Ben Fupia: 80-90% of all products have cost overruns. Infrastructure projects with a budget above $1 billion add up to between $6 and $9 trillion a year globally, he says. Flubiar has established what he calls the iron law of mega projects. Over budget, overtime, on the benefits over and over again,. And it's a long standing trend.
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.