law, Consumer Behavior, Public Policy, Development communication, Tecnologia, International Trade, Bioenergy, Conflict and Conflict Resolution, Tourism Management, Decision-Making, Design thinking, Democratic Education, Innovation, Technology, Local Government, Sports Management, Post Disaster Planning, Interim Planning, Recycling In the Construction of Future Cities, Rebuilding Cities, Banking, Green Building, Strategic Finance, Behavioural Finance, Conditions of Uncertainty, Technical Control, Risk Analysis, Certification, Standardization, Production Processes, Quality Assurance, International Operation In Maritime & Shipping Industry, Marketing on the Shipping Industry, Executive Mba, Ports & Maritime Security, Technology innovation, People & Human Factors in IT, IT Project Management, Knowledgement Management, Philosophy, Contract Theory, Change agents, Intercultural Management, Change Factors, Middle Management, Involvement, Coping With Change, Readiness for Change, Change Resistance, Multicultural, Change Implementation, Managing Change, Water In the City, Networks, Cities, Social Studies, Ports, Inter-faith Contact and Theology, Inter-civilization contact and conflict, Islam (Philosophy and History, critical issues, renaissance, principles of jurisprudence), Comparative Linguistics, Packaging, 3d Modeling, Prototyping, Materials Technology (Wood Derivatives), Furniture, Proyectos De Responsabilidad Social, Proyectos Y Politicas De Inclusion Social, Modernización del Estado, Administracion Publica, Politicas Publicas, Ciencias Policas, Governance Reforms, Water governance and management in Central Asia, Real Estate, Interest groups in EU, Policy formulation, Nonprofit Organizations, Maritime, Canals, Highway, Rail, Time Use, Land Use, History, Mega Projects Financing, Mega Projects Governance, Rationality, State Owned Enterprises, CEO and Controls, Boards Structures, Ownership, Performances, Mixed Methods Research Process, Meta Auditing, Computerised Auditing, Public and private sector in India, Political, Formal Models, 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A major source of risk in project management is inaccurate forecasts of project costs, demand, and other impacts. The paper presents a promising new approach to mitigating such risk, based on theories of decision making under uncertainty... more
A major source of risk in project management is inaccurate forecasts of project costs, demand, and other impacts. The paper presents a promising new approach to mitigating such risk, based on theories of decision making under uncertainty which won the 2002 Nobel prize in economics. First, the paper documents inaccuracy and risk in project management. Second, it explains inaccuracy in terms of optimism bias and strategic misrepresentation. Third, the theoretical basis is presented for a promising new method called "reference class forecasting," which achieves accuracy by basing forecasts on actual performance in a reference class of comparable projects and thereby bypassing both optimism bias and strategic misrepresentation. Fourth, the paper presents the first instance of practical reference class forecasting, which concerns cost forecasts for large transportation infrastructure projects. Finally, potentials for and barriers to reference class forecasting are assessed.
