The article in the url below is a review of a book by Bent Flyvbjerg (academic) and Dan Gardner (journalist) about how big projects are conceived and implemented ("How Big Things Get Done"). The underlying point is that, given how inefficient and cumbersome the approval processes for such projects usually are, it is quite remarkable that anything big gets done. In reality, such projects are rarely done according to initial promises, or even done well, let alone exceed expectations. There are lots of obvious human-related reasons as to why this is true (e.g., psychological biases, challenges with sunk costs, general inertia, and so on), but the extent to which it is true is quite amazing:
"Mr Flyvbjerg is the compiler of a database of over 16,000 projects, which tells a grimly consistent tale of missed deadlines and shattered budgets. By his reckoning, only 8.5% of projects meet their initial estimates on cost and time, and a piddling 0.5% achieve what they set out to do on cost, time and benefits."
I wonder what the implications of this phenomenon are for challenges like combatting climate change and creating a sustainable economy, which are undoubtedly "big things."
Take care
David
David Chandler
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Mega lowdown
By Bartleby
March 18, 2023
The Economist
Late Edition – Final
57
