Flubiar Embraced is a new series of BBC Radio 4 documentaries. This week, they look at the impact of cost overruns and schedule overruns on mega projects. The researchers say there are two theories as to why this happens. One theory is called strategic misrepresentation - you lie in order to get what you want. They interviewed planners who said it was done deliberately for political reasons.
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.