Cleaning Up: Leadership in an Age of Climate Change

How Big Things (Should) Get Done - Ep128: Prof. Bent Flyvbjerg

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May 24, 2023
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INSIGHT

The Iron Law of Project Management

  • Only 0.5% of projects finish on time, on budget, and deliver expected benefits.
  • This "iron law" of project management, backed by a 16,000+ project database, reveals grim project success rates.
INSIGHT

Root Causes of Project Failure

  • Project failures stem from two root causes: human psychology (cognitive biases like optimism) and power dynamics (deliberate misrepresentation).
  • These biases lead to underestimating costs, overestimating benefits, and ultimately, project overruns.
ANECDOTE

Polarized Performance in Energy Projects

  • Nuclear and hydroelectric projects often face cost overruns and delays.
  • Conversely, solar, wind, and battery projects excel due to their modularity and scale-free scalability.
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