Related papers: Report for the Edinburgh Tram Inquiry
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. The…
This report was commissioned by the Commission of Inquiry Respecting the Muskrat Falls Project to provide the national and international context in which the Muskrat Falls Project took place. The Commission asked for the report to cover…
Back cover text: Megaprojects and Risk provides the first detailed examination of the phenomenon of megaprojects. It is a fascinating account of how the promoters of multibillion-dollar megaprojects systematically and self-servingly…
Managing large-scale transportation infrastructure projects is difficult due to frequent misinformation about the costs which results in large cost overruns that often threaten the overall project viability. This paper investigates the…
This article presents results from the first statistically significant study of causes of cost escalation in transport infrastructure projects. The study is based on a sample of 258 rail, bridge, tunnel and road projects worth US$90…
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 US$59…
Hazard and impact analysis is an indispensable task during the specification and development of safety-critical technical systems, and particularly of their software-intensive control parts. There is a lack of methods supporting an…
Academic research projects receive hundreds of billions of dollars of government investment each year. They complement business research projects by focusing on the generation of new foundational knowledge and addressing societal…
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…
Many studies in economics deal with the non-reliability cost to assess insurance fees or investment analyses, but none takes into consideration the mechanical aspect of reliability analysis. Other studies in mechanics give some tools and…
Managing project risk is a key part of the successful implementation of any large project and is widely recognized as a best practice for public agencies to deliver infrastructures. The conventional method of identifying and evaluating…
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…
People hope automated driving technology should be always in a stable and controllable state, accurately, which can be divided into controllable planning, responsibility, and information. Otherwise, it would bring about the problems of tram…
This paper argues, first, that a major problem in the planning of large infrastructure projects is the high level of misinformation about costs and benefits that decision makers face in deciding whether to build, and the high risks such…
Transport infrastructure systems operate in, and are shaped by, the specific context in which they are expected to perform and contribute to the system-of-systems that support civilised life; they must strive to be sustainable and…
In the last fifty years, researchers have developed statistical, data-driven, analytical, and algorithmic approaches for designing and improving emergency response management (ERM) systems. The problem has been noted as inherently difficult…
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…
Using a methodology similar to that used the in the worldwide research, the cost performance of Dutch large-scale transport infrastructure projects is determined. In the Netherlands, cost overruns are as common as cost underruns but because…
We give an overview of several aspects arising in the statistical analysis of extreme risks with actuarial applications in view. In particular it is demonstrated that empirical process theory is a very powerful tool, both for the asymptotic…
Despite several scientific achievements in the last years, there are still a lot of IT projects that fail. Researchers found that one out of five IT-projects run out of time, budget or value. Major reasons for this failure are unexpected…