This paper explores how theories of the planning fallacy and the outside view may be used to conduct quality control and due diligence in project management. First, a much-neglected issue in project management is identified, namely that the front-end estimates of costs and benefits -- used in...

A main problem in the decision-making of major infrastructure projects is the high level of misinformation about costs decision-makers face in deciding whether to build the project. Reduced public funds and misallocation thereof were the main reasons for the revival of private financing in...

In recent years the subject of decision making on large transport infrastructure projects and related institutional issues have received much attention in the academic and professional literature, partly triggered by the book Megaprojects and Risk (Flyvbjerg et al., 2003). This book shows that...

This book enlarges the understanding of decision-making on mega-projects and suggest recommendations for a more effective, efficient and democratic approach. Authors from different scientific disciplines address various aspects of the decision-making process, such as management characteristics...