Our latest paper looking a the evolution of cost engineering and the causes of cost overruns has been published in the May edition of PM World Journal. See the full publication at: https://pmworldjournal.com/#in-this-issue
Cost Overruns on Early Canal & Railway Projects looks at some of the canal and railway projects built in the same general timeframe as second phase of the industrial revolution. The objective of this paper is to identify and understand the reasons for the cost control challenges on many of the canal and railway projects built between the 1760s and 1840s identified in our earlier paper The Origins and History of Cost Engineering (download from: https://mosaicprojects.com.au/PMKI-ZSY-020.php#Process1)
While the difficulties in determining a realistic cost for a new class of project are understandable. The evidence suggests that in addition to the lack of empirical cost information, the problem with many of the cost estimates may have been caused, or exacerbated, by various combinations of poor governance, questionable ethics, and optimism bias.
Download Cost Overruns on Early Canal & Railway Projects: https://mosaicprojects.com.au/PDF_Papers/P207_Canal+Wagonway_Cost_Overruns.pdf
Pat Weaver
Lynda Bourne
Aavssitedev's Blog
A well-researched paper as usual but the real question is given we’ve known the “root cause” problems and people like Glenn Butts https://www.slideshare.net/NASAPMC/glennbutts-mega-projects-estimates Prof Bent Flyvbjerg, https://oxford.academia.edu/BentFlyvbjerg (who got PMI’s “Researcher of the Year” in 2019) and Ed Merrow https://www.ipaglobal.com/resources/books/industrial-megaprojects-concepts-strategies-and-practices-for-success/ have been telling us for more than 10 years how to FIX these problems yet STILL we continue to IGNORE THEIR ADVICE?
What was it Einstein told us about “doing the same things over and over again but expecting different results being the definition of INSANITY?”
We know WHAT needs to be done. What we lack is the willingness to initiate CORRECTIVE or REMEDIAL actions. https://www.academia.edu/61383716/_Principle_Based_Project_Management_The_Truth_the_Whole_Truth_and_Nothing_but_the_Truth_1