Complex engineering projects typically face unique challenges that demand both exploring innovative solutions and exploiting existing capabilities. However, it is difficult to manage both exploitation and exploration in the same organizational unit owing to the different organizational support...

Infrastructure projects are still being plagued by cost overruns, delays and revenue shortfalls despite decades of practice and research. Risk-based estimating (RBE) is growing in popularity and has the potential to overcome the two main cost overrun factors—optimistic bias and strategic...