Freakonomics Radio is a podcast that explores the hidden side of everything with your host Steven Dubner. Roger Bueller has long wanted to know why we're so bad at managing projects. Why are we so so so bad at finishing projects on time and what are we supposed to do about it? Today's episode begins as so many good things do in Canada. It took us four months to actually freeze the ground. And it's costly on Second Avenue we spent 10 million dollars to do it. The reason the story became so famous is that it is such a grotesque example of a blown deadline.
Whether it’s a giant infrastructure plan or a humble kitchen renovation, it’ll inevitably take way too long and cost way too much. That’s because you suffer from “the planning fallacy.” (You also have an “optimism bias” and a bad case of overconfidence.) But don’t worry: we’ve got the solution.