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>Every major city hires economists, often from universities, to do cost/benefit analysis of major capital projects. To be clear I was referring to how the grea
by triggercut 8y ago
>Every major city hires economists, often from universities, to do cost/benefit analysis of major capital projects.
To be clear I was referring to how the greater public are informed on such matters by the media / politicians.
I'm well aware of the projects you mention. I'm a consultant on capital program / project governance but not sure I understand the relevance, I wasn't really talking about the validity of estimates at any stage, just the focus on them.
- stevep001 8y agoIf you’re interested in cost benefit analysis of large public projects, Megaprojects and Risk is a must-read. https://en.m.wikipedia.org/wiki/Megaprojects_and_Risk https://en.m.wikipedia.org/wiki/Megaprojects_and_Risk
- triggercut 8y agoYes, a fantastic read. If you're interested in how we can avoid this happening, I can't talk to the US, but in other jurisdictions governments and authorities (and some private sector giants) are slowly adopting more mature governance approaches. Implementing a Benefits Realization methodology [https://en.wikipedia.org/wiki/Benefits_realisation_management https://en.wikipedia.org/wiki/Benefits_realisation_managemen...] in their Portfolio for instance, Alliance contracting procurement models and Integrated Project Delivery to more fairly apportion risk and accountability. I'm cautiously optimistic.