DeepSummary
The episode discusses the challenges of undertaking large-scale infrastructure projects, known as megaprojects, such as California's high-speed rail project. It highlights the research findings of Bent Flyvbjerg, an expert on megaprojects, who discovered that 99.5% of such projects face cost overruns, delays, or deliver lower benefits than expected.
The episode examines the importance of having relevant experience and proper planning in leading megaprojects. It contrasts the successful Guggenheim Museum Bilbao project, which was completed on time and under budget, with the Sydney Opera House, which faced massive cost overruns and delays due to a lack of experience and rushed planning.
Dan Richard, a former executive with the California High-Speed Rail Authority, shares his experiences and lessons learned from the project, including the need for stakeholder management, addressing community concerns, and allowing sufficient time for planning before breaking ground.
Key Episodes Takeaways
- Most megaprojects face significant challenges, including cost overruns, delays, and failure to deliver expected benefits.
- Relevant experience and expertise in the specific type of project are crucial for success.
- Proper planning and allowing sufficient time for planning before breaking ground is essential.
- Stakeholder management and community engagement are critical for addressing concerns and building consensus.
- Ambitious architectural projects, like the Sydney Opera House, can be even more challenging than infrastructure projects.
- Successful projects, like the Guggenheim Museum Bilbao, invest time in planning, leverage experienced teams, and engage stakeholders.
- Political pressure to start projects prematurely can lead to significant issues down the line.
- Megaprojects require a different approach and mindset than smaller-scale projects.
Top Episodes Quotes
- “The vast majority of projects are unsuccessful, and not just by a little, by a lot.“ by Bent Flyvbjerg
- “They didn't hire the people who had planned and built high speed rail lines before they decided to reinvent the wheel.“ by Bent Flyvbjerg
- “And I believe I literally said the words to him, you know, how hard could that be? So famous last words.“ by Dan Richard
- “They invest a lot of time in meeting with community groups and stakeholder groups and making sure that they understand how they see things and they make sure that they think up measures that might be attracted to those stakeholders so that you can get some kind of consensus.“ by Bent Flyvbjerg
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Episode Information
The Indicator from Planet Money
NPR
6/6/24
Bent Flyvbjerg and Dan Gardner's book on megaprojects is How Big Things Get Done: The Surprising Factors that Determine the Fate of Every Project, from Home Renovations to Space Exploration and Everything In Between.
Related episodes:
Why building public transit in the US costs so much (Apple / Spotify)
Planes, trains and bad bridges (Apple / Spotify)
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