Publication Date: Aug 2006
Publication Name: Project Management Journal, vol. 37, no. 3, pp. 5-15
Research Interests:
Urban Studies, Social Justice, International Trade, Finance, Ethics, and 961 moreComputer Science, Cities, Social Studies, Law, Historia, Facebook, Public Health Policy, Cultural Anthropology, Knowledge Management, Financial management, Aerospace, Information Science, Law and Economics, Human Rights, Embedded Systems, Simulation, Economia, Violence, Diplomacy, Social Anthropology, Governance, Postcolonial Theory, Biochemical Engineering, Environmental Studies, Design, Aviation, Patrimonio Cultural, Science and technology studies, Ergonomics, Signal and Image Processing, Urban Sociology, Humanidades, Cultura, Water quality, Control Systems, International Relations, Geography, Energy, Globalization, Geographic Information Systems (GIS), Economics, Democracy, Digital Media, Furniture, Research Methodology, Urbanism, Corporate Governance, Gender, Information Technology, Digital Marketing, Filosofía, Community Development, Marketing, Engineering, Critical Theory, Landscape, Software Engineering, Social Media, Business Management, Market Research, Political, Cultural Theory, Computer Engineering, Financial Engineering, Peace, Sociology of Risk, Conflict, Health Sciences, International Development, Technology, Design thinking, Financial Economics, Social Theory, Media, Communication, Political Philosophy, Ethnography, Urban Planning, Hydrogeology, Product Design, Economic History, Journalism, Social Movements, Systems Engineering, Political Economy, Consumer Behavior, Business, Youtube, Health Policy, Private law, Numerical Analysis, Media Studies, International Studies, Action Research, Artificial Intelligence, Organizational Communication, Renewable Energy, Political Ecology, Cultural Studies, Supply Chain, Spatial Analysis, Developing Countries, Economic Growth, Social Capital, Quality Management, Case Study, Sociología, Civic Engagement, Geology, Ciencia, Architecture, Sustainable Architecture, Time Use, Planning, Town planning, Transportation, Security, Geopolitics, Chemical Engineering, Disaster risk reduction, Contract Law, Stakeholders, Spatial planning, Climate Politics, Tecnologia, Strategy, Critical Discourse Analysis, Sustainable Development, Urban Morphology, Language Teaching, Educación, Disaster Management, Applied Statistics, Housing, Assessment, International Economics, Public Administration, Involvement, Entreprenuership, Accounting, Environmental Engineering, Real Estate, Systems Thinking, Land Use, Political Theory, Cultural History, Logistics, Infrastructure Planning, Computer Architecture, Antropología, Leadership, Landscape Architecture, Entrepreneurship, Regulation, Critical Geopolitics, Labor Economics, Civil Engineering, Development, Communication Theory, Political Science, Competition Law, Management, Dynamical Systems, Development communication, Environment, Qualitative Research, Business Ethics, Health Informatics, Bioenergy, Africa, Conflict and Conflict Resolution, Corporate Finance, Water, Local Government, Post Disaster Planning, Interim Planning, Recycling In the Construction of Future Cities, Rebuilding Cities, Political Geography, Change Management, Strategic Finance, Behavioural Finance, Capital Market, Conditions of Uncertainty, Technical Control, Risk Analysis, Certification, Standardization, Production Processes, Quality Assurance, International Operation In Maritime & Shipping Industry, Marketing on the Shipping Industry, Executive Mba, Ports & Maritime Security, Technology innovation, People & Human Factors in IT, IT Project Management, Knowledgement Management, Philosophy, Corruption, Change agents, Intercultural Management, Change Factors, Managing Change, Water In the City, Networks, Ports, World Literature, Inter-faith Contact and Theology, Inter-civilization contact and conflict, Islam (Philosophy and History, critical issues, renaissance, principles of jurisprudence), Comparative Linguistics, Packaging, 3d Modeling, Prototyping, Design Methodology, Materials Technology (Wood Derivatives), Proyectos De Responsabilidad Social, Proyectos Y Politicas De Inclusion Social, Modernización del Estado, Administracion Publica, Politicas Publicas, Ciencias Policas, Governance Reforms, Water governance and management in Central Asia, Interest groups in EU, Policy formulation, Nonprofit Organizations, Maritime, Canals, Highway, Rail, History, Mega Projects Financing, Mega Projects Governance, Rationality, State Owned Enterprises, CEO and Controls, Boards Structures, Ownership, Performances, Mixed Methods Research Process, Meta Auditing, Computerised Auditing, Public and private sector in India, Public Management, Formal Models, Political Agency, Bureaucracy, Public Law, Retaining Wall, Foundation, Tunnels, Soil Mechanivs, Geotechnical Enginnering, Political Economy of Sport, Security and Surveillance, Large Scale Urban Interventions, Sports Mega Events, Power and Knowledge, Space, Philosophy of Urban and Regional Planning, Democracy