Optimism bias evaluation and decision-making risk forecast on bridge project cost based on reference class forecasting: Evidence from China

The high uncertainty of megaproject results in increasing complexity in the decisionmaking and ultimately leads to different degrees of cost overrun and project delays. One of the critical reasons for cost overrun and delay is the optimism bias of decision makers. Although the previous literature has analyzed the cost overrun distribution of...

Five things you should know about cost overrun

This paper gives an overview of good and bad practice for understanding and curbing cost overrun in large capital investment projects, with a critique of Love and Ahiaga-Dagbui (2018) as point of departure. Good practice entails: (a) Consistent definition and measurement of overrun; in contrast to mixing inconsistent baselines, price levels,...