The Indicator from Planet Money Why California's high speed rail was always going to blow out
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Jun 6, 2024 Delve into the tumultuous world of megaprojects, where 99.5 percent face pitfalls like budget overruns and delays. California's high-speed rail project serves as a cautionary tale, revealing the vital role of experienced management and meticulous planning. Discover how the contrasting stories of the Sydney Opera House and the Guggenheim Museum underscore the impacts of inexperience and political pressure. Navigate the intricate challenges of ambitious infrastructure, emphasizing informed decision-making and community engagement.
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Iron Law of Megaprojects
- Megaprojects, like railroads and tunnels, frequently encounter significant issues.
- 99.5% are over budget, delayed, or offer fewer benefits than initially projected.
Value Experience
- Prioritize experience when leading megaprojects.
- Hire people with a proven track record in the specific project type.
Sydney Opera House Failure
- The Sydney Opera House, a complex architectural project, had a 1,400% cost overrun and a 10-year delay.
- It was also acoustically unsuitable for opera upon completion.