and the City, Spatial cognition, Urban design and planning, Map Generalization, Complex network, Strategic Consultancy, Project Advisory, Urban Transport, Banking and Finance law, Corporate Law, Human Health and Factors and Travel Modes, Landscaping and Bioscience Solutions As Part of Infrastructure, Ecology and Sustainability of Transportation Corridors, Transportation Corridors, Community Development and Public Involvement, Global Compact Initiative and Its Social Impact, Leadership and Ethics, Public-Private Partnerships, Strategic CSR, Water Resources Management, Party System, National government, Good Governance, Disaster Culture, Participatory Decision Making, Community Resilience, Sustainable Water & Sanitation, Thermal Power Plants, Organization and Strategy, Educational Research, Quantiative Economics, Agile software development, Enterprise Information Systems, IS Project Management, Information Systems Development And Management, Technology Management, Hydrology, Google, Technology for Community Development, Place Marketing, Poverty Studies, Arte contemporáneo, Middle Management, Coping With Change, Readiness for Change, Change Resistance, Multicultural, Change Implementation, Economía, Política, Landscape Planning, Computer Aided Design, Environmental Criminology, Electrical Power Distribution, Laser Communication Networks, Optic-Photonic Communication Networks, Communication Networks, Distributed generation & energy storage systems, Wind Power, Biomass Processing, Bioproducts, Bioprocessing, Biofuels, Wastewater Treatment, Water Treatment, Virtual Revolution, Iphones, Paywalls, Digital Story Telling, Online Journalism, Political Economy and History, Public Administration and Policy, Computational Mathematics, Optimization Technology, Integration Technology of Automation Systems, Dynamic Systems and Control, System Modeling and Simulation, Information Technology and System Integration, Financial Derivatives, Asset and investment valuation, Nationalism, Minority Rights, Ethnicity, Multiculturalism, Freedom, Media Impact and Effects and Usages, Social Communication, Media Research, Alternate Media, Media Education, Media Literacy, Organizational Development, International & Intercultural Communication/Marketing, Business & Ethics, Transition Economies, Marketing Research, Technological change, Mediacion, Multiculturalidad, Interculturalidad, Administração, Anthropology, Social History, Political Culture, Pubblic Communication. Political Communication, Language and Power, Power (social), Power Systems, Program Evaluation, Program Evaluation (Research Methodology), Program Analysis, Project, Programme, Portofolio Management, Project Management, Agile Project Management, Project Management (in Business Process Improvement, Project Finance, Lean Project Delivery, Global Project Management, Global Governance, Megacities, Large-scale structure, Public Budgeting, Built Environment, Innovation In Built Environment, Business Intelligence, Information Systems (Business Informatics), Business and Management, Business Economics, Case Study Research, Creative City, City and Suburban Integration, Greenhouse Effect, Corporate Sustainability, Institutional Sustainability, Social Aspects of Sustainability, Waste, Materials and Consumption, Sustainability of the Built Environment, Global (North/South) Environmental Politics, Critical Development Studies, Environmental Justice, City planning, Civil and Structural Engineering, Civil Society, Comparative Politics, Comparative Law, Comparative Political Economy, Construction Management, Construction Project Management, Construction Technology, Construction Economics, Social Constructionism/ Constructivism, Constructivism, Sustainable Construction, Contemporary History, Cost-Benefit Analysis, Cost Accounting, business Strategic planning, balanced scorecard, performace measurement, risk management and organisational cost management and control, COST ESTIMATION IN PROJECT MANAGEMENT, Cost Management, Media and Cultural Studies, Cultural Geography, Cultural Heritage Management, Cultural Politics, Cross-Cultural Studies, Lying, Deception, Truthfulness, Decision Making, Action Research (Indigenous Health) Business Industrial And Labor Relations Law Management of Violence and Aggression Organizational Behavior Policy Analysis and Decision Making, Decision Support Systems, Judgment and decision making, Decision Sciences, Decision Making Analysis and Modeling, Decision-Making, Judgment and Decision Making (Judgment And Decision Making), Multi Criteria Decision Making, Decision Theory, Decision Making Processes, Decision Analysis, Public Deliberation, Public Sphere, Civil Society, Deliberation and Journalism Studies, Democratic Theory, Deliberative Democracy, Media and Democracy, New Models Of Participatory And Direct Democracy, Democracy and Citizenship Education, Democratic Education, Urbanization in Developing Areas, Social Development in developing countries, Development Studies, Economic Development, Disaster Studies, Disaster risk management, Sociology of Disaster, Development Economics, Econometrics, Environmental Economics, Agricultural Economics, Energy Economics, Economy, Health Economics, Ecological Economics, Public Economics, Experimental Economics, Mechanical Engineering, Electrical Engineering, Structural Engineering, Electronic Engineering, Geotechnical Engineering, Materials Engineering, Earthquake Engineering, Strategic Procurement, M&A, M&As, alliances, international strategy, Pipeline, Ports and Harbours, Ports and Shipping, Aerospace structural design, Aerospace Management, Aerospace Engineering and Control System Engineering, Aeronautics and Aerospace Managment, Aeronautical Engineering, Aerospace Engineering, Aircraft Design, UAV and Aircraft control, Public Space, Anthropology of space, Space Sciences, Phenomenology of Space and Place, Participatory Action Research, Action research (Methodology), Participatory Research, Risk Management, Disaster risk management, Project Risk Management, Rural Sociology, Rural Geography, Scheduling, Project Management Budgetting, Scheduling and planning, Process Planning and Scheduling, STS (Anthropology), Science, Technology, and Society (STS) Studies, Sts, Science, Technology and Society, Social and Cultural Anthropology, Social Sciences, Social Policy, Social Networks, Transformational Leadership, Defence Engineering, Systems Engineering (in ) defence, Defense, Defense and Strategic Studies, Defense acquisition, Administration, Administracion, Political Science and public administration, Airport Development, Airports, Mega Events As Catalysts For Regeneration, Mega Event Planning, Media Sociology, Media theory and Research, Alternative Energy, Alternative Dispute Resolution, Alternative forms of management and organization, Alternative Economies, Critical Pedagogy, Critical Thinking, Critical Discourse Studies, Critical and Cultural Theory, Critical Realism, Critical Media Studies, Critical Management Studies, Applied Econometrics, Applied Philosophy, Applied Anthropology, Applied Economics, Applied Behavior Analysis, Applied Research, Architectural History, Architectural Theory, Modern Architecture, Architectural Education, Design Research, Design Theory, Design education, Design Methods, Research Design, Asset Pricing, Asset and Facility Management, Civil Infrastructure Asset Management, Real estate investment, Investments, Investment Portfolio Management, Investing, Investment analysis and valuation, Auditing, Accounting and Auditing, Banking, Money and Banking, Behavioural Economics, Behavioral Sciences, Behavioral Economics, Political Behavior, Behavioural Science, Behavioral Decision Making, Big Data, Big Data Analytics, Big History, Major Program Management, Major Programme Management, Large scale systems, Mega Sport Events, Community As Stakeholder Within Mega Event Planning, Decision making about very large scale investment projects (“mega-projects”), Mega Events, Megastructures (Architectural History), Megaprojects, Software Architecture, Information System, Cybernetics, Judgement and Decision Making (JDM), Knowledge and Power, International Law, Socio-legal studies, Tourism Management, Management Accounting, Sports Management, Mass Communication, Communication Studies, Culture and Communication, Research Methods and Methodology, Social Research Methods and Methodology, Qualitative Methods, Qualitative Research Methods, Social Research Methods and Methodology, Quantitative methodology, Mixed Methods, Mixed Methods Research, NGO, NGOs (Anthropology), Political ecology, NGOs, sustainable development, biodiversity, agroecology, amazonia, brazil, global change, environmental actors, protect areas, nature conservation., Organisational Change, Organisational Development, Organizational Change, Organizational Culture, International organizations, Organization Studies, Organizational Leadership, Community Engagement & Participation, Community participation and engagement, Participatory Design, Political Participation, Public Participation In Governance, Participatory Culture, Policy Analysis/Policy Studies, Political communication, Political Anthropology, Political Identity, Defense Technologies, Oil and gas, Petroleum, Geology, Oil and Gas, Oil and Gas Pipeline, Oil and Gas Management, Petroleum Engineering, Industrial Design, Industrial Biotechnology, Industrial Organization, Cultural Industry, Industrial Economics, Industrial Engneering, Industrial Automation, Business Process Management, Process Systems Engineering, Process Optimization, Building Technology, Building Information Modeling, BIM (Architecture), Building Information Modeling (BIM) (Architecture), Bim, BIM and Construction Planning, Green architecture, Green Building, Green Economics, Green Technology, Bridge Engineering, Bridges, Highway & Bridge Engineering, Mesh Free methods, Design of Dams, DEsign of bridges, Deep excavation and urban tunnelling, Tunnel Engineering, Tunnelling, Tunneling, Underground Tunnel, Water resources, Water and wastewater treatment, Integrated Water Resources Management, Water Engineering, Water Resources engineering, Hydrology, Hydraulics and Water Resources Engineering, Water quality, wastewater reuse, integrated water resources management, water resources pollution, emerging pollutants in water, soil and groundwater, Dams, Big Dams, Hydroelectric dams, Impact of 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Anthropology, Creative Industries, Public Finance, Organizational Theory, Cultural Sociology, New Media, Industrial Engineering, Environmental Ethics, Applied Ethics, Innovation, Forecasting, and Political Sociologyedit
Risk, including economic risk, is increasingly a concern for public policy and management. The possibility of dealing effectively with risk is hampered, however, by lack of a sound empirical basis for risk assessment and management. This... more
Risk, including economic risk, is increasingly a concern for public policy and management. The possibility of dealing effectively with risk is hampered, however, by lack of a sound empirical basis for risk assessment and management. This article demonstrates the general point for cost and demand risks in urban rail projects. The article presents empirical evidence that allow valid economic risk assessment and management of urban rail projects, including benchmarking of individual or groups of projects. Benchmarking of the Copenhagen Metro is presented as a case in point. The approach developed is proposed as a model for other types of policies and projects in order to improve economic and financial risk assessment and management in policy and planning.
Location: DOI: 10.1080/03081060701207938
Publication Date: Feb 2007
Publication Name: Transportation Planning and Technology, vol. 30, no. 1, pp. 9-30
Research Interests:
Civil Engineering, Finance, Ethics, Critical Theory, Logistics, and 961 moreCities, Urban Design, Historical Geography, Language Teaching, Social Studies, Public Health, Marketing, Public Health Policy, Cultural Anthropology, Knowledge Management, Aerospace, Information Science, Design Research, Law and Economics, Simulation, Management, Economia, Violence, Diplomacy, Spatial planning, Design, Market Research, Leadership, Governance, Biochemical Engineering, Tecnologia, Game Theory, Patrimonio Cultural, Ergonomics, Signal and Image Processing, Design thinking, Contract Law, Water quality, Artificial Intelligence, Security, Environmental Engineering, Information Systems, Public International Law, Globalization, Critical Pedagogy, Social Sciences, Democratization, Risk Management, Energy, New Media, Law, Geographic Information Systems (GIS), Furniture, Human Rights, Social Capital, Green Building, Russian Studies, Corporate Governance, Regional development, Corruption, Disaster risk reduction, Science and technology studies, Public Law, Economics, Gender, Development, Economic Development, Conflict, Cultural Geography, Google, Landscape, Innovation, Real Estate, Organizational Development, Political Ecology, Africa, Social Networks, Environment, Maritime, Digital Marketing, Technology Management, World Literature, Computer Engineering, Financial Engineering, Peace, Financial management, Uncertainty, International Development, Wastewater Treatment, Econometrics, Urban Planning, Product Design, Procurement, Supply Chain Management, Biofuels, Project Management, Rail, Online Journalism, Political Economy, Political communication, Information Technology, Sociología, Supply Chain, Engineering, Technological Innovation, Private law, Public Management, Numerical Analysis, Architecture, Big Data, Business, Geology, International Business, Journalism, Aerospace Engineering, Labor Economics, Wind Power, Action Research, Involvement, Educational Research, Ciencia, Social 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More Info: Alan D. Ziegler, Trevor N. Petney, Carl Grundy-Warr, Ross H. Andrews, Ian G. Baird, Robert J. Wassan, Paiboon Sithithaworn
Journal Name: PLOS Neglected Tropical Diseases 7(6)
Publication Date: Jun 13, 2013
Research Interests:
Conservation Biology, Natural Resources Management, Biodiversity, Ecology, Environmental Education, and 28 moreMekong and Ganges Rivers, Murray Darling, Environmental Policy and Management, Water Management and Climate Change, Water Policy, Transboundary Water Issues, Human-wildlife conflicts, Science Communication, Dams and water resources, Damsafety, Dams and conflict, Large Dams, Hydroelectric dams, Dams, Big Dams, Risk Response Planning in Hydropower Project, Hydropower, Hydropower environmental impacts, Environmental Impact Assessment, Mekong, Impact of dams on the Mekong River, Mekong Hydropower project, Mekong Studies, Greater Mekong Subregion - GMS, Infectious Diseases, Vector-Borne Disease, Disease ecology, and Infectious disease epidemiologyedit
This paper focuses on problems and their causes and cures in policy and planning for large-infrastructure projects. First, it identifies as the main problem in major infrastructure developments pervasive misinformation about the costs,... more
This paper focuses on problems and their causes and cures in policy and planning for large-infrastructure projects. First, it identifies as the main problem in major infrastructure developments pervasive misinformation about the costs, benefits, and risks involved. A consequence of misinformation is cost overruns, benefit shortfalls, and waste. Second, it explores the causes of misinformation and finds that political-economic explanations best account for the available evidence: planners and promoters deliberately misrepresent costs, benefits, and risks in order to increase the likelihood that it is their projects, and not those of their competition, that gain approval and funding. This results in the ‘survival of the unfittest’, in which often it is not the best projects that are built, but the most misrepresented ones. Finally, it presents measures for reforming policy and planning for large-infrastructure projects with a focus on better planning methods and changed governance structures, the latter being more important.
Location: DOI: 10.1068/b32111
More Info: This article was awarded the Association of European Schools of Planning (AESOP) Prize for Best Published Paper, July 2008. Listed on SSRN's Top Ten Download List for Infrastructure. Listed as "Most Downloaded" article on the journal's home page.
Publication Date: Mar 2007
Publication Name: Environment and Planning B: Planning and Design, vol. 34, no. 4, pp. 578-597
Research Interests:
Strategic Management, Africa, Human Rights, Civil Society, Entrepreneurship, and 959 morePublic Health, City and Regional Planning, Software Engineering, Educación, Historia, Applied Economics, Rural Development, Critical Discourse Analysis, Research Methodology, Social Justice, Facebook, Private law, Public Health Policy, Health Policy, International Business, International Law, Design Research, Urban Transport, Environmental Economics, Cultural Anthropology, Embedded Systems, Technological change, Online Journalism, Media, Technology, Simulation, Supply Chain Management, Diplomacy, Political Geography and Geopolitics, Project Management, Consumer Behavior, Globalization, Biochemical Engineering, Business Administration, Game Theory, Investing, Science and technology studies, Ergonomics, New Media, Innovation, Business, Contract Law, Artificial Intelligence, Design, Finance, Security, Cultura, Media and Democracy, Environment, Management, Ciencia, Social Sciences, Risk Management, Political communication, Critical Theory, Law, Geographic Information Systems (GIS), Critical Thinking, Government, Oil and gas, Landscape, Disaster Studies, Digital Marketing, Architecture, Environmental Science, Urban Geography, Statistical Quality Control, Environmental Justice, Change Management, Urbanism, Good Governance, Transport Planning, Media Literacy, Market Research, Wastewater Treatment, Econometrics, Cultural History, Educational Research, Transportation, Antropología, World Literature, ICT, Computer Architecture, Regulation, Banking, Economics, Geology, Communication Studies, Control Systems, Language Teaching, Corporate Governance, Uncertainty, Social Theory, Sociology of Sport, Engineering, Information Technology, Global Governance, Journalism, Product Design, Procurement, Urban Anthropology, Agricultural Economics, Logistics, Chemical Engineering, Nationalism, Public Space, International Finance, Youtube, Numerical Analysis, Big Data, Filosofía, Organizational 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"Over budget, over time, over and over again" appears to be an appropriate slogan for large, complex infrastructure projects. This article explains why cost, benefits, and time forecasts for such projects are systematically... more
"Over budget, over time, over and over again" appears to be an appropriate slogan for large, complex infrastructure projects. This article explains why cost, benefits, and time forecasts for such projects are systematically over-optimistic in the planning phase. The underlying reasons for forecasting errors are grouped into three categories: delusions or honest mistakes; deceptions or strategic manipulation of information or processes; or bad luck. Delusion and deception have each been addressed in the management literature before, but here they are jointly considered for the first time. They are specifically applied to infrastructure problems in a manner that allows both academics and practitioners to understand and implement the suggested corrective procedures. The article provides a framework for analyzing the relative explanatory power of delusion and deception. It also suggests a simplified framework for analyzing the complex principal-agent relationships that are involved in the approval and construction of large infrastructure projects, which can be used to improve forecasts. Finally, the article illustrates reference class forecasting, an outside view de-biasing technique that has proven successful in overcoming both delusion and deception in private and public investment decisions.
Location: DOI: 10.2307/41166485
More Info: Co-authored with Massimo Garbuio and Dan Lovallo
Publication Date: Feb 2009
Publication Name: California Management Review, vol. 51, no. 2, pp. 170-193
Research Interests:
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Inclusion Social, Modernización del Estado, Administracion Publica, Politicas Publicas, Ciencias Policas, Governance Reforms, Water governance and management in Central Asia, Interest groups in EU, Policy formulation, Nonprofit Organizations, Maritime, Canals, Highway, Rail, Land Use, History, Mega Projects Financing, Mega Projects Governance, Rationality, State Owned Enterprises, CEO and Controls, Boards Structures, Ownership, Performances, Mixed Methods Research Process, Meta Auditing, Computerised Auditing, Public and private sector in India, Formal Models, Political Agency, Bureaucracy, Retaining Wall, Foundation, Tunnels, Soil Mechanivs, Geotechnical Enginnering, Political Economy of Sport, Security and Surveillance, Large Scale Urban Interventions, Sports Mega Events, Power and Knowledge, Philosophy of Urban and Regional Planning, Democracy and the City, Spatial cognition, Urban design and planning, Map Generalization, Complex network, Strategic Consultancy, Project Advisory, 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The article first describes characteristics of major infrastructure projects. Second, it documents a much neglected topic in economics: that ex ante estimates of costs and benefits are often very different from actual ex post costs and... more
The article first describes characteristics of major infrastructure projects. Second, it documents a much neglected topic in economics: that ex ante estimates of costs and benefits are often very different from actual ex post costs and benefits. For large infrastructure projects the consequences are cost overruns, benefit shortfalls, and the systematic underestimation of risks. Third, implications for cost–benefit analysis are described, including that such analysis is not to be trusted for major infrastructure projects. Fourth, the article uncovers the causes of this state of affairs in terms of perverse incentives that encourage promoters to underestimate costs and overestimate benefits in the business cases for their projects. But the projects that are made to look best on paper are the projects that amass the highest cost overruns and benefit shortfalls in reality. The article depicts this situation as ‘survival of the unfittest’. Fifth, the article sets out to explain how the problem may be solved, with a view to arriving at more efficient and more democratic projects, and avoiding the scandals that often accompany major infrastructure investments. Finally, the article identifies current trends in major infrastructure development. It is argued that a rapid increase in stimulus spending, combined with more investments in emerging economies, combined with more spending on information technology is catapulting infrastructure investment from the frying pan into the fire.
Location: DOI: 10.1093/oxrep/grp024
More Info: Listed as "Most Read" article on the journal's home page.
Publication Date: Dec 2009
Publication Name: Oxford Review of Economic Policy, vol. 25, no. 3, pp. 344–367
Research Interests:
Africa, Ethics, Geography, Civil Society, Public Economics, and 959 moreCommunication, Cities, Space, Language Teaching, Marketing, Economic Development, Computer Science, Geology, Research Methodology, Social Justice, Health Policy, Leadership, Artificial Intelligence, International Business, Urban Transport, Media, Violence, Social Media, Environment, Project Management, Governance, Biochemical Engineering, Sustainability, Business Administration, Systems Thinking, Patrimonio Cultural, Economic History, Democracy, Science and technology studies, Ergonomics, Cultural Sociology, Contract Law, Economia, Water quality, Control Systems, Disaster risk reduction, Design, Security, International Relations, Wastewater Treatment, Public Health, Bim, New Media, Ciencia, Law, Globalization, Geographic Information Systems (GIS), Social History, Furniture, Cultural Heritage Management, Critical Thinking, Assessment, Information Technology, Oil and gas, Landscape, Industrial Engineering, Community 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Out-of-control information technology (IT) projects have ended the careers of top managers, such as EADS CEO Noël Forgeard and Levi Strauss’ CIO David Bergen. Moreover, IT projects have brought down whole companies, like Kmart in the US... more
Out-of-control information technology (IT) projects have ended the careers of top managers, such as EADS CEO Noël Forgeard and Levi Strauss’ CIO David Bergen. Moreover, IT projects have brought down whole companies, like Kmart in the US and Auto Windscreen in the UK. Software and other IT is now such an integral part of most business processes and products that CEOs must know their IT risks, which are typically substantial – and overlooked. The analysis of a sample of 1,471 IT projects showed that the average cost overrun was 27% — but that figure masks a far more alarming “fat tail” risk. Fully one in six of the projects in the sample was a Black Swan, with a cost overrun of 200%, on average, and a schedule overrun of almost 70%. This highlights the true pitfall of IT change initiatives: It’s not that they’re particularly prone to high cost overruns on average – it is that there are a disproportionate number of Black Swans. By focusing on averages instead of the more damaging outliers, most managers and consultants have been missing the real risk in doing IT. In conclusion, the article outlines ideas as to what can be done to avoid Black Swans.
Location: DOI: 10.2139/ssrn.2229735
More Info: Co-authored with Alexander Budzier. Selected by HBR as featured lead article for the "Ideas Watch" section, presenting the most important new ideas in business and management.
Publication Date: Sep 2011
Publication Name: Harvard Business Review, vol. 89, no. 9, pp. 23-25
Research Interests:
Market Research, Ethics, Economy, Sustainability, Entrepreneurship, and 956 moreCommunication, Business, Cities, Space, International Relations, Marketing, Security, Critical Discourse Analysis, Social History, Health Policy, Leadership, Technology Management, Finance, Organizational Behavior, Urban Transport, Auditing, Diplomacy, Violence, Political Geography and Geopolitics, Business Management, Consumer Behavior, Nationalism, Biochemical Engineering, Patrimonio Cultural, Antropología, Cultural Sociology, Water quality, Control Systems, Mechanical Engineering, Wastewater Treatment, Public Health, Bim, Computer Science, Ciencia, Energy, Political communication, Business Ethics, Globalization, Geographic Information Systems (GIS), Government, Scheduling, Urban Design, Public Policy, Simulation, Science and technology studies, Digital Marketing, Industrial Design, Management, Filosofía, Corruption, Media, Cultural Politics, Urbanism, Good Governance, Logistics, Africa, Change Management, Ergonomics, Econometrics, Design, Facebook, Sociology of Risk, Community Development, Economics, Aerospace Engineering, Architecture, Program Evaluation, Health Sciences, Wind Energy, Planning, Solar Energy, Supply Chain Management, Media Literacy, Historia, Housing, Development Economics, Urban Anthropology, Agricultural Economics, Political Science, Qualitative Research, Economia, Rail, Online Journalism, Information Technology, International Trade, Technology, Urban Economics, Youtube, Engineering, International Law, Numerical Analysis, Computer Aided Design, Public Space, Social Capital, Cultural History, Social Media, Cultural Anthropology, Tecnologia, Behavioral Economics, Economic Growth, Cultural Geography, Social Geography, Language Teaching, Governance, Conflict, Google, Public Administration, Social Networking, Human Rights, Peace, Social Networks, Spatial Analysis, Artificial Intelligence, Civil Engineering, Interculturalidad, Innovation, Sustainable 